Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue was lower than the prior quarter but higher than the same quarter last year. Operating cash flow declined sequentially, causing free cash flow to shift from a surplus to a small deficit, though it improved relative to a year ago.
- Revenue and operating cash flow both decreased from the previous quarter. Capital expenditure was slightly lower, but the decline in operating cash flow was more pronounced, leaving free cash flow near a balanced level and the margin roughly neutral.
- Compared with the prior quarter, revenue and operating cash flow were lower, and free cash flow turned from positive to a small negative. Versus the same quarter one year earlier, revenue and operating cash flow improved, and free cash flow moved from a deficit to a near-neutral position.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
-$188.0M
Trailing twelve-month free cash flow.
Quarter free cash flow
-$3.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$799.0M
Cash generated by operations before capital spending.
CapEx
$802.0M
Capital spending and related asset purchases.
FCF margin
-0.0%
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 |
|---|---|---|---|---|---|
| 2025-04-05 | $7.8B | $364.0M | $859.0M | -$495.0M | -6.3% |
| 2025-07-05 | $8.5B | $732.0M | $954.0M | -$222.0M | -2.6% |
| 2025-10-04 | $8.5B | $1.3B | $807.0M | $532.0M | 6.2% |
| 2025-12-31 | $7.7B | $799.0M | $802.0M | -$3.0M | -0.0% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | -0.8% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 10.4% | 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 from the prior quarter while capital spending remained relatively stable, driving the swing from positive free cash flow to a negligible deficit.
Future free cash flow generation will depend on a recovery in operating cash flow back toward the prior quarter's level.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue and operating cash flow both decreased from the previous quarter. Capital expenditure was slightly lower, but the decline in operating cash flow was more pronounced, leaving free cash flow near a balanced level and the margin roughly neutral.
Compared with the prior quarter, revenue and operating cash flow were lower, and free cash flow turned from positive to a small negative. Versus the same quarter one year earlier, revenue and operating cash flow improved, and free cash flow moved from a deficit to a near-neutral position.
Monitor the level of cash and cash equivalents, which decreased from the prior year-end according to the filing.