Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue was stable versus the prior quarter and higher than a year ago. Free cash flow improved sequentially but weakened compared to the same quarter last year.
- Operating cash flow rose from the prior quarter, while capital expenditure was slightly lower, resulting in higher free cash flow. The free cash flow margin improved sequentially but declined from the year-ago level.
- Compared to the prior quarter, operating cash flow and free cash flow were higher, and the free cash flow margin improved. Versus the same quarter last year, revenue was higher but operating cash flow, free cash flow, and margin were all lower.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$3.5B
Trailing twelve-month free cash flow.
Quarter free cash flow
$990.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$1.1B
Cash generated by operations before capital spending.
CapEx
$82.1M
Capital spending and related asset purchases.
FCF margin
32.3%
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 |
|---|---|---|---|---|---|
| 2024-06-30 | $2.6B | $892.6M | $60.7M | $831.9M | 32.4% |
| 2024-09-30 | $2.8B | $995.2M | $60.4M | $934.8M | 32.9% |
| 2024-12-31 | $3.1B | $849.5M | $92.3M | $757.2M | 24.6% |
| 2025-03-31 | $3.1B | $1.1B | $82.1M | $990.0M | 32.3% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 91.0% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 2.7% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$4.0B | Cash and equivalents minus total debt. |
Recent events shaping cash flow
Near-term business events that help explain the free cash flow result.
Sequential cash generation improvement
Operating cash flow increased from the prior quarter, and with slightly lower capital expenditure, free cash flow rose. This drove a higher free cash flow margin sequentially.
The quarter's cash conversion strengthened compared to the immediately preceding period.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow rose from the prior quarter, while capital expenditure was slightly lower, resulting in higher free cash flow. The free cash flow margin improved sequentially but declined from the year-ago level.
Compared to the prior quarter, operating cash flow and free cash flow were higher, and the free cash flow margin improved. Versus the same quarter last year, revenue was higher but operating cash flow, free cash flow, and margin were all lower.
Monitor the trajectory of operating cash flow relative to revenue, as it declined year-over-year despite higher revenue.