Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue remained stable sequentially and year-over-year. Operating cash flow turned negative, leading to a negative free cash flow margin that improved year-over-year but weakened from the prior quarter.
- Revenue was stable, yet operating cash flow was negative, indicating cash conversion weakened relative to revenue. Capital expenditure was lower than both prior periods, but free cash flow turned negative due to the operating cash outflow.
- Compared to the immediately preceding quarter, operating cash flow and free cash flow shifted from positive to negative, and free cash flow margin declined. Compared to the same quarter one year earlier, operating cash flow and free cash flow were less negative, and free cash flow margin improved.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$2.3B
Trailing twelve-month free cash flow.
Quarter free cash flow
-$101.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
-$42.0M
Cash generated by operations before capital spending.
CapEx
$59.0M
Capital spending and related asset purchases.
FCF margin
-2.0%
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 |
|---|---|---|---|---|---|
| 2024-06-28 | $5.3B | $754.0M | $97.0M | $657.0M | 12.4% |
| 2024-09-27 | $5.3B | $780.0M | $78.0M | $702.0M | 13.3% |
| 2025-01-03 | $21.3B | $1.1B | $118.0M | $1.0B | 4.7% |
| 2025-03-28 | $5.1B | -$42.0M | $59.0M | -$101.0M | -2.0% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | -26.2% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 1.1% | 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.
Operating Cash Outflow
Operating cash flow was negative this quarter, a reversal from the prior quarter's positive level. This was the primary driver of negative free cash flow despite lower capital expenditure.
Negative operating cash flow turned free cash flow negative and lowered the cash conversion rate.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue was stable, yet operating cash flow was negative, indicating cash conversion weakened relative to revenue. Capital expenditure was lower than both prior periods, but free cash flow turned negative due to the operating cash outflow.
Compared to the immediately preceding quarter, operating cash flow and free cash flow shifted from positive to negative, and free cash flow margin declined. Compared to the same quarter one year earlier, operating cash flow and free cash flow were less negative, and free cash flow margin improved.
Monitor whether operating cash flow can return to positive levels in upcoming quarters.