Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Free cash flow was higher than the preceding quarter but lower than the same quarter last year. The cash conversion rate weakened compared to a year ago.
- Operating cash flow was the primary source of free cash flow. Capital expenditure was modest relative to operating cash flow, supporting a positive free cash flow margin.
- Compared to the preceding quarter, revenue and operating cash flow were higher, leading to improved free cash flow. Versus the same quarter last year, operating cash flow and free cash flow were lower, while capital expenditure was higher.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$966.4M
Trailing twelve-month free cash flow.
Quarter free cash flow
$335.5M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$365.9M
Cash generated by operations before capital spending.
CapEx
$30.4M
Capital spending and related asset purchases.
FCF margin
29.9%
The share of revenue converted into free cash flow.
Cash flow trend
A short quarterly history shows whether FCF is scaling with revenue or only spiking for one period.
| Period | Revenue | Operating CF | CapEx | FCF | FCF margin |
|---|---|---|---|---|---|
| 2025-03-28 | $993.1M | $241.7M | $21.1M | $220.6M | 22.2% |
| 2025-06-27 | $2.0B | $311.2M | $36.7M | $274.5M | 13.7% |
| 2025-09-26 | $43.6M | $164.4M | $28.6M | $135.8M | 311.5% |
| 2025-12-31 | $1.1B | $365.9M | $30.4M | $335.5M | 29.9% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 180.7% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 2.7% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$2.8B | Cash and equivalents minus total debt. |
Recent events shaping cash flow
Near-term business events that help explain the free cash flow result.
Operating Cash Flow Decline
Operating cash flow decreased compared to the same quarter last year, which was the strongest observable driver of the lower free cash flow. Capital expenditure was slightly higher.
The decline in operating cash flow directly reduced free cash flow and the free cash flow margin relative to the prior year.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow was the primary source of free cash flow. Capital expenditure was modest relative to operating cash flow, supporting a positive free cash flow margin.
Compared to the preceding quarter, revenue and operating cash flow were higher, leading to improved free cash flow. Versus the same quarter last year, operating cash flow and free cash flow were lower, while capital expenditure was higher.
Monitor whether operating cash flow can recover to the level seen in the same quarter of the prior year.