Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Free cash flow turned positive compared to the same quarter last year, driven by a substantial improvement in operating cash flow. The free cash flow margin exceeded one hundred percent for the current quarter, though it declined from the preceding quarter.
- Operating cash flow exceeded revenue in the current quarter, resulting in a free cash flow margin above one hundred percent. Capital expenditure was lower than the preceding quarter, but operating cash flow also decreased, leading to a lower free cash flow margin.
- Compared to the preceding quarter, revenue was higher but operating cash flow was lower, weakening the free cash flow margin. Compared to the same quarter one year earlier, operating cash flow turned from negative to positive, and free cash flow swung from negative to positive.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$2.5B
Trailing twelve-month free cash flow.
Quarter free cash flow
$446.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$487.0M
Cash generated by operations before capital spending.
CapEx
$41.0M
Capital spending and related asset purchases.
FCF margin
105.2%
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 |
|---|---|---|---|---|---|
| 2024-12-31 | $410.0M | $1.1B | $27.0M | $1.1B | 265.4% |
| 2025-03-31 | $351.0M | $513.0M | $54.0M | $459.0M | 130.8% |
| 2025-06-30 | $377.0M | $554.0M | $54.0M | $500.0M | 132.6% |
| 2025-09-30 | $424.0M | $487.0M | $41.0M | $446.0M | 105.2% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 70.9% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 9.7% | 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 Improvement
Operating cash flow transitioned from negative to positive compared to the same quarter one year earlier, while revenue also increased. This was the most notable change among the metrics.
This shift was the primary factor in moving free cash flow from negative to positive for the current quarter.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow exceeded revenue in the current quarter, resulting in a free cash flow margin above one hundred percent. Capital expenditure was lower than the preceding quarter, but operating cash flow also decreased, leading to a lower free cash flow margin.
Compared to the preceding quarter, revenue was higher but operating cash flow was lower, weakening the free cash flow margin. Compared to the same quarter one year earlier, operating cash flow turned from negative to positive, and free cash flow swung from negative to positive.
The parent company's cash and cash equivalents remained stable at the end of the quarter compared to the prior fiscal year-end, and a quarterly dividend was declared after the quarter end.