Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue was higher than both the prior quarter and the same quarter last year. Operating cash flow and free cash flow improved significantly compared to the year-ago quarter, but were lower than the immediately preceding quarter.
- Operating cash flow was positive and exceeded capital expenditure, yielding positive free cash flow and a positive free cash flow margin. The margin was lower than the prior quarter but a substantial improvement from the negative margin in the same quarter last year.
- Compared to the prior quarter, revenue was higher but operating cash flow, free cash flow, and free cash flow margin were all lower. Compared to the same quarter last year, revenue, operating cash flow, free cash flow, and free cash flow margin were all higher.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$12.6B
Trailing twelve-month free cash flow.
Quarter free cash flow
$1.8B
Free cash flow in the selected fiscal quarter.
Operating cash flow
$2.0B
Cash generated by operations before capital spending.
CapEx
$266.0M
Capital spending and related asset purchases.
FCF margin
14.1%
The share of revenue converted into free cash flow.
TTM FCF yield
3.5%
TTM FCF divided by market capitalization.
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 |
|---|---|---|---|---|---|
| 2025-06-27 | $12.5B | $3.8B | $442.0M | $3.4B | 26.9% |
| 2025-09-26 | $12.5B | $5.0B | $479.0M | $4.6B | 36.6% |
| 2025-12-31 | $11.8B | $3.8B | $882.0M | $2.9B | 24.3% |
| 2026-04-03 | $12.5B | $2.0B | $266.0M | $1.8B | 14.1% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 44.7% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 2.1% | 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.
Revenue Growth Supporting Cash Generation
Revenue was higher than both the prior quarter and the year-ago quarter, and operating cash flow turned positive from a negative level a year ago. This improvement in cash generation occurred alongside higher revenue.
The shift from negative to positive free cash flow compared to the same quarter last year is the most notable change.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow was positive and exceeded capital expenditure, yielding positive free cash flow and a positive free cash flow margin. The margin was lower than the prior quarter but a substantial improvement from the negative margin in the same quarter last year.
Compared to the prior quarter, revenue was higher but operating cash flow, free cash flow, and free cash flow margin were all lower. Compared to the same quarter last year, revenue, operating cash flow, free cash flow, and free cash flow margin were all higher.
Monitor whether operating cash flow can sustain its positive level relative to the prior quarter's higher figure.
Valuation context
A cash-flow page should show how much investors are paying for the cash stream, without turning into a full DCF.
| Market capitalization | $357.0B | Used as the denominator for FCF yield. |
| TTM FCF yield | 3.5% | TTM free cash flow divided by market capitalization. |
| EV / TTM FCF | n/a | A quick valuation bridge, not a full DCF. |
Peer context
Free cash flow quality is easier to read against related public companies.