Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue was stable compared to the prior quarter and higher than the same quarter a year ago. Free cash flow improved from the year-ago period but decreased from the preceding quarter, as operating cash flow declined despite lower capital expenditure.
- Revenue remained consistent sequentially, while operating cash flow declined, causing the free cash flow margin to narrow quarter over quarter. Year-over-year, the margin widened as revenue rose and capital expenditure fell.
- Compared with the prior quarter, free cash flow weakened due to lower operating cash flow, partly offset by a modest reduction in capital expenditure. Relative to the same quarter a year ago, free cash flow strengthened on higher revenue and lower capital spending.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$1.6B
Trailing twelve-month free cash flow.
Quarter free cash flow
$363.7M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$370.6M
Cash generated by operations before capital spending.
CapEx
$6.9M
Capital spending and related asset purchases.
FCF margin
28.6%
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 |
|---|---|---|---|---|---|
| 2025-03-31 | $1.2B | $404.7M | $3.6M | $401.1M | 33.6% |
| 2025-06-30 | $1.2B | $379.9M | $4.1M | $375.8M | 30.9% |
| 2025-09-30 | $1.3B | $444.2M | $9.3M | $434.9M | 34.4% |
| 2025-12-31 | $1.3B | $370.6M | $6.9M | $363.7M | 28.6% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 148.4% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 0.5% | 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.
Lower Capital Expenditure
Capital expenditure was lower than both the prior quarter and the same quarter a year ago, which helped support free cash flow generation.
This reduction tempered the effect of declining operating cash flow on free cash flow quarter over quarter.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue remained consistent sequentially, while operating cash flow declined, causing the free cash flow margin to narrow quarter over quarter. Year-over-year, the margin widened as revenue rose and capital expenditure fell.
Compared with the prior quarter, free cash flow weakened due to lower operating cash flow, partly offset by a modest reduction in capital expenditure. Relative to the same quarter a year ago, free cash flow strengthened on higher revenue and lower capital spending.
Monitor the trend in operating cash flow, which declined from the prior quarter even as revenue held steady, since it is the primary component of free cash flow.