FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$2.6B
Trailing twelve-month free cash flow.
Quarter free cash flow
-$194.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
-$95.0M
Cash generated by operations before capital spending.
CapEx
$99.0M
Capital spending and related asset purchases.
FCF margin
-3.4%
The share of revenue converted into free cash flow.
TTM FCF yield
4.8%
TTM FCF divided by market capitalization.
FCF reconciliation
Free cash flow is not a GAAP line item; it should be bridged from the cash flow statement.
| Operating cash flow | -$95.0M | Cash generated by operations before capital spending. |
| Capital expenditures | $99.0M | Capital spending used to bridge CFO to FCF. |
| Free cash flow | -$194.0M | Operating cash flow less capital spending. |
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 | $5.4B | $640.0M | $88.0M | $552.0M | 10.2% |
| 2025-10-03 | $5.7B | $546.0M | $119.0M | $427.0M | 7.5% |
| 2026-01-02 | $21.9B | $2.0B | $158.0M | $1.8B | 8.3% |
| 2026-04-03 | $5.7B | -$95.0M | $99.0M | -$194.0M | -3.4% |
Risks and tripwires
Observable signals that would weaken the free cash flow thesis.
| Risk | Tripwire | Why it matters |
|---|---|---|
| FCF margin compression | FCF margin falls for two consecutive quarters. | Cash conversion may be weakening before earnings show it. |
| Capital intensity rises | CapEx/revenue moves materially above the recent run rate. | More operating cash flow would be consumed before becoming FCF. |
| Working capital drag | Inventory or receivables grow faster than revenue. | Reported growth may not translate into cash. |