Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue was stable compared to the prior quarter and higher than a year ago. Operating cash flow improved from the prior quarter but was lower than a year ago, while capital expenditure increased significantly, resulting in negative free cash flow.
- Revenue was stable. Operating cash flow improved from the prior quarter but was lower than a year ago. Capital expenditure was substantially higher than both prior periods, leading to negative free cash flow and a negative free cash flow margin.
- Compared to the prior quarter, free cash flow turned from positive to negative, driven by higher capital expenditure despite improved operating cash flow. Compared to the same quarter last year, free cash flow weakened sharply due to lower operating cash flow and much higher capital expenditure.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$763.8M
Trailing twelve-month free cash flow.
Quarter free cash flow
-$11.2M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$176.1M
Cash generated by operations before capital spending.
CapEx
$187.3M
Capital spending and related asset purchases.
FCF margin
-0.7%
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 |
|---|---|---|---|---|---|
| 2024-09-28 | $1.7B | $97.2M | $41.7M | $55.5M | 3.2% |
| 2024-12-28 | $2.1B | $738.4M | $61.2M | $677.2M | 31.6% |
| 2025-03-29 | $1.7B | $122.2M | $79.9M | $42.3M | 2.5% |
| 2025-06-28 | $1.7B | $176.1M | $187.3M | -$11.2M | -0.7% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | -5.1% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 10.9% | Lower capital intensity usually supports FCF margin. |
| Net cash | $453.2M | 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 significantly higher than both the prior quarter and the same quarter last year, outpacing operating cash flow.
This shift caused free cash flow to turn negative, contrasting with positive free cash flow in the prior quarter and a much larger positive amount a year ago.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue was stable. Operating cash flow improved from the prior quarter but was lower than a year ago. Capital expenditure was substantially higher than both prior periods, leading to negative free cash flow and a negative free cash flow margin.
Compared to the prior quarter, free cash flow turned from positive to negative, driven by higher capital expenditure despite improved operating cash flow. Compared to the same quarter last year, free cash flow weakened sharply due to lower operating cash flow and much higher capital expenditure.
Monitor the trend of capital expenditure relative to operating cash flow, as the current quarter's spending exceeded operating cash flow.