Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Operating cash flow turned negative, resulting in a free cash flow deficit. Compared to the prior quarter, cash conversion weakened, but relative to the same quarter last year, the deficit narrowed.
- Revenue was slightly higher than the preceding quarter but lower than a year ago. Operating cash flow was negative and matched capital expenditure in magnitude, leading to a negative free cash flow margin.
- Sequentially, operating cash flow shifted from positive to negative, and free cash flow and margin declined. Year over year, operating cash flow improved from a larger negative to a smaller negative, and the free cash flow deficit decreased, with margin improving.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$908.0M
Trailing twelve-month free cash flow.
Quarter free cash flow
-$538.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
-$269.0M
Cash generated by operations before capital spending.
CapEx
$269.0M
Capital spending and related asset purchases.
FCF margin
-7.5%
The share of revenue converted into free cash flow.
TTM FCF yield
4.9%
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 | $7.7B | $351.0M | $539.0M | -$188.0M | -2.5% |
| 2025-09-30 | $7.7B | $983.0M | $406.0M | $577.0M | 7.5% |
| 2025-12-31 | $7.1B | $1.5B | $450.0M | $1.1B | 14.9% |
| 2026-03-31 | $7.2B | -$269.0M | $269.0M | -$538.0M | -7.5% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | -430.4% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 3.7% | 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.
Negative operating cash flow
Operating cash flow was negative this quarter, and capital expenditure was of similar magnitude, leading to a free cash flow deficit.
Free cash flow was negative, reducing cash available for debt service and dividends.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue was slightly higher than the preceding quarter but lower than a year ago. Operating cash flow was negative and matched capital expenditure in magnitude, leading to a negative free cash flow margin.
Sequentially, operating cash flow shifted from positive to negative, and free cash flow and margin declined. Year over year, operating cash flow improved from a larger negative to a smaller negative, and the free cash flow deficit decreased, with margin improving.
Monitor the impact of the European asset sale cash contribution on future cash flows.
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 | $18.6B | Used as the denominator for FCF yield. |
| TTM FCF yield | 4.9% | TTM free cash flow divided by market capitalization. |
| EV / TTM FCF | n/a | A quick valuation bridge, not a full DCF. |
Peer context
Free cash flow quality is easier to read against related public companies.