Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue increased from the prior quarter and the year-ago quarter, while free cash flow margin weakened compared to both periods. Operating cash flow was lower than both the preceding quarter and the same quarter last year.
- Revenue rose from both the prior quarter and the year-ago quarter, but operating cash flow declined, resulting in a lower free cash flow margin. Capital expenditure increased compared to both periods, further reducing free cash flow conversion.
- Compared to the immediately preceding quarter, revenue was higher but operating cash flow, free cash flow, and free cash flow margin were all lower. Versus the same quarter one year earlier, revenue was higher while operating cash flow, free cash flow, and free cash flow margin were all lower.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$1.3B
Trailing twelve-month free cash flow.
Quarter free cash flow
$210.4M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$245.7M
Cash generated by operations before capital spending.
CapEx
$35.3M
Capital spending and related asset purchases.
FCF margin
11.1%
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 |
|---|---|---|---|---|---|
| 2024-09-30 | $1.9B | $404.0M | $29.7M | $374.3M | 20.1% |
| 2024-12-31 | $1.9B | $526.2M | $35.3M | $490.9M | 25.9% |
| 2025-03-31 | $1.7B | $256.4M | $33.7M | $222.7M | 13.0% |
| 2025-06-30 | $1.9B | $245.7M | $35.3M | $210.4M | 11.1% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | -182.5% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 1.9% | 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 Weakening
Operating cash flow decreased from both the prior quarter and the year-ago quarter, even as revenue increased. This was the strongest observable driver of the lower free cash flow margin.
The decline in operating cash flow directly reduced free cash flow and the free cash flow margin.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue rose from both the prior quarter and the year-ago quarter, but operating cash flow declined, resulting in a lower free cash flow margin. Capital expenditure increased compared to both periods, further reducing free cash flow conversion.
Compared to the immediately preceding quarter, revenue was higher but operating cash flow, free cash flow, and free cash flow margin were all lower. Versus the same quarter one year earlier, revenue was higher while operating cash flow, free cash flow, and free cash flow margin were all lower.
Monitor the trend in operating cash flow, which declined from both the prior quarter and the year-ago quarter despite higher revenue.