Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue increased while free cash flow margin remained positive but declined from the prior quarter's exceptionally high level. Year-over-year, cash flow metrics improved significantly from negative values.
- Revenue was higher than the prior quarter, but operating cash flow was substantially lower, leading to a lower free cash flow and a narrower margin. Compared to a year ago, operating cash flow turned positive, resulting in a positive free cash flow margin.
- Sequential comparison shows a weakening in cash conversion as operating cash flow fell despite revenue growth. Year-over-year comparison shows a strong improvement as both cash flow metrics moved from negative to positive.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$3.1B
Trailing twelve-month free cash flow.
Quarter free cash flow
$367.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$396.0M
Cash generated by operations before capital spending.
CapEx
$29.0M
Capital spending and related asset purchases.
FCF margin
84.8%
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 | $448.0M | $1.7B | $23.0M | $1.7B | 380.4% |
| 2025-03-31 | $411.0M | -$140.0M | $10.0M | -$150.0M | -36.5% |
| 2025-06-30 | $425.0M | $1.2B | $23.0M | $1.2B | 284.9% |
| 2025-09-30 | $433.0M | $396.0M | $29.0M | $367.0M | 84.8% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 75.1% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 6.7% | 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 Variation
Operating cash flow decreased sharply from the prior quarter even as revenue edged higher, causing free cash flow to decline.
The free cash flow margin contracted significantly from the prior quarter's level.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue was higher than the prior quarter, but operating cash flow was substantially lower, leading to a lower free cash flow and a narrower margin. Compared to a year ago, operating cash flow turned positive, resulting in a positive free cash flow margin.
Sequential comparison shows a weakening in cash conversion as operating cash flow fell despite revenue growth. Year-over-year comparison shows a strong improvement as both cash flow metrics moved from negative to positive.
Monitor the magnitude of operating cash flow relative to revenue, as it varied widely between periods.