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 both the prior quarter and the same quarter last year, driven by a lower operating cash flow despite a sequential revenue increase. The free cash flow margin weakened considerably, reflecting reduced cash conversion efficiency.
- Revenue was higher than the preceding quarter but lower than the year-ago period. Operating cash flow fell relative to both comparisons, while capital expenditure was lower year over year but slightly higher sequentially. The resulting free cash flow and margin were lower in both comparisons.
- Compared with the immediately preceding quarter, revenue improved but operating cash flow weakened, leading to a lower free cash flow and margin. Versus the same quarter one year earlier, revenue, operating cash flow, free cash flow, and margin were all lower.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$624.1M
Trailing twelve-month free cash flow.
Quarter free cash flow
$55.2M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$71.3M
Cash generated by operations before capital spending.
CapEx
$16.1M
Capital spending and related asset purchases.
FCF margin
5.6%
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 |
|---|---|---|---|---|---|
| 2024-09-29 | $1.3B | $222.5M | $18.4M | $204.1M | 15.9% |
| 2024-12-29 | $1.1B | $259.8M | $19.3M | $240.5M | 21.8% |
| 2025-03-30 | $887.1M | $138.1M | $13.8M | $124.3M | 14.0% |
| 2025-06-29 | $980.8M | $71.3M | $16.1M | $55.2M | 5.6% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | -6.5% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 1.6% | 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.
Free cash flow margin compression
The free cash flow margin declined from the prior quarter and the year-ago quarter, as operating cash flow did not keep pace with revenue changes. This indicates a lower proportion of revenue converted into free cash flow.
Lower cash generation efficiency may constrain liquidity flexibility if the trend continues.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue was higher than the preceding quarter but lower than the year-ago period. Operating cash flow fell relative to both comparisons, while capital expenditure was lower year over year but slightly higher sequentially. The resulting free cash flow and margin were lower in both comparisons.
Compared with the immediately preceding quarter, revenue improved but operating cash flow weakened, leading to a lower free cash flow and margin. Versus the same quarter one year earlier, revenue, operating cash flow, free cash flow, and margin were all lower.
Monitor the impact of recently announced trade policy changes on future cash flows, as noted in the filing's liquidity discussion.