Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue rose from the prior quarter and the year-ago quarter. Operating cash flow decreased sharply from the prior quarter and also fell from the year-ago quarter, resulting in negative free cash flow versus positive free cash flow in both comparison periods.
- Despite higher revenue, operating cash flow was much lower than both the prior quarter and the year-ago quarter. Capital expenditure increased relative to both periods, and free cash flow turned negative, producing a negative free cash flow margin.
- Compared to the immediately preceding quarter, revenue was higher but operating cash flow was substantially lower, capital expenditure was higher, and free cash flow shifted from positive to negative. Versus the same quarter one year earlier, revenue was higher, operating cash flow was lower, capital expenditure was higher, and free cash flow weakened from positive to negative.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$1.1B
Trailing twelve-month free cash flow.
Quarter free cash flow
-$39.9M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$223.5M
Cash generated by operations before capital spending.
CapEx
$263.4M
Capital spending and related asset purchases.
FCF margin
-0.6%
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 | $7.7B | -$720.9M | $158.1M | -$879.0M | -11.5% |
| 2024-12-31 | $5.7B | $1.0B | $154.9M | $890.2M | 15.7% |
| 2025-03-31 | $3.4B | $1.3B | $170.8M | $1.2B | 34.0% |
| 2025-06-30 | $7.0B | $223.5M | $263.4M | -$39.9M | -0.6% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | -16.4% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 3.8% | 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 Decline
Revenue increased compared to both the prior quarter and the year-ago quarter, but operating cash flow fell substantially. This divergence between revenue growth and cash generation is the strongest observable driver of the negative free cash flow.
The significant reduction in operating cash flow, combined with higher capital expenditure, resulted in negative free cash flow for the quarter.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Despite higher revenue, operating cash flow was much lower than both the prior quarter and the year-ago quarter. Capital expenditure increased relative to both periods, and free cash flow turned negative, producing a negative free cash flow margin.
Compared to the immediately preceding quarter, revenue was higher but operating cash flow was substantially lower, capital expenditure was higher, and free cash flow shifted from positive to negative. Versus the same quarter one year earlier, revenue was higher, operating cash flow was lower, capital expenditure was higher, and free cash flow weakened from positive to negative.
Monitor operating cash flow trends, as the decline relative to both the prior quarter and the year-ago quarter drove the negative free cash flow.