Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Free cash flow was deeply negative as operating cash flow turned negative, despite revenue being stable versus the prior quarter. This marked a sharp reversal from the previous quarter's strong positive cash generation and a significant decline from the same quarter last year.
- Revenue was unchanged from the prior quarter, but operating cash flow swung from positive to negative, driving free cash flow deeply negative. As a result, the free cash flow margin turned negative, compared to a positive margin in both the prior quarter and the year-ago quarter.
- Compared to the immediately preceding quarter, operating cash flow and free cash flow were both significantly lower, while revenue was stable. Versus the same quarter one year earlier, operating cash flow and free cash flow were also lower, though revenue was higher.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$445.0M
Trailing twelve-month free cash flow.
Quarter free cash flow
-$122.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
-$97.0M
Cash generated by operations before capital spending.
CapEx
$25.0M
Capital spending and related asset purchases.
FCF margin
-3.6%
The share of revenue converted into free cash flow.
TTM FCF yield
4.5%
TTM FCF divided by market capitalization.
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 |
|---|---|---|---|---|---|
| 2025-06-28 | $3.2B | $120.0M | $32.0M | $88.0M | 2.7% |
| 2025-09-27 | $3.3B | $174.0M | $33.0M | $141.0M | 4.2% |
| 2025-12-27 | $3.4B | $381.0M | $43.0M | $338.0M | 9.8% |
| 2026-03-28 | $3.4B | -$97.0M | $25.0M | -$122.0M | -3.6% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | -114.0% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 0.7% | 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 Swing
Operating cash flow turned from a positive inflow in both comparison periods to a negative outflow in the current quarter. This swing is the dominant observable factor behind the free cash flow deterioration.
The negative operating cash flow more than offset the lower capital expenditure, resulting in a free cash flow deficit.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue was unchanged from the prior quarter, but operating cash flow swung from positive to negative, driving free cash flow deeply negative. As a result, the free cash flow margin turned negative, compared to a positive margin in both the prior quarter and the year-ago quarter.
Compared to the immediately preceding quarter, operating cash flow and free cash flow were both significantly lower, while revenue was stable. Versus the same quarter one year earlier, operating cash flow and free cash flow were also lower, though revenue was higher.
Monitor whether negative operating cash flow persists into the next quarter, as it is the primary factor behind the negative free cash flow.
Valuation context
A cash-flow page should show how much investors are paying for the cash stream, without turning into a full DCF.
| Market capitalization | $10.0B | Used as the denominator for FCF yield. |
| TTM FCF yield | 4.5% | TTM free cash flow divided by market capitalization. |
| EV / TTM FCF | n/a | A quick valuation bridge, not a full DCF. |
Peer context
Free cash flow quality is easier to read against related public companies.