FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$119.1B
Trailing twelve-month free cash flow.
Quarter free cash flow
$48.6B
Free cash flow in the selected fiscal quarter.
Operating cash flow
$50.3B
Cash generated by operations before capital spending.
CapEx
$1.8B
Capital spending and related asset purchases.
FCF margin
59.5%
The share of revenue converted into free cash flow.
TTM FCF yield
2.3%
TTM FCF divided by market capitalization.
FCF reconciliation
Free cash flow is not a GAAP line item; it should be bridged from the cash flow statement.
| Operating cash flow | $50.3B | Cash generated by operations before capital spending. |
| Capital expenditures | $1.8B | Capital spending used to bridge CFO to FCF. |
| Free cash flow | $48.6B | Operating cash flow less capital spending. |
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 |
|---|---|---|---|---|---|
| 2025-07-27 | $46.7B | $15.4B | $1.9B | $13.5B | 28.8% |
| 2025-10-26 | $57.0B | $23.8B | $1.6B | $22.1B | 38.8% |
| 2026-01-25 | $68.1B | $36.2B | $1.3B | $34.9B | 51.2% |
| 2026-04-26 | $81.6B | $50.3B | $1.8B | $48.6B | 59.5% |
Risks and tripwires
Observable signals that would weaken the free cash flow thesis.
| Risk | Tripwire | Why it matters |
|---|---|---|
| FCF margin compression | FCF margin falls for two consecutive quarters. | Cash conversion may be weakening before earnings show it. |
| Capital intensity rises | CapEx/revenue moves materially above the recent run rate. | More operating cash flow would be consumed before becoming FCF. |
| Working capital drag | Inventory or receivables grow faster than revenue. | Reported growth may not translate into cash. |