Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Free cash flow improved both sequentially and year over year, driven by higher operating cash flow and a lower capital expenditure year over year. The free cash flow margin widened in both comparisons.
- Revenue rose sequentially and year over year, supporting operating cash flow growth. Capital expenditure increased sequentially but declined from a year ago, leading to a stronger free cash flow and a higher free cash flow margin.
- Compared to the prior quarter, operating cash flow and free cash flow were higher, and capital expenditure rose. Versus the same quarter last year, operating cash flow improved, capital expenditure was lower, and free cash flow was substantially higher.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$2.0B
Trailing twelve-month free cash flow.
Quarter free cash flow
$560.1M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$715.4M
Cash generated by operations before capital spending.
CapEx
$155.3M
Capital spending and related asset purchases.
FCF margin
23.0%
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 | $2.0B | $706.5M | $247.9M | $458.6M | 22.5% |
| 2024-12-31 | $2.4B | $822.6M | $312.0M | $510.6M | 21.2% |
| 2025-03-31 | $2.3B | $581.6M | $116.6M | $465.0M | 20.6% |
| 2025-06-30 | $2.4B | $715.4M | $155.3M | $560.1M | 23.0% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 85.1% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 6.4% | 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.
Strong Free Cash Flow Growth
Free cash flow rose sequentially and year over year, with the margin expanding in both periods. Operating cash flow increased while capital expenditure remained lower than the year-ago level.
The improved free cash flow provides greater financial flexibility for the company.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue rose sequentially and year over year, supporting operating cash flow growth. Capital expenditure increased sequentially but declined from a year ago, leading to a stronger free cash flow and a higher free cash flow margin.
Compared to the prior quarter, operating cash flow and free cash flow were higher, and capital expenditure rose. Versus the same quarter last year, operating cash flow improved, capital expenditure was lower, and free cash flow was substantially higher.
Monitor capital expenditure trends, as it increased sequentially but dropped significantly from a year ago.