Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Cash conversion improved significantly driven by higher operating cash flow. Free cash flow margin expanded compared to both the prior quarter and the same quarter last year.
- Revenue was stable, but operating cash flow increased, leading to higher free cash flow and a stronger margin.
- Compared to the prior quarter, all cash flow metrics improved. Versus the same quarter last year, operating cash flow and free cash flow were substantially higher.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$1.3B
Trailing twelve-month free cash flow.
Quarter free cash flow
$377.4M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$645.9M
Cash generated by operations before capital spending.
CapEx
$268.4M
Capital spending and related asset purchases.
FCF margin
8.6%
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 | $4.2B | $667.4M | $336.3M | $331.2M | 7.9% |
| 2024-12-31 | $4.3B | $671.6M | $404.0M | $267.5M | 6.2% |
| 2025-03-31 | $4.3B | $547.1M | $228.0M | $319.0M | 7.5% |
| 2025-06-30 | $4.4B | $645.9M | $268.4M | $377.4M | 8.6% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 771.0% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 6.1% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$4.2B | Cash and equivalents minus total debt. |
Recent events shaping cash flow
Near-term business events that help explain the free cash flow result.
Strong Operating Cash Flow
Operating cash flow rose from both the prior quarter and the year-ago quarter, outpacing the moderate increase in capital expenditure.
This drove free cash flow to a higher level despite a slight rise in capital spending.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue was stable, but operating cash flow increased, leading to higher free cash flow and a stronger margin.
Compared to the prior quarter, all cash flow metrics improved. Versus the same quarter last year, operating cash flow and free cash flow were substantially higher.
Monitor the impact of foreign currency transaction losses on net income, as noted in the filing.