FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$14.3B
Trailing twelve-month free cash flow.
Quarter free cash flow
$5.2B
Free cash flow in the selected fiscal quarter.
Operating cash flow
$6.0B
Cash generated by operations before capital spending.
CapEx
$844.0M
Capital spending and related asset purchases.
FCF margin
12.4%
The share of revenue converted into free cash flow.
TTM FCF yield
4.2%
TTM FCF divided by market capitalization.
FCF reconciliation
Free cash flow is not a GAAP line item; it should be bridged from the cash flow statement.
| Operating cash flow | $6.0B | Cash generated by operations before capital spending. |
| Capital expenditures | $844.0M | Capital spending used to bridge CFO to FCF. |
| Free cash flow | $5.2B | Operating cash flow less capital spending. |
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 |
|---|---|---|---|---|---|
| 2025-08-03 | $45.3B | $4.6B | $917.0M | $3.7B | 8.2% |
| 2025-11-02 | $41.4B | $4.0B | $898.0M | $3.1B | 7.5% |
| 2026-02-01 | $38.2B | $3.3B | $1.1B | $2.3B | 6.0% |
| 2026-05-03 | $41.8B | $6.0B | $844.0M | $5.2B | 12.4% |
Risks and tripwires
Observable signals that would weaken the free cash flow thesis.
| Risk | Tripwire | Why it matters |
|---|---|---|
| FCF margin compression | FCF margin falls for two consecutive quarters. | Cash conversion may be weakening before earnings show it. |
| Capital intensity rises | CapEx/revenue moves materially above the recent run rate. | More operating cash flow would be consumed before becoming FCF. |
| Working capital drag | Inventory or receivables grow faster than revenue. | Reported growth may not translate into cash. |