Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue was stable versus the same quarter last year. Operating cash flow improved sharply from a negative position a year ago, yet free cash flow was negative due to a high capital expenditure relative to operating cash flow.
- With revenue unchanged year-over-year, operating cash flow turned positive compared to a negative result one year earlier, but capital expenditure remained elevated, resulting in a negative free cash flow margin that improved from the prior-year quarter but weakened from the preceding quarter.
- Revenue declined from the preceding quarter while operating cash flow fell even more sharply, causing free cash flow to become more negative sequentially. Compared with the same quarter a year earlier, operating cash flow and free cash flow margin both strengthened.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
-$12.8B
Trailing twelve-month free cash flow.
Quarter free cash flow
-$4.4B
Free cash flow in the selected fiscal quarter.
Operating cash flow
$813.0M
Cash generated by operations before capital spending.
CapEx
$5.2B
Capital spending and related asset purchases.
FCF margin
-34.5%
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 |
|---|---|---|---|---|---|
| 2024-06-29 | $12.8B | $2.3B | $5.7B | -$3.4B | -26.4% |
| 2024-09-28 | $13.3B | $4.1B | $6.5B | -$2.4B | -18.1% |
| 2024-12-28 | $14.3B | $3.2B | $5.8B | -$2.7B | -18.7% |
| 2025-03-29 | $12.7B | $813.0M | $5.2B | -$4.4B | -34.5% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 532.3% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 40.9% | 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 recovery
Operating cash flow turned positive compared to a negative result one year earlier, while revenue was unchanged. This shift was the strongest observable change among the reported metrics.
It limited the expansion of the negative free cash flow relative to the prior-year quarter.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
With revenue unchanged year-over-year, operating cash flow turned positive compared to a negative result one year earlier, but capital expenditure remained elevated, resulting in a negative free cash flow margin that improved from the prior-year quarter but weakened from the preceding quarter.
Revenue declined from the preceding quarter while operating cash flow fell even more sharply, causing free cash flow to become more negative sequentially. Compared with the same quarter a year earlier, operating cash flow and free cash flow margin both strengthened.
Monitor the gap between operating cash flow and capital expenditure, as free cash flow remained negative despite an improved operating cash flow.