Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Free cash flow declined sharply from the immediately preceding quarter, landing lower than both the prior quarter and the same quarter one year earlier despite revenue being stable. The free cash flow margin narrowed notably, reflecting weaker cash conversion from operating activities.
- Operating cash flow decreased compared with both the immediately preceding quarter and the same quarter one year earlier, while capital expenditure was higher than a year ago but lower than the prior quarter. As a result, free cash flow and its margin both weakened sequentially and versus the year-ago period.
- Compared with the immediately preceding quarter, operating cash flow and free cash flow declined significantly, and the margin contracted. Versus the same quarter one year earlier, free cash flow was slightly lower and the margin also narrowed, despite higher revenue.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$954.0M
Trailing twelve-month free cash flow.
Quarter free cash flow
$208.2M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$234.8M
Cash generated by operations before capital spending.
CapEx
$26.6M
Capital spending and related asset purchases.
FCF margin
19.5%
The share of revenue converted into free cash flow.
TTM FCF yield
5.1%
TTM FCF divided by market capitalization.
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 |
|---|---|---|---|---|---|
| 2025-06-27 | $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% |
| 2026-04-03 | $1.1B | $234.8M | $26.6M | $208.2M | 19.5% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 152.6% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 2.5% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$3.1B | Cash and equivalents minus total debt. |
Recent events shaping cash flow
Near-term business events that help explain the free cash flow result.
Sequential decline in operating cash flow
The most observable driver was the drop in operating cash flow from the immediately preceding quarter. This decline was the primary factor behind the lower free cash flow and margin, as revenue remained stable.
If operating cash flow does not improve, free cash flow generation may continue to lag historical levels.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow decreased compared with both the immediately preceding quarter and the same quarter one year earlier, while capital expenditure was higher than a year ago but lower than the prior quarter. As a result, free cash flow and its margin both weakened sequentially and versus the year-ago period.
Compared with the immediately preceding quarter, operating cash flow and free cash flow declined significantly, and the margin contracted. Versus the same quarter one year earlier, free cash flow was slightly lower and the margin also narrowed, despite higher revenue.
Monitor whether operating cash flow can recover toward the level of the preceding quarter in coming periods.
Valuation context
A cash-flow page should show how much investors are paying for the cash stream, without turning into a full DCF.
| Market capitalization | $18.6B | Used as the denominator for FCF yield. |
| TTM FCF yield | 5.1% | TTM free cash flow divided by market capitalization. |
| EV / TTM FCF | 22.8x | A quick valuation bridge, not a full DCF. |
Peer context
Free cash flow quality is easier to read against related public companies.