Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue decreased sharply from both the prior quarter and the same quarter last year. Operating cash flow turned negative from positive in the prior quarter and remained negative compared to a year ago, resulting in a large negative free cash flow.
- Revenue was low while operating cash outflow was substantial, leading to a highly negative free cash flow margin.
- Compared to the prior quarter, revenue fell and operating cash flow shifted from positive to negative. Versus the same quarter a year ago, revenue declined while operating cash outflow was roughly similar, yielding a comparable negative free cash flow.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
-$4.0B
Trailing twelve-month free cash flow.
Quarter free cash flow
-$1.2B
Free cash flow in the selected fiscal quarter.
Operating cash flow
-$1.0B
Cash generated by operations before capital spending.
CapEx
$117.0M
Capital spending and related asset purchases.
FCF margin
-1068.5%
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 |
|---|---|---|---|---|---|
| 2024-06-30 | $241.0M | -$1.3B | $182.0M | -$1.5B | -604.1% |
| 2024-09-30 | $1.9B | -$1.6B | $151.0M | -$1.7B | -92.2% |
| 2024-12-31 | $966.0M | $825.0M | $522.0M | $303.0M | 31.4% |
| 2025-03-31 | $108.0M | -$1.0B | $117.0M | -$1.2B | -1068.5% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 118.8% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 108.3% | 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.
Revenue decline
The significant drop in revenue weakened cash generation from operations, making it insufficient to cover capital expenditures.
Lower revenue led to insufficient cash from operations to cover capital expenditures, deepening the free cash flow deficit.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue was low while operating cash outflow was substantial, leading to a highly negative free cash flow margin.
Compared to the prior quarter, revenue fell and operating cash flow shifted from positive to negative. Versus the same quarter a year ago, revenue declined while operating cash outflow was roughly similar, yielding a comparable negative free cash flow.
Monitor capital expenditure spending relative to operating cash flow, as it added to the cash outflow.