FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
-$23.7B
Trailing twelve-month free cash flow.
Quarter free cash flow
-$1.9B
Free cash flow in the selected fiscal quarter.
Operating cash flow
$14.6B
Cash generated by operations before capital spending.
CapEx
$16.5B
Capital spending and related asset purchases.
FCF margin
-9.8%
The share of revenue converted into free cash flow.
TTM FCF yield
-5.8%
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 | $14.6B | Cash generated by operations before capital spending. |
| Capital expenditures | $16.5B | Capital spending used to bridge CFO to FCF. |
| Free cash flow | -$1.9B | 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 |
|---|---|---|---|---|---|
| 2025-08-31 | $14.9B | $8.1B | $8.5B | -$362.0M | -2.4% |
| 2025-11-30 | $16.1B | $2.1B | $12.0B | -$10.0B | -62.1% |
| 2026-02-28 | $17.2B | $7.2B | $18.6B | -$11.5B | -66.8% |
| 2026-05-31 | $19.2B | $14.6B | $16.5B | -$1.9B | -9.8% |
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. |