Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Cash conversion improved sequentially and year-over-year, though free cash flow remained negative. Revenue increased substantially from the prior quarter, leading to a significantly less negative free cash flow margin.
- Revenue was higher than the prior quarter, while operating cash flow was less negative. Capital expenditure increased slightly, and free cash flow was less negative, resulting in an improved free cash flow margin.
- Compared to the prior quarter, revenue was higher, operating cash flow improved, capital expenditure increased, and free cash flow and its margin both improved. Versus the same quarter a year ago, revenue was lower, but operating cash flow, capital expenditure, free cash flow, and margin all improved.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
-$2.7B
Trailing twelve-month free cash flow.
Quarter free cash flow
-$880.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
-$847.0M
Cash generated by operations before capital spending.
CapEx
$33.0M
Capital spending and related asset purchases.
FCF margin
-86.6%
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 |
|---|---|---|---|---|---|
| 2024-12-31 | $966.0M | $825.0M | $522.0M | $303.0M | 31.4% |
| 2025-03-31 | $108.0M | -$1.0B | $117.0M | -$1.2B | -1068.5% |
| 2025-06-30 | $142.0M | -$919.0M | $3.0M | -$922.0M | -649.3% |
| 2025-09-30 | $1.0B | -$847.0M | $33.0M | -$880.0M | -86.6% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 440.0% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 3.2% | 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 Increase
Revenue was substantially higher than in the prior quarter, which was the most significant observable factor in reducing the negative free cash flow margin.
The higher revenue provided a stronger base for cash conversion, improving both free cash flow and its margin.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue was higher than the prior quarter, while operating cash flow was less negative. Capital expenditure increased slightly, and free cash flow was less negative, resulting in an improved free cash flow margin.
Compared to the prior quarter, revenue was higher, operating cash flow improved, capital expenditure increased, and free cash flow and its margin both improved. Versus the same quarter a year ago, revenue was lower, but operating cash flow, capital expenditure, free cash flow, and margin all improved.
Monitor the trajectory of operating cash flow, as the company's cash and investments declined notably due to ongoing operating cash outflows per the filing.