Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Operating cash flow turned strongly positive from the prior quarter, driving a substantial free cash flow improvement. Revenue increased compared to both the preceding quarter and the same quarter last year.
- Revenue rose while operating cash flow shifted from negative to positive, resulting in a positive free cash flow margin. Capital expenditure was lower than both the prior quarter and the year-ago quarter, supporting the conversion of revenue into free cash flow.
- Compared to the immediately preceding quarter, operating cash flow and free cash flow improved from negative to positive, and the free cash flow margin strengthened. Versus the same quarter one year earlier, revenue, operating cash flow, and free cash flow were all higher, while the free cash flow margin was stable.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$6.4B
Trailing twelve-month free cash flow.
Quarter free cash flow
$2.4B
Free cash flow in the selected fiscal quarter.
Operating cash flow
$2.4B
Cash generated by operations before capital spending.
CapEx
$28.0M
Capital spending and related asset purchases.
FCF margin
2.3%
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 |
|---|---|---|---|---|---|
| 2024-12-31 | $95.3B | -$2.4B | $126.0M | -$2.5B | -2.6% |
| 2025-03-31 | $90.8B | $7.7B | $169.0M | $7.6B | 8.3% |
| 2025-06-30 | $97.8B | -$918.0M | $189.0M | -$1.1B | -1.1% |
| 2025-09-30 | $103.2B | $2.4B | $28.0M | $2.4B | 2.3% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 215.5% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 0.0% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$3.8B | 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 Reversal
Operating cash flow turned from a negative amount in the prior quarter to a positive amount this quarter, which was the primary observable driver behind the improvement in free cash flow. Revenue also increased, but the cash flow swing was the most notable change.
The shift in operating cash flow directly converted a negative free cash flow position into a positive one.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue rose while operating cash flow shifted from negative to positive, resulting in a positive free cash flow margin. Capital expenditure was lower than both the prior quarter and the year-ago quarter, supporting the conversion of revenue into free cash flow.
Compared to the immediately preceding quarter, operating cash flow and free cash flow improved from negative to positive, and the free cash flow margin strengthened. Versus the same quarter one year earlier, revenue, operating cash flow, and free cash flow were all higher, while the free cash flow margin was stable.
Monitor whether operating cash flow can sustain its positive level in the coming quarter, given the prior quarter's negative figure.