Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue and operating cash flow were higher than both the prior quarter and the same quarter last year. Free cash flow remained negative but improved versus both periods, while free cash flow margin strengthened.
- Operating cash flow as a proportion of revenue improved compared to both the prior quarter and the year-ago quarter, yet capital expenditure exceeded operating cash flow, resulting in negative free cash flow and a negative margin.
- Compared to the immediately preceding quarter, revenue was higher and free cash flow was less negative, with a stronger margin. Versus the same quarter one year earlier, revenue, operating cash flow, and free cash flow were all higher, and the margin improved from negative to less negative.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
-$420.0M
Trailing twelve-month free cash flow.
Quarter free cash flow
-$133.7M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$712.6M
Cash generated by operations before capital spending.
CapEx
$846.3M
Capital spending and related asset purchases.
FCF margin
-2.0%
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 | $2.1B | $686.4M | $637.3M | $49.1M | 2.3% |
| 2025-06-30 | $1.2B | $495.4M | $658.2M | -$162.8M | -13.1% |
| 2025-09-30 | $1.2B | $467.9M | $640.5M | -$172.6M | -13.9% |
| 2025-12-31 | $6.5B | $712.6M | $846.3M | -$133.7M | -2.0% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | -51.9% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 13.0% | 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 improvement
Operating cash flow was higher than both the prior quarter and the year-ago quarter, contributing to a less negative free cash flow despite elevated capital expenditure.
The stronger operating cash flow was the primary factor behind the improved free cash flow margin this quarter.
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 improved compared to both the prior quarter and the year-ago quarter, yet capital expenditure exceeded operating cash flow, resulting in negative free cash flow and a negative margin.
Compared to the immediately preceding quarter, revenue was higher and free cash flow was less negative, with a stronger margin. Versus the same quarter one year earlier, revenue, operating cash flow, and free cash flow were all higher, and the margin improved from negative to less negative.
Monitor whether capital expenditure continues to exceed operating cash flow, as this has kept free cash flow negative for three consecutive quarters.