Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue was lower than the prior quarter but higher than the same quarter last year. Free cash flow was negative and weakened versus both the prior quarter and the year-ago quarter.
- Operating cash flow was lower than both the prior quarter and the year-ago quarter. Capital expenditure was lower than the prior quarter but higher than the year-ago quarter, resulting in a free cash flow margin that improved from the prior quarter but weakened compared to the same quarter last year.
- Compared to the prior quarter, revenue was lower and operating cash flow was slightly lower, while capital expenditure decreased, leading to an improved free cash flow margin. Compared to the same quarter last year, revenue was higher but operating cash flow was lower, and capital expenditure was higher, 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
-$179.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$243.0M
Cash generated by operations before capital spending.
CapEx
$422.0M
Capital spending and related asset purchases.
FCF margin
-18.6%
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 | $1.1B | $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% |
| 2025-06-30 | $961.0M | $243.0M | $422.0M | -$179.0M | -18.6% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | -102.9% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 43.9% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$10.7B | 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 remains elevated
Capital expenditure was lower than the prior quarter but higher than the year-ago quarter, and exceeded operating cash flow in all periods. The filing notes several pending regulatory approvals for new generation and energy storage projects, which may sustain or increase future capital spending.
Sustained high capital expenditure relative to operating cash flow is the primary factor keeping free cash flow negative.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow was lower than both the prior quarter and the year-ago quarter. Capital expenditure was lower than the prior quarter but higher than the year-ago quarter, resulting in a free cash flow margin that improved from the prior quarter but weakened compared to the same quarter last year.
Compared to the prior quarter, revenue was lower and operating cash flow was slightly lower, while capital expenditure decreased, leading to an improved free cash flow margin. Compared to the same quarter last year, revenue was higher but operating cash flow was lower, and capital expenditure was higher, resulting in a weakened free cash flow margin.
Monitor the trend in capital expenditure relative to operating cash flow, as the gap between them continues to drive negative free cash flow.