Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue remained stable quarter over quarter, while free cash flow margin weakened from the prior period but improved compared to the same quarter last year. Operating cash flow drove the year-over-year improvement, though it decreased sequentially.
- Operating cash flow increased year over year, supporting higher free cash flow despite a slightly larger capital expenditure. The free cash flow margin expanded compared to the prior year, reflecting improved cash conversion efficiency.
- Compared to the preceding quarter, free cash flow and its margin declined as operating cash flow weakened. Versus the same quarter a year ago, all key cash flow metrics improved, with free cash flow margin growing notably.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$1.5B
Trailing twelve-month free cash flow.
Quarter free cash flow
$375.8M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$379.9M
Cash generated by operations before capital spending.
CapEx
$4.1M
Capital spending and related asset purchases.
FCF margin
30.9%
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 |
|---|---|---|---|---|---|
| 2024-09-30 | $1.1B | $355.2M | $5.0M | $350.2M | 30.5% |
| 2024-12-31 | $1.2B | $340.5M | $14.4M | $326.1M | 27.3% |
| 2025-03-31 | $1.2B | $404.7M | $3.6M | $401.1M | 33.6% |
| 2025-06-30 | $1.2B | $379.9M | $4.1M | $375.8M | 30.9% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 188.0% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 0.3% | Lower capital intensity usually supports FCF margin. |
| Net cash | n/a | Cash and equivalents minus total debt. |
Recent events shaping cash flow
Near-term business events that help explain the free cash flow result.
Sustained Cash Generation Strength
Operating cash flow grew year over year at a faster pace than revenue, leading to a higher free cash flow margin. The filing notes that cash from operations is the primary source of liquidity and supports day-to-day operations.
This improvement strengthens the company's ability to fund operations and pursue capital allocation strategies as described in the filing.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow increased year over year, supporting higher free cash flow despite a slightly larger capital expenditure. The free cash flow margin expanded compared to the prior year, reflecting improved cash conversion efficiency.
Compared to the preceding quarter, free cash flow and its margin declined as operating cash flow weakened. Versus the same quarter a year ago, all key cash flow metrics improved, with free cash flow margin growing notably.
Monitor whether the sequential decline in operating cash flow reverses or persists in coming quarters.