Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Free cash flow was lower than both the prior quarter and the same quarter last year, despite revenue being higher than a year ago. The free cash flow margin weakened compared to the year-ago quarter but was stable relative to the prior quarter.
- Operating cash flow was higher than a year ago but lower than the prior quarter, while capital expenditure was lower than the prior quarter but higher than a year ago. The resulting free cash flow was lower than both comparison periods, and the free cash flow margin was stable versus the prior quarter but weakened year over year.
- Compared to the prior quarter, revenue was lower, operating cash flow was lower, capital expenditure was lower, and free cash flow was lower, with the margin essentially stable. Compared to the same quarter last year, revenue was higher, operating cash flow was higher, capital expenditure was higher, and free cash flow was lower, with the margin weakened.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
n/a
Trailing twelve-month free cash flow.
Quarter free cash flow
$96.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$185.0M
Cash generated by operations before capital spending.
CapEx
$89.0M
Capital spending and related asset purchases.
FCF margin
1.3%
The share of revenue converted into free cash flow.
TTM FCF yield
n/a
TTM FCF divided by market capitalization.
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 | $7.2B | $180.0M | $57.0M | $123.0M | 1.7% |
| 2025-06-30 | $0 | -$180.0M | n/a | n/a | n/a |
| 2025-12-31 | $8.1B | $217.0M | $116.0M | $101.0M | 1.2% |
| 2026-03-31 | $7.3B | $185.0M | $89.0M | $96.0M | 1.3% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 57.1% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 1.2% | 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.
Capital Expenditure Increase
Capital expenditure was higher than both the prior quarter and the same quarter last year, which contributed to free cash flow being lower despite higher operating cash flow year over year.
The higher capital expenditure absorbed a portion of operating cash flow, reducing free cash flow relative to both comparison periods.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow was higher than a year ago but lower than the prior quarter, while capital expenditure was lower than the prior quarter but higher than a year ago. The resulting free cash flow was lower than both comparison periods, and the free cash flow margin was stable versus the prior quarter but weakened year over year.
Compared to the prior quarter, revenue was lower, operating cash flow was lower, capital expenditure was lower, and free cash flow was lower, with the margin essentially stable. Compared to the same quarter last year, revenue was higher, operating cash flow was higher, capital expenditure was higher, and free cash flow was lower, with the margin weakened.
Monitor the relationship between operating cash flow and capital expenditure, as capital expenditure increased year over year while free cash flow declined.
Valuation context
A cash-flow page should show how much investors are paying for the cash stream, without turning into a full DCF.
| Market capitalization | $9.9B | Used as the denominator for FCF yield. |
| TTM FCF yield | n/a | TTM free cash flow divided by market capitalization. |
| EV / TTM FCF | n/a | A quick valuation bridge, not a full DCF. |
Peer context
Free cash flow quality is easier to read against related public companies.