Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue increased and operating cash flow rose markedly from the prior quarter, resulting in higher free cash flow and an improved margin. Compared to the same period last year, revenue was higher but free cash flow and margin were lower.
- Operating cash flow improved relative to the prior quarter while capital expenditure remained stable, boosting free cash flow. The free cash flow margin strengthened sequentially but weakened compared to the year-ago quarter.
- Revenue was higher than both the immediately preceding quarter and the same quarter one year earlier. Operating cash flow and free cash flow were higher than the prior quarter but lower than the year-ago period, leading to a mixed margin comparison.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$584.1M
Trailing twelve-month free cash flow.
Quarter free cash flow
$188.7M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$203.5M
Cash generated by operations before capital spending.
CapEx
$14.8M
Capital spending and related asset purchases.
FCF margin
21.5%
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 | $862.9M | $172.6M | $15.5M | $157.1M | 18.2% |
| 2025-03-31 | $814.3M | $105.7M | $14.3M | $91.4M | 11.2% |
| 2025-06-30 | $865.4M | $161.7M | $14.8M | $146.9M | 17.0% |
| 2025-09-30 | $878.7M | $203.5M | $14.8M | $188.7M | 21.5% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 147.7% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 1.7% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$1.3B | 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 prior quarter with capital expenditure unchanged, driving a higher free cash flow.
This improvement supported a stronger free cash flow margin for the quarter.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow improved relative to the prior quarter while capital expenditure remained stable, boosting free cash flow. The free cash flow margin strengthened sequentially but weakened compared to the year-ago quarter.
Revenue was higher than both the immediately preceding quarter and the same quarter one year earlier. Operating cash flow and free cash flow were higher than the prior quarter but lower than the year-ago period, leading to a mixed margin comparison.
Monitor the effect of trade policies and macroeconomic conditions on operating cash flow, as referenced in the company's forward-looking statements.