Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue and operating cash flow both improved compared to the prior quarter and the same quarter last year. Free cash flow turned positive from a negative position a year ago, supported by a lower capital expenditure.
- Operating cash flow as a proportion of revenue was higher than both the prior quarter and the year-ago quarter. Capital expenditure was lower than the year-ago level, resulting in a positive free cash flow margin compared to a negative margin one year earlier.
- Compared to the immediately preceding quarter, revenue and operating cash flow were higher. Compared to the same quarter one year earlier, revenue and operating cash flow were higher, capital expenditure was lower, and free cash flow improved from negative to positive.
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
$26.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$368.0M
Cash generated by operations before capital spending.
CapEx
$342.0M
Capital spending and related asset purchases.
FCF margin
2.2%
The share of revenue converted into free cash flow.
TTM FCF yield
n/a
TTM FCF divided by market capitalization.
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 |
|---|---|---|---|---|---|
| 2025-06-30 | $961.0M | $243.0M | $422.0M | -$179.0M | -18.6% |
| 2025-09-30 | $1.2B | $408.0M | $511.0M | -$103.0M | -8.5% |
| 2025-12-31 | $1.1B | $269.0M | n/a | n/a | n/a |
| 2026-03-31 | $1.2B | $368.0M | $342.0M | $26.0M | 2.2% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 11.6% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 28.9% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$10.9B | 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 Growth
Operating cash flow increased compared to both the prior quarter and the year-ago quarter, while revenue also rose. This combination supported a higher free cash flow margin.
The improvement in operating cash flow was the strongest observable driver of the positive free cash flow this quarter.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow as a proportion of revenue was higher than both the prior quarter and the year-ago quarter. Capital expenditure was lower than the year-ago level, resulting in a positive free cash flow margin compared to a negative margin one year earlier.
Compared to the immediately preceding quarter, revenue and operating cash flow were higher. Compared to the same quarter one year earlier, revenue and operating cash flow were higher, capital expenditure was lower, and free cash flow improved from negative to positive.
Monitor the level of capital expenditure in future quarters, as it was the primary factor enabling the shift to positive free cash flow.
Valuation context
A cash-flow page should show how much investors are paying for the cash stream, without turning into a full DCF.
| Market capitalization | $19.4B | Used as the denominator for FCF yield. |
| TTM FCF yield | n/a | TTM free cash flow divided by market capitalization. |
| EV / TTM FCF | undefinedx | A quick valuation bridge, not a full DCF. |
Peer context
Free cash flow quality is easier to read against related public companies.