Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
This quarter's free cash flow was negative, driven by a negative operating cash flow. Revenue was higher than the same quarter last year, but cash flow performance weakened.
- Revenue was positive, but operating cash flow was negative, resulting in a negative free cash flow and a negative margin. This indicates poor cash conversion from revenue.
- Compared to the prior quarter, revenue, operating cash flow, and free cash flow all decreased. Compared to the same quarter last year, revenue improved, but operating cash flow and free cash flow worsened.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$1.4B
Trailing twelve-month free cash flow.
Quarter free cash flow
-$816.3M
Free cash flow in the selected fiscal quarter.
Operating cash flow
-$786.8M
Cash generated by operations before capital spending.
CapEx
$29.5M
Capital spending and related asset purchases.
FCF margin
-22.1%
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 |
|---|---|---|---|---|---|
| 2024-06-30 | $3.9B | -$141.7M | $39.2M | -$180.9M | -4.7% |
| 2024-09-30 | $3.9B | $568.7M | $31.3M | $537.4M | 13.8% |
| 2024-12-31 | $4.3B | $1.9B | $47.0M | $1.9B | 43.5% |
| 2025-03-31 | $3.7B | -$786.8M | $29.5M | -$816.3M | -22.1% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | -283.7% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 0.8% | 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.
Negative operating cash flow
Operating cash flow turned negative this quarter, a decline from both the prior quarter and the same quarter last year.
This was the primary factor behind the negative free cash flow and the weakened cash conversion.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue was positive, but operating cash flow was negative, resulting in a negative free cash flow and a negative margin. This indicates poor cash conversion from revenue.
Compared to the prior quarter, revenue, operating cash flow, and free cash flow all decreased. Compared to the same quarter last year, revenue improved, but operating cash flow and free cash flow worsened.
Monitor the trajectory of operating cash flow relative to revenue in upcoming quarters.