Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue and operating cash flow both improved compared to the immediately preceding quarter and the same quarter one year earlier. Free cash flow rose accordingly, while the free cash flow margin was slightly lower than the prior quarter but remained above the year-ago level.
- Operating cash flow was higher than both the prior quarter and the year-ago quarter, and capital expenditure increased relative to both periods. The resulting free cash flow was higher, and the free cash flow margin was stable compared to the prior quarter and improved versus the year-ago period.
- Compared to the preceding quarter, revenue was higher and operating cash flow improved, while capital expenditure was higher, leading to free cash flow that was higher. Against the same quarter one year earlier, revenue was higher, operating cash flow was stronger, and free cash flow was higher, with a higher free cash flow margin.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$14.9B
Trailing twelve-month free cash flow.
Quarter free cash flow
$4.2B
Free cash flow in the selected fiscal quarter.
Operating cash flow
$5.4B
Cash generated by operations before capital spending.
CapEx
$1.2B
Capital spending and related asset purchases.
FCF margin
18.8%
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 |
|---|---|---|---|---|---|
| 2024-12-31 | $21.9B | $4.8B | $925.0M | $3.9B | 17.8% |
| 2025-03-31 | $19.8B | $3.7B | $859.0M | $2.8B | 14.4% |
| 2025-06-30 | $20.9B | $5.0B | $996.0M | $4.0B | 19.1% |
| 2025-09-30 | $22.4B | $5.4B | $1.2B | $4.2B | 18.8% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 88.6% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 5.4% | 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.
Stronger Operating Cash Flow
Operating cash flow was higher than the prior quarter and significantly higher than the year-ago quarter, driving improved free cash flow.
This stronger cash generation supported a higher free cash flow margin compared to the year-ago period.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow was higher than both the prior quarter and the year-ago quarter, and capital expenditure increased relative to both periods. The resulting free cash flow was higher, and the free cash flow margin was stable compared to the prior quarter and improved versus the year-ago period.
Compared to the preceding quarter, revenue was higher and operating cash flow improved, while capital expenditure was higher, leading to free cash flow that was higher. Against the same quarter one year earlier, revenue was higher, operating cash flow was stronger, and free cash flow was higher, with a higher free cash flow margin.
Monitor capital expenditure, which was higher than both the prior quarter and the year-ago quarter, as it offsets operating cash flow improvements.