Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
For the current quarter, free cash flow was negative, driven by negative operating cash flow, while revenue was lower than the prior quarter but higher than the same quarter last year. The free cash flow margin remained negative, reflecting cash consumption relative to revenue.
- Revenue in the current quarter was lower than the prior quarter but higher than the same quarter one year earlier. Operating cash flow was negative, leading to negative free cash flow and a negative margin. Capital expenditure was higher than the prior quarter but lower than the same quarter last year.
- Compared to the immediately preceding quarter, free cash flow turned from positive to negative, as operating cash flow weakened significantly. However, compared to the same quarter one year earlier, free cash flow improved, with a smaller negative margin.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
-$1.6B
Trailing twelve-month free cash flow.
Quarter free cash flow
-$692.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
-$630.0M
Cash generated by operations before capital spending.
CapEx
$62.0M
Capital spending and related asset purchases.
FCF margin
-177.9%
The share of revenue converted into free cash flow.
TTM FCF yield
-6.0%
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 | $142.0M | -$919.0M | $3.0M | -$922.0M | -649.3% |
| 2025-09-30 | $1.0B | -$847.0M | $33.0M | -$880.0M | -86.6% |
| 2025-12-31 | $678.0M | $930.0M | $39.0M | $891.0M | 131.4% |
| 2026-03-31 | $389.0M | -$630.0M | $62.0M | -$692.0M | -177.9% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 51.5% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 15.9% | 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.
Operating Cash Flow Turn
Operating cash flow shifted from positive in the prior quarter to negative in the current quarter, though it was less negative than the same quarter last year. The filing context notes that the decrease in cash and investments was primarily due to the net cash outflow from operating activities.
The negative operating cash flow, combined with capital expenditure, resulted in a significant cash outflow and a decline in the company's cash and investment balance.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue in the current quarter was lower than the prior quarter but higher than the same quarter one year earlier. Operating cash flow was negative, leading to negative free cash flow and a negative margin. Capital expenditure was higher than the prior quarter but lower than the same quarter last year.
Compared to the immediately preceding quarter, free cash flow turned from positive to negative, as operating cash flow weakened significantly. However, compared to the same quarter one year earlier, free cash flow improved, with a smaller negative margin.
Monitor the trajectory of operating cash flow, as it was the main driver of the cash outflow 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 | $26.9B | Used as the denominator for FCF yield. |
| TTM FCF yield | -6.0% | 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.