Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
In the quarter ended June 30, 2025, free cash flow turned positive compared to the prior quarter but declined significantly from the same quarter last year. The free cash flow margin weakened year over year.
- Revenue was stable compared to the year-ago quarter, but operating cash flow was lower, leading to lower free cash flow and a lower margin. Capital expenditure was slightly lower than both comparison periods.
- Compared to the immediately preceding quarter, revenue increased and operating cash flow improved from negative to positive, resulting in positive free cash flow. Compared to the same quarter one year earlier, revenue was similar but operating cash flow and free cash flow were substantially lower.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$680.1M
Trailing twelve-month free cash flow.
Quarter free cash flow
$58.3M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$86.8M
Cash generated by operations before capital spending.
CapEx
$28.5M
Capital spending and related asset purchases.
FCF margin
3.9%
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 | $1.5B | $452.1M | $41.2M | $410.9M | 27.4% |
| 2024-12-31 | $1.3B | $332.4M | $60.2M | $272.2M | 20.2% |
| 2025-03-31 | $1.1B | -$35.8M | $25.5M | -$61.3M | -5.7% |
| 2025-06-30 | $1.5B | $86.8M | $28.5M | $58.3M | 3.9% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 21.7% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 1.9% | 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 flow decline
Operating cash flow decreased significantly from the year-ago quarter despite similar revenue, and the filing attributes this to less favorable changes in working capital.
This decline reduced free cash flow and margin compared to the prior year.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue was stable compared to the year-ago quarter, but operating cash flow was lower, leading to lower free cash flow and a lower margin. Capital expenditure was slightly lower than both comparison periods.
Compared to the immediately preceding quarter, revenue increased and operating cash flow improved from negative to positive, resulting in positive free cash flow. Compared to the same quarter one year earlier, revenue was similar but operating cash flow and free cash flow were substantially lower.
Monitor changes in working capital, as the filing indicates less favorable working capital changes affected operating cash flow.