Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Operating cash flow turned positive from the prior quarter's negative level, driving free cash flow to a positive figure. Compared to the same quarter last year, both operating cash flow and free cash flow were lower.
- Revenue was slightly higher than the prior quarter and the year-ago quarter. Operating cash flow improved significantly from the prior quarter's negative level but was lower than the year-ago quarter. Capital expenditure was higher than both comparison periods. Free cash flow margin turned positive from a negative margin in the prior quarter but was lower than the year-ago quarter.
- Compared to the prior quarter, free cash flow improved from negative to positive, driven by a large swing in operating cash flow. Compared to the same quarter last year, free cash flow was lower, as operating cash flow decreased and capital expenditure increased.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$1.2B
Trailing twelve-month free cash flow.
Quarter free cash flow
$150.8M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$328.7M
Cash generated by operations before capital spending.
CapEx
$177.9M
Capital spending and related asset purchases.
FCF margin
6.0%
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 |
|---|---|---|---|---|---|
| 2024-10-27 | $2.4B | $300.7M | $178.5M | $122.2M | 5.1% |
| 2025-02-02 | $3.6B | $1.4B | $235.0M | $1.2B | 32.3% |
| 2025-05-04 | $2.4B | -$119.0M | $152.3M | -$271.2M | -11.4% |
| 2025-08-03 | $2.5B | $328.7M | $177.9M | $150.8M | 6.0% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 40.7% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 7.0% | 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 recovery
Operating cash flow turned positive in the current quarter after being negative in the prior quarter, which was the primary factor behind the improvement in free cash flow.
This shift allowed free cash flow to move from a negative to a positive position quarter over quarter.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue was slightly higher than the prior quarter and the year-ago quarter. Operating cash flow improved significantly from the prior quarter's negative level but was lower than the year-ago quarter. Capital expenditure was higher than both comparison periods. Free cash flow margin turned positive from a negative margin in the prior quarter but was lower than the year-ago quarter.
Compared to the prior quarter, free cash flow improved from negative to positive, driven by a large swing in operating cash flow. Compared to the same quarter last year, free cash flow was lower, as operating cash flow decreased and capital expenditure increased.
Monitor the level of capital expenditure relative to operating cash flow, as it increased compared to both the prior quarter and the year-ago quarter.