Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue, operating cash flow, and free cash flow all increased compared to both the prior quarter and the same quarter last year. The free cash flow margin improved year-over-year but was slightly lower than the prior quarter.
- Operating cash flow converted to free cash flow after capital expenditure that was higher than the prior year but lower relative to the preceding quarter. The free cash flow margin reflected this mixed pattern across the two comparison periods.
- Compared to the prior quarter, revenue and free cash flow were higher while the free cash flow margin was slightly lower. Compared to the same quarter last year, all metrics were higher, with the free cash flow margin showing improvement.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$616.8M
Trailing twelve-month free cash flow.
Quarter free cash flow
$189.8M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$209.5M
Cash generated by operations before capital spending.
CapEx
$19.7M
Capital spending and related asset purchases.
FCF margin
21.1%
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 | $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% |
| 2025-12-31 | $899.1M | $209.5M | $19.7M | $189.8M | 21.1% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 147.9% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 2.2% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$1.2B | 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 Expansion
Operating cash flow increased compared to both the prior quarter and the same quarter last year, outpacing the growth in revenue. This expansion supported a higher free cash flow total and margin compared to the prior year.
The stronger operating cash flow contributed to a higher free cash flow margin year-over-year despite a slight sequential decline.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow converted to free cash flow after capital expenditure that was higher than the prior year but lower relative to the preceding quarter. The free cash flow margin reflected this mixed pattern across the two comparison periods.
Compared to the prior quarter, revenue and free cash flow were higher while the free cash flow margin was slightly lower. Compared to the same quarter last year, all metrics were higher, with the free cash flow margin showing improvement.
Monitor the trend in capital expenditure relative to operating cash flow, as it increased sequentially and year-over-year.