Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Free cash flow turned more negative compared to the same quarter last year, driven by a rise in capital expenditure that outpaced the decline in operating cash flow. Revenue increased, but the combination of lower operating cash flow and higher capital spending widened the free cash flow deficit.
- Revenue improved from both the prior quarter and the year-ago quarter, while operating cash flow decreased relative to both periods. Capital expenditure was significantly higher than a year ago, and together with the lower operating cash flow, free cash flow turned more negative and the free cash flow margin weakened.
- Compared to the immediately preceding quarter, revenue was higher but operating cash flow was slightly lower; capital expenditure and free cash flow were not disclosed for that period. Versus the same quarter one year earlier, revenue was higher, operating cash flow was lower, capital expenditure was higher, and free cash flow was more negative, resulting in a weakened free cash flow margin.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
n/a
Trailing twelve-month free cash flow.
Quarter free cash flow
-$305.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$249.0M
Cash generated by operations before capital spending.
CapEx
$554.0M
Capital spending and related asset purchases.
FCF margin
-27.0%
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 |
|---|---|---|---|---|---|
| 2024-06-30 | $894.0M | $255.0M | $392.0M | -$137.0M | -15.3% |
| 2024-09-30 | $1.1B | $351.0M | $410.0M | -$59.0M | -5.5% |
| 2024-12-31 | $976.0M | $254.0M | n/a | n/a | n/a |
| 2025-03-31 | $1.1B | $249.0M | $554.0M | -$305.0M | -27.0% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | -143.2% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 49.1% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$9.9B | Cash and equivalents minus total debt. |
Recent events shaping cash flow
Near-term business events that help explain the free cash flow result.
Capital Expenditure Increase
Capital expenditure was substantially higher than the year-ago level, while operating cash flow declined. This combination was the most observable factor behind the larger negative free cash flow.
The elevated capital spending relative to operating cash flow was the primary cause of the weakened free cash flow position.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue improved from both the prior quarter and the year-ago quarter, while operating cash flow decreased relative to both periods. Capital expenditure was significantly higher than a year ago, and together with the lower operating cash flow, free cash flow turned more negative and the free cash flow margin weakened.
Compared to the immediately preceding quarter, revenue was higher but operating cash flow was slightly lower; capital expenditure and free cash flow were not disclosed for that period. Versus the same quarter one year earlier, revenue was higher, operating cash flow was lower, capital expenditure was higher, and free cash flow was more negative, resulting in a weakened free cash flow margin.
Monitor the timing and outcome of regulatory approvals for the planned LNG facility and wind farm projects mentioned in the filing.