Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue rose sharply from both the prior quarter and the same quarter last year. Free cash flow margin weakened compared to the prior quarter but improved relative to the same quarter a year ago.
- Operating cash flow was lower than the prior quarter but higher than the same quarter last year. Capital expenditure was slightly higher than the prior quarter and lower than the year-ago quarter, resulting in free cash flow that followed the same pattern as operating cash flow.
- Compared to the prior quarter, revenue increased while operating cash flow and free cash flow decreased, causing a weakened free cash flow margin. Compared to the same quarter last year, revenue, operating cash flow, and free cash flow all increased, with an improved free cash flow margin.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$856.7M
Trailing twelve-month free cash flow.
Quarter free cash flow
$100.5M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$104.0M
Cash generated by operations before capital spending.
CapEx
$3.5M
Capital spending and related asset purchases.
FCF margin
11.2%
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 | $565.1M | $238.4M | $2.8M | $235.7M | 41.7% |
| 2025-03-31 | $636.4M | $281.3M | $2.8M | $278.5M | 43.8% |
| 2025-06-30 | $643.9M | $243.9M | $1.9M | $242.0M | 37.6% |
| 2025-09-30 | $893.8M | $104.0M | $3.5M | $100.5M | 11.2% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 28.9% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 0.4% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$988.0M | Cash and equivalents minus total debt. |
Recent events shaping cash flow
Near-term business events that help explain the free cash flow result.
Revenue growth with lower cash conversion
Revenue increased substantially from both comparison periods, yet operating cash flow declined from the prior quarter. This divergence between top-line growth and cash generation is the strongest observable driver of the quarter's results.
The free cash flow margin weakened sequentially despite higher revenue, indicating a shift in the timing or composition of cash inflows.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow was lower than the prior quarter but higher than the same quarter last year. Capital expenditure was slightly higher than the prior quarter and lower than the year-ago quarter, resulting in free cash flow that followed the same pattern as operating cash flow.
Compared to the prior quarter, revenue increased while operating cash flow and free cash flow decreased, causing a weakened free cash flow margin. Compared to the same quarter last year, revenue, operating cash flow, and free cash flow all increased, with an improved free cash flow margin.
Monitor the relationship between revenue growth and operating cash flow generation in upcoming quarters.