Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Free cash flow improved from both the prior period and the same period last year, driven by higher operating cash flow. The free cash flow margin strengthened such that free cash flow exceeded revenue.
- Operating cash flow was higher than revenue, and after capital expenditure, free cash flow remained substantial. The conversion of revenue into cash was notably efficient.
- Compared to the immediately preceding quarter, revenue was lower but operating cash flow and free cash flow were higher, resulting in an improved margin. Versus the same period one year earlier, revenue was higher, operating cash flow was higher, and capital expenditure was lower, leading to higher free cash flow and a stronger margin.
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
$872.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$1.0B
Cash generated by operations before capital spending.
CapEx
$134.0M
Capital spending and related asset purchases.
FCF margin
113.4%
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 | $683.0M | $934.0M | $140.0M | $794.0M | 116.3% |
| 2024-12-31 | $789.0M | $941.0M | $174.0M | $767.0M | 97.2% |
| 2025-03-31 | $846.0M | $736.0M | $98.0M | $638.0M | 75.4% |
| 2025-06-30 | $769.0M | $1.0B | $134.0M | $872.0M | 113.4% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 223.0% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 17.4% | 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 Operating Cash Flow
Operating cash flow increased relative to both comparison periods, outpacing revenue growth. This drove a free cash flow margin that surpassed revenue.
The elevated cash generation provides flexibility for capital allocation.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow was higher than revenue, and after capital expenditure, free cash flow remained substantial. The conversion of revenue into cash was notably efficient.
Compared to the immediately preceding quarter, revenue was lower but operating cash flow and free cash flow were higher, resulting in an improved margin. Versus the same period one year earlier, revenue was higher, operating cash flow was higher, and capital expenditure was lower, leading to higher free cash flow and a stronger margin.
Monitor the trajectory of capital expenditure, as it increased from the prior quarter but remained below the year-ago level.