Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Free cash flow improved sharply from the prior quarter, driven by higher operating cash flow and the absence of capital expenditure. Compared to the same quarter last year, operating cash flow was higher, though a year-ago free cash flow comparison is not available.
- Revenue was slightly lower than the prior quarter, but operating cash flow rose substantially, resulting in a free cash flow margin that was much higher. The absence of capital expenditure in the current quarter meant that all operating cash flow converted directly into free cash flow.
- Compared to the immediately preceding quarter, free cash flow and free cash flow margin both improved markedly, while revenue was slightly lower. Versus the same quarter one year earlier, operating cash flow was higher, but revenue was also higher; free cash flow and margin for the year-ago quarter are not supplied.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
n/a
Trailing twelve-month free cash flow.
Quarter free cash flow
$305.4M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$305.4M
Cash generated by operations before capital spending.
CapEx
$0
Capital spending and related asset purchases.
FCF margin
58.2%
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 | $507.6M | $295.9M | n/a | n/a | n/a |
| 2024-12-31 | $525.4M | $239.5M | n/a | n/a | n/a |
| 2025-03-31 | $536.6M | $223.8M | $18.4M | $205.4M | 38.3% |
| 2025-06-30 | $525.2M | $305.4M | $0 | $305.4M | 58.2% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 187.4% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 0.0% | 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 operating cash flow
Operating cash flow increased significantly from the prior quarter, even as revenue edged lower. This improvement was the strongest observable driver of the quarter's free cash flow performance.
Higher operating cash flow, combined with zero capital expenditure, lifted free cash flow and margin well above the prior quarter's levels.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue was slightly lower than the prior quarter, but operating cash flow rose substantially, resulting in a free cash flow margin that was much higher. The absence of capital expenditure in the current quarter meant that all operating cash flow converted directly into free cash flow.
Compared to the immediately preceding quarter, free cash flow and free cash flow margin both improved markedly, while revenue was slightly lower. Versus the same quarter one year earlier, operating cash flow was higher, but revenue was also higher; free cash flow and margin for the year-ago quarter are not supplied.
Monitor whether capital expenditure remains at zero in future quarters, as its absence was a key factor in the current quarter's high free cash flow conversion.