Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Cash conversion improved sharply as the company increased operating cash flow while keeping capital spending contained. Both current revenue and free cash flow margin were higher versus the sequential quarter and the same period last year.
- Revenue was stable sequentially but operating cash flow increased substantially, driving a higher free cash flow margin. Capital expenditure declined slightly from both the prior quarter and the year-ago period, further supporting free cash flow.
- Compared with the preceding quarter, operating cash flow was higher, capital expenditure was lower, and free cash flow margin improved. Versus the same quarter one year earlier, revenue was higher, operating cash flow was higher, and free cash flow margin was higher.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$829.9M
Trailing twelve-month free cash flow.
Quarter free cash flow
$389.5M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$403.2M
Cash generated by operations before capital spending.
CapEx
$13.7M
Capital spending and related asset purchases.
FCF margin
26.9%
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 |
|---|---|---|---|---|---|
| 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% |
| 2025-09-28 | $1.4B | $280.6M | $19.7M | $260.9M | 18.8% |
| 2025-12-28 | $1.4B | $403.2M | $13.7M | $389.5M | 26.9% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 193.2% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 0.9% | 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.
Higher Operating Cash Flow
Operating cash flow posted a notable increase from both the prior quarter and the year-ago quarter, while revenue showed only a moderate rise year over year. This drove a stronger free cash flow margin.
The improvement in cash generation efficiency, measured by free cash flow margin, was the strongest observable driver this quarter.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue was stable sequentially but operating cash flow increased substantially, driving a higher free cash flow margin. Capital expenditure declined slightly from both the prior quarter and the year-ago period, further supporting free cash flow.
Compared with the preceding quarter, operating cash flow was higher, capital expenditure was lower, and free cash flow margin improved. Versus the same quarter one year earlier, revenue was higher, operating cash flow was higher, and free cash flow margin was higher.
Monitor whether operating cash flow can sustain its elevated level relative to revenue in future quarters.