Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue increased relative to both the prior quarter and the same quarter last year. Operating cash flow grew substantially, resulting in a higher free cash flow margin.
- Operating cash flow exceeded capital expenditure, generating free cash flow that was higher than both the prior quarter and the year-ago quarter. The free cash flow margin improved compared with each of those periods.
- Compared with the prior quarter, free cash flow was higher, driven by a significantly higher operating cash flow and a slightly higher capital expenditure. Compared with the same quarter one year earlier, free cash flow was also higher, as operating cash flow was higher and capital expenditure was slightly higher.
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
$772.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$817.0M
Cash generated by operations before capital spending.
CapEx
$45.0M
Capital spending and related asset purchases.
FCF margin
20.3%
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 |
|---|---|---|---|---|---|
| 2025-03-31 | $3.4B | $190.0M | $34.0M | $156.0M | 4.7% |
| 2025-06-30 | $3.6B | $215.0M | $36.0M | $179.0M | 5.0% |
| 2025-09-30 | $3.7B | $374.0M | $37.0M | $337.0M | 9.1% |
| 2025-12-31 | $3.8B | $817.0M | $45.0M | $772.0M | 20.3% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 206.4% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 1.2% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$6.6B | 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 Improvement
Operating cash flow for the current quarter was higher than both the prior quarter and the same quarter last year, significantly outpacing the change in revenue.
The higher operating cash flow drove the increase in free cash flow and margin.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow exceeded capital expenditure, generating free cash flow that was higher than both the prior quarter and the year-ago quarter. The free cash flow margin improved compared with each of those periods.
Compared with the prior quarter, free cash flow was higher, driven by a significantly higher operating cash flow and a slightly higher capital expenditure. Compared with the same quarter one year earlier, free cash flow was also higher, as operating cash flow was higher and capital expenditure was slightly higher.
Monitor whether operating cash flow remains at this elevated level relative to revenue.