FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$5.7B
Trailing twelve-month free cash flow.
Quarter free cash flow
-$291.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$220.0M
Cash generated by operations before capital spending.
CapEx
$511.0M
Capital spending and related asset purchases.
FCF margin
-1.6%
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 | $220.0M | Cash generated by operations before capital spending. |
| Capital expenditures | $511.0M | Capital spending used to bridge CFO to FCF. |
| Free cash flow | -$291.0M | 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 |
|---|---|---|---|---|---|
| 2025-06-29 | $18.2B | $201.0M | $351.0M | -$150.0M | -0.8% |
| 2025-09-28 | $18.6B | $3.7B | $381.0M | $3.3B | 18.0% |
| 2025-12-31 | $20.3B | $3.2B | $463.0M | $2.8B | 13.6% |
| 2026-03-29 | $18.0B | $220.0M | $511.0M | -$291.0M | -1.6% |
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. |