Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue and operating cash flow both increased compared to the previous quarter and the same quarter last year. Free cash flow turned positive after being negative a year ago, though the margin remained narrow.
- Operating cash flow as a proportion of revenue was lower than the previous quarter but improved compared to the same quarter last year. After capital expenditure, free cash flow margin turned positive from a negative position a year earlier.
- Compared to the immediately preceding quarter, operating cash flow, free cash flow, and free cash flow margin all weakened. Versus the same quarter one year earlier, all metrics improved, with operating cash flow shifting from negative to positive and free cash flow turning positive.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$5.7B
Trailing twelve-month free cash flow.
Quarter free cash flow
$208.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$1.1B
Cash generated by operations before capital spending.
CapEx
$913.0M
Capital spending and related asset purchases.
FCF margin
0.6%
The share of revenue converted into free cash flow.
TTM FCF yield
6.5%
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 | $33.8B | $2.6B | $695.0M | $1.9B | 5.8% |
| 2025-09-30 | $34.8B | $2.6B | $947.0M | $1.7B | 4.8% |
| 2025-12-31 | $32.6B | $3.1B | $1.2B | $1.9B | 5.8% |
| 2026-03-31 | $34.2B | $1.1B | $913.0M | $208.0M | 0.6% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 40.7% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 2.7% | 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 Reversal
Operating cash flow turned positive after being negative in the same quarter last year. The filing noted an increase in operating results and a favorable working capital change as contributing factors.
This was the strongest observable driver, turning free cash flow from negative to positive.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow as a proportion of revenue was lower than the previous quarter but improved compared to the same quarter last year. After capital expenditure, free cash flow margin turned positive from a negative position a year earlier.
Compared to the immediately preceding quarter, operating cash flow, free cash flow, and free cash flow margin all weakened. Versus the same quarter one year earlier, all metrics improved, with operating cash flow shifting from negative to positive and free cash flow turning positive.
Monitor the change in working capital, which was cited as a use of cash in the current quarter.
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 | $87.1B | Used as the denominator for FCF yield. |
| TTM FCF yield | 6.5% | 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.