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. Operating cash flow turned positive from the prior quarter's negative level, but free cash flow remained negative due to elevated capital expenditure.
- Operating cash flow as a percentage of revenue improved from negative to positive, yet free cash flow margin remained negative as capital expenditure exceeded operating cash flow. The gap between operating cash flow and free cash flow widened compared to both the prior quarter and the year-ago quarter.
- Compared to the immediately preceding quarter, revenue was stable, operating cash flow improved from negative to positive, and free cash flow was less negative. Compared to the same quarter one year earlier, revenue was higher, operating cash flow was higher, and free cash flow was less negative.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
-$489.3M
Trailing twelve-month free cash flow.
Quarter free cash flow
-$252.6M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$104.2M
Cash generated by operations before capital spending.
CapEx
$356.8M
Capital spending and related asset purchases.
FCF margin
-8.4%
The share of revenue converted into free cash flow.
TTM FCF yield
-6.7%
TTM FCF divided by market capitalization.
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 |
|---|---|---|---|---|---|
| 2025-06-30 | $3.0B | $609.5M | $304.6M | $304.9M | 10.1% |
| 2025-09-30 | $3.5B | $228.5M | $364.4M | -$135.9M | -3.9% |
| 2025-12-31 | $3.0B | -$56.1M | $349.6M | -$405.7M | -13.6% |
| 2026-03-31 | $3.0B | $104.2M | $356.8M | -$252.6M | -8.4% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 98.1% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 11.9% | 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.
Capital Expenditure Outpacing Operating Cash Flow
Capital expenditure was higher than operating cash flow in the current quarter, leading to negative free cash flow. This pattern was consistent with both the prior quarter and the year-ago quarter, though operating cash flow improved.
The sustained gap between capital expenditure and operating cash flow is the primary observable factor behind the negative free cash flow.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow as a percentage of revenue improved from negative to positive, yet free cash flow margin remained negative as capital expenditure exceeded operating cash flow. The gap between operating cash flow and free cash flow widened compared to both the prior quarter and the year-ago quarter.
Compared to the immediately preceding quarter, revenue was stable, operating cash flow improved from negative to positive, and free cash flow was less negative. Compared to the same quarter one year earlier, revenue was higher, operating cash flow was higher, and free cash flow was less negative.
Monitor whether capital expenditure remains elevated relative to operating cash flow, as this continues to pressure free cash flow.
Valuation context
A cash-flow page should show how much investors are paying for the cash stream, without turning into a full DCF.
| Market capitalization | $7.3B | Used as the denominator for FCF yield. |
| TTM FCF yield | -6.7% | TTM free cash flow divided by market capitalization. |
| EV / TTM FCF | n/a | A quick valuation bridge, not a full DCF. |
Peer context
Free cash flow quality is easier to read against related public companies.