Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Free cash flow turned positive in the quarter, driven by a swing in operating cash flow. Revenue increased relative to both the prior and year-ago periods, though free cash flow remained below the year-ago level.
- Operating cash flow improved significantly from a negative position in the prior quarter to a positive figure, enabling positive free cash flow despite higher capital expenditure. The free cash flow margin also turned positive, reflecting better cash conversion efficiency.
- Compared to the immediately preceding quarter, operating cash flow and free cash flow both improved from negative to positive. Relative to the same quarter one year earlier, free cash flow was lower, primarily due to a decrease in operating cash flow.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$251.5M
Trailing twelve-month free cash flow.
Quarter free cash flow
$81.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$209.9M
Cash generated by operations before capital spending.
CapEx
$129.0M
Capital spending and related asset purchases.
FCF margin
1.3%
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 | $6.0B | $484.3M | $126.3M | $358.0M | 6.0% |
| 2024-12-31 | $5.8B | $155.0M | $181.7M | -$26.7M | -0.5% |
| 2025-03-31 | $5.9B | -$40.8M | $119.8M | -$160.7M | -2.7% |
| 2025-06-30 | $6.2B | $209.9M | $129.0M | $81.0M | 1.3% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 31.8% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 2.1% | 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.
Operating Cash Flow Turnaround
Operating cash flow swung from a negative figure in the prior quarter to a positive one in the current quarter, driving free cash flow into positive territory. This improvement occurred alongside higher revenue.
The positive operating cash flow was the primary factor behind the return to positive free cash flow and margin.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow improved significantly from a negative position in the prior quarter to a positive figure, enabling positive free cash flow despite higher capital expenditure. The free cash flow margin also turned positive, reflecting better cash conversion efficiency.
Compared to the immediately preceding quarter, operating cash flow and free cash flow both improved from negative to positive. Relative to the same quarter one year earlier, free cash flow was lower, primarily due to a decrease in operating cash flow.
Monitor the trajectory of operating cash flow as it has shown volatility between quarters, and the planned pension plan settlement noted in the filing that may affect future cash requirements.