Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Operating cash flow improved sharply from the prior quarter, turning free cash flow positive. Revenue was higher than both the prior quarter and the same quarter last year.
- Revenue increased while operating cash flow rose significantly, leading to a positive free cash flow margin compared to a negative margin in the prior quarter. Capital expenditure was slightly lower than both comparison periods, supporting the conversion.
- Compared to the prior quarter, operating cash flow and free cash flow both improved substantially, with free cash flow margin turning positive. Versus the same quarter last year, operating cash flow and free cash flow were lower, and the free cash flow margin weakened.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$4.3M
Trailing twelve-month free cash flow.
Quarter free cash flow
$304.9M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$609.5M
Cash generated by operations before capital spending.
CapEx
$304.6M
Capital spending and related asset purchases.
FCF margin
10.1%
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 | $2.8B | $312.9M | $240.8M | $72.1M | 2.6% |
| 2024-12-31 | $2.8B | $219.3M | $294.1M | -$74.8M | -2.7% |
| 2025-03-31 | $2.6B | $42.9M | $340.8M | -$297.9M | -11.4% |
| 2025-06-30 | $3.0B | $609.5M | $304.6M | $304.9M | 10.1% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 74.2% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 10.1% | 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 Recovery
Operating cash flow increased sharply from the prior quarter, driving free cash flow from negative to positive. This was the strongest observable change among the metrics.
The improvement in operating cash flow was the primary factor behind the positive free cash flow this quarter.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue increased while operating cash flow rose significantly, leading to a positive free cash flow margin compared to a negative margin in the prior quarter. Capital expenditure was slightly lower than both comparison periods, supporting the conversion.
Compared to the prior quarter, operating cash flow and free cash flow both improved substantially, with free cash flow margin turning positive. Versus the same quarter last year, operating cash flow and free cash flow were lower, and the free cash flow margin weakened.
Monitor whether operating cash flow can sustain its improvement relative to the prior quarter's level.