Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue was stable compared to the prior quarter and higher than the same quarter last year. Free cash flow and free cash flow margin weakened sequentially but were lower than the year-ago period.
- Operating cash flow decreased from the prior quarter and was lower than the year-ago quarter, while capital expenditure was slightly lower sequentially and lower year-over-year. The resulting free cash flow margin declined compared to both periods.
- Compared to the immediately preceding quarter, revenue was stable but operating cash flow and free cash flow were lower, leading to a weakened margin. Versus the same quarter one year earlier, revenue was higher but operating cash flow and free cash flow were lower, resulting in a lower margin.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$2.4B
Trailing twelve-month free cash flow.
Quarter free cash flow
$468.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$543.0M
Cash generated by operations before capital spending.
CapEx
$75.0M
Capital spending and related asset purchases.
FCF margin
24.7%
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 | $1.8B | $703.0M | $72.0M | $631.0M | 34.8% |
| 2024-12-31 | $1.7B | $674.0M | $74.0M | $600.0M | 35.9% |
| 2025-03-31 | $1.9B | $757.0M | $85.0M | $672.0M | 34.9% |
| 2025-06-30 | $1.9B | $543.0M | $75.0M | $468.0M | 24.7% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 81.0% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 4.0% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$4.8B | 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 Decline
The strongest observable driver is the reduction in operating cash flow, which fell from both the prior quarter and the year-ago quarter. This occurred even as revenue remained stable sequentially and increased year-over-year.
The lower operating cash flow directly reduced free cash flow and compressed the free cash flow margin relative to both comparison periods.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow decreased from the prior quarter and was lower than the year-ago quarter, while capital expenditure was slightly lower sequentially and lower year-over-year. The resulting free cash flow margin declined compared to both periods.
Compared to the immediately preceding quarter, revenue was stable but operating cash flow and free cash flow were lower, leading to a weakened margin. Versus the same quarter one year earlier, revenue was higher but operating cash flow and free cash flow were lower, resulting in a lower margin.
Monitor the trajectory of operating cash flow, which declined from both the prior quarter and the year-ago period despite stable revenue.