Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Free cash flow improved from the preceding quarter but weakened compared to the same quarter one year earlier. The margin was elevated relative to the preceding quarter but lower than the year-ago level.
- Revenue was stable compared to the year-ago quarter and slightly lower than the preceding quarter. Operating cash flow increased from the preceding quarter, more than offsetting higher capital expenditure, resulting in a higher free cash flow and an improved margin.
- Compared with the preceding quarter, free cash flow and margin both improved, driven by higher operating cash flow despite a higher capital expenditure. Compared with the same quarter one year earlier, free cash flow and margin weakened, as operating cash flow was lower and capital expenditure was higher.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$2.2B
Trailing twelve-month free cash flow.
Quarter free cash flow
$810.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$928.0M
Cash generated by operations before capital spending.
CapEx
$118.0M
Capital spending and related asset purchases.
FCF margin
197.6%
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 | $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% |
| 2025-12-31 | $410.0M | $928.0M | $118.0M | $810.0M | 197.6% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 156.1% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 28.8% | 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 increased from the preceding quarter, providing the primary support for the higher free cash flow. The improvement was the strongest observable driver of the quarter's cash conversion.
Higher operating cash flow enabled the company to fund increased capital expenditure while still generating a higher free cash flow than the prior quarter.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue was stable compared to the year-ago quarter and slightly lower than the preceding quarter. Operating cash flow increased from the preceding quarter, more than offsetting higher capital expenditure, resulting in a higher free cash flow and an improved margin.
Compared with the preceding quarter, free cash flow and margin both improved, driven by higher operating cash flow despite a higher capital expenditure. Compared with the same quarter one year earlier, free cash flow and margin weakened, as operating cash flow was lower and capital expenditure was higher.
Monitor the level of capital expenditure, which was higher than both the preceding quarter and the year-ago quarter.