Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
The company reported negative free cash flow for the quarter, though the deficit narrowed compared to the same quarter last year. Revenue was higher than a year earlier but lower than the prior quarter.
- Operating cash flow was negative, resulting in negative free cash flow after capital expenditures. The free cash flow margin was negative, reflecting the cash outflow relative to revenue.
- Compared to the immediately preceding quarter, operating cash flow and free cash flow turned from positive to negative, and the free cash flow margin weakened. Versus the same quarter one year earlier, operating cash flow and free cash flow improved (less negative), and the free cash flow margin also improved.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$3.3B
Trailing twelve-month free cash flow.
Quarter free cash flow
-$290.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
-$148.0M
Cash generated by operations before capital spending.
CapEx
$142.0M
Capital spending and related asset purchases.
FCF margin
-2.4%
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 |
|---|---|---|---|---|---|
| 2024-06-30 | $12.0B | $814.0M | $201.0M | $613.0M | 5.1% |
| 2024-09-29 | $11.7B | $1.4B | $201.0M | $1.2B | 10.4% |
| 2024-12-31 | $13.3B | $2.2B | $355.0M | $1.8B | 13.5% |
| 2025-03-30 | $12.2B | -$148.0M | $142.0M | -$290.0M | -2.4% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | -29.2% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 1.2% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$8.4B | Cash and equivalents minus total debt. |
Recent events shaping cash flow
Near-term business events that help explain the free cash flow result.
Year-over-year revenue growth
Revenue was higher than the same quarter one year earlier, while operating cash flow and free cash flow deficits narrowed.
The higher revenue coincided with an improved free cash flow margin compared 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 negative, resulting in negative free cash flow after capital expenditures. The free cash flow margin was negative, reflecting the cash outflow relative to revenue.
Compared to the immediately preceding quarter, operating cash flow and free cash flow turned from positive to negative, and the free cash flow margin weakened. Versus the same quarter one year earlier, operating cash flow and free cash flow improved (less negative), and the free cash flow margin also improved.
Monitor the cash and equivalents balance, which decreased from the end of the prior quarter according to the filing.