Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Free cash flow and margin weakened versus both the prior quarter and the same quarter last year. Despite higher revenue, operating cash flow contracted substantially.
- Revenue conversion to operating cash flow deteriorated, while capital expenditure rose, leading to lower free cash flow and a compressed margin.
- Compared with the prior quarter, operating cash flow, free cash flow, and margin all declined. The same pattern held versus the year-ago quarter.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$2.7B
Trailing twelve-month free cash flow.
Quarter free cash flow
$426.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$617.0M
Cash generated by operations before capital spending.
CapEx
$191.0M
Capital spending and related asset purchases.
FCF margin
51.5%
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 |
|---|---|---|---|---|---|
| 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% |
| 2025-09-30 | $732.0M | $920.0M | $156.0M | $764.0M | 104.4% |
| 2025-12-31 | $827.0M | $617.0M | $191.0M | $426.0M | 51.5% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 106.0% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 23.1% | 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.
Weaker operating cash flow
Operating cash flow was notably lower than both the preceding quarter and the same quarter a year earlier, while capital expenditure increased.
Free cash flow and margin were pressured as a result.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue conversion to operating cash flow deteriorated, while capital expenditure rose, leading to lower free cash flow and a compressed margin.
Compared with the prior quarter, operating cash flow, free cash flow, and margin all declined. The same pattern held versus the year-ago quarter.
Monitor whether operating cash flow can recover toward the higher levels seen in prior periods.