Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue increased from both the prior quarter and the same quarter last year. Free cash flow margin declined compared to the prior quarter but fell versus the year-ago quarter.
- Operating cash flow was higher than capital expenditure, resulting in positive free cash flow. The free cash flow margin, at the reported level, reflected the proportion of revenue converted into free cash flow after capital spending.
- Compared to the immediately preceding quarter, operating cash flow and free cash flow were lower, while revenue was higher. Versus the same quarter one year earlier, operating cash flow and free cash flow were lower despite higher revenue.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$848.6M
Trailing twelve-month free cash flow.
Quarter free cash flow
$184.1M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$225.6M
Cash generated by operations before capital spending.
CapEx
$41.5M
Capital spending and related asset purchases.
FCF margin
16.3%
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 |
|---|---|---|---|---|---|
| 2025-03-31 | $883.7M | $194.4M | $17.3M | $177.2M | 20.1% |
| 2025-06-30 | $983.2M | $236.4M | $23.9M | $212.5M | 21.6% |
| 2025-09-30 | $1.0B | $299.4M | $24.5M | $274.9M | 26.7% |
| 2025-12-31 | $1.1B | $225.6M | $41.5M | $184.1M | 16.3% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 64.4% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 3.7% | 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.
Revenue Growth with Weaker Cash Generation
Revenue improved compared to both the prior quarter and the year-ago quarter, but operating cash flow and free cash flow were lower in both comparisons. This indicates a shift in cash conversion efficiency relative to revenue.
The divergence between higher revenue and lower free cash flow is the strongest observable driver, affecting the quarter's cash conversion profile.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow was higher than capital expenditure, resulting in positive free cash flow. The free cash flow margin, at the reported level, reflected the proportion of revenue converted into free cash flow after capital spending.
Compared to the immediately preceding quarter, operating cash flow and free cash flow were lower, while revenue was higher. Versus the same quarter one year earlier, operating cash flow and free cash flow were lower despite higher revenue.
Monitor the trend in free cash flow margin given its decline from both comparison periods.