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, a decline from both comparison periods.
- Operating cash flow was negative, and capital expenditure was higher than both the prior quarter and the year-ago quarter, resulting in a negative free cash flow and a negative margin.
- Compared to the prior quarter, revenue decreased and free cash flow weakened. Compared to the same quarter last year, revenue increased but free cash flow shifted from positive to negative.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$333.6M
Trailing twelve-month free cash flow.
Quarter free cash flow
-$405.6M
Free cash flow in the selected fiscal quarter.
Operating cash flow
-$53.7M
Cash generated by operations before capital spending.
CapEx
$351.9M
Capital spending and related asset purchases.
FCF margin
-6.4%
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 |
|---|---|---|---|---|---|
| 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% |
| 2025-09-30 | $8.5B | -$95.7M | $275.6M | -$371.3M | -4.4% |
| 2025-12-31 | $6.3B | -$53.7M | $351.9M | -$405.6M | -6.4% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 200.7% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 5.6% | 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.
Free cash flow deterioration
Free cash flow turned negative this quarter, reflecting lower revenue and higher capital expenditure compared to the prior quarter, and a shift from positive to negative operating cash flow compared to the year-ago quarter.
The negative free cash flow may increase reliance on external financing or existing cash reserves, as noted in the filing's discussion of liquidity sources.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow was negative, and capital expenditure was higher than both the prior quarter and the year-ago quarter, resulting in a negative free cash flow and a negative margin.
Compared to the prior quarter, revenue decreased and free cash flow weakened. Compared to the same quarter last year, revenue increased but free cash flow shifted from positive to negative.
Monitor the level of capital expenditure relative to operating cash flow, as both were negative this quarter.