FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$9.5B
Trailing twelve-month free cash flow.
Quarter free cash flow
$2.2B
Free cash flow in the selected fiscal quarter.
Operating cash flow
$2.6B
Cash generated by operations before capital spending.
CapEx
$436.0M
Capital spending and related asset purchases.
FCF margin
15.1%
The share of revenue converted into free cash flow.
TTM FCF yield
6.7%
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 | $2.6B | Cash generated by operations before capital spending. |
| Capital expenditures | $436.0M | Capital spending used to bridge CFO to FCF. |
| Free cash flow | $2.2B | 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 |
|---|---|---|---|---|---|
| 2025-06-29 | $14.7B | -$582.0M | $618.0M | -$1.2B | -8.2% |
| 2025-09-28 | $16.7B | $4.6B | $602.0M | $4.0B | 24.0% |
| 2025-12-31 | $17.6B | $5.3B | $845.0M | $4.5B | 25.6% |
| 2026-03-29 | $14.5B | $2.6B | $436.0M | $2.2B | 15.1% |
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. |