Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Operating cash flow and free cash flow improved from the prior quarter but remained lower than the same quarter last year. The free cash flow margin strengthened sequentially while weakening year over year.
- Revenue was stable sequentially and slightly higher year over year. Operating cash flow increased from the prior quarter, leading to higher free cash flow, though capital expenditure was similar. The resulting free cash flow margin improved from the prior quarter but was below the year-ago level.
- Compared to the immediately preceding quarter, free cash flow was higher due to stronger operating cash flow. Compared to the same quarter one year earlier, free cash flow was lower despite slightly higher revenue, as operating cash flow was significantly lower.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$379.0M
Trailing twelve-month free cash flow.
Quarter free cash flow
$88.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$120.0M
Cash generated by operations before capital spending.
CapEx
$32.0M
Capital spending and related asset purchases.
FCF margin
2.7%
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 |
|---|---|---|---|---|---|
| 2024-09-28 | $3.2B | $151.0M | $34.0M | $117.0M | 3.7% |
| 2024-12-28 | $3.2B | $204.0M | $36.0M | $168.0M | 5.3% |
| 2025-03-29 | $3.2B | $37.0M | $31.0M | $6.0M | 0.2% |
| 2025-06-28 | $3.2B | $120.0M | $32.0M | $88.0M | 2.7% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 102.3% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 1.0% | 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.
Sequential operating cash flow improvement
Operating cash flow rose from the prior quarter, driving a substantial increase in free cash flow despite stable revenue and capital expenditure.
This improvement reversed the prior quarter's low cash generation, though it remains below the year-ago level.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue was stable sequentially and slightly higher year over year. Operating cash flow increased from the prior quarter, leading to higher free cash flow, though capital expenditure was similar. The resulting free cash flow margin improved from the prior quarter but was below the year-ago level.
Compared to the immediately preceding quarter, free cash flow was higher due to stronger operating cash flow. Compared to the same quarter one year earlier, free cash flow was lower despite slightly higher revenue, as operating cash flow was significantly lower.
Monitor the trajectory of operating cash flow, which improved from the prior quarter but remained well below the year-ago level.