Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue increased compared to the prior quarter but decreased compared to the same quarter last year. Operating cash flow weakened and capital expenditure remained elevated, leading to a more negative free cash flow.
- Despite a sequential revenue increase, operating cash flow declined, causing a drop in cash conversion from sales. Capital expenditure was higher than a year ago, and free cash flow turned more negative, with margin weakening compared to both prior periods.
- Revenue was higher than the previous quarter but lower than a year ago. Operating cash flow, free cash flow, and free cash flow margin all worsened sequentially and year over year. Capital expenditure decreased slightly from the prior quarter but increased compared to the same quarter last year.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$521.0M
Trailing twelve-month free cash flow.
Quarter free cash flow
-$495.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$364.0M
Cash generated by operations before capital spending.
CapEx
$859.0M
Capital spending and related asset purchases.
FCF margin
-6.3%
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 |
|---|---|---|---|---|---|
| 2024-06-29 | $8.1B | $1.5B | $801.0M | $684.0M | 8.5% |
| 2024-09-28 | $7.4B | $1.3B | $823.0M | $478.0M | 6.4% |
| 2024-12-31 | $7.1B | $733.0M | $879.0M | -$146.0M | -2.1% |
| 2025-04-05 | $7.8B | $364.0M | $859.0M | -$495.0M | -6.3% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | -317.3% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 11.0% | 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 decline
Operating cash flow decreased sequentially and year over year, even as revenue rose sequentially, indicating lower cash conversion efficiency from sales. This was the primary observable factor behind the more negative free cash flow.
The reduced operating cash flow combined with sustained high capital expenditure pressured free cash flow and margin.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Despite a sequential revenue increase, operating cash flow declined, causing a drop in cash conversion from sales. Capital expenditure was higher than a year ago, and free cash flow turned more negative, with margin weakening compared to both prior periods.
Revenue was higher than the previous quarter but lower than a year ago. Operating cash flow, free cash flow, and free cash flow margin all worsened sequentially and year over year. Capital expenditure decreased slightly from the prior quarter but increased compared to the same quarter last year.
The elevated capital expenditure relative to operating cash flow is a key item to monitor for its impact on liquidity and future cash generation.