Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue increased compared to both the prior quarter and the same quarter last year. Free cash flow turned negative from a positive position a year ago, driven by higher capital expenditure and lower operating cash flow relative to the prior quarter.
- Operating cash flow was lower than the prior quarter but higher than the same quarter last year. Capital expenditure rose significantly compared to both periods, resulting in negative free cash flow and a weakened free cash flow margin.
- Compared to the prior quarter, revenue improved while operating cash flow declined, capital expenditure decreased, and free cash flow worsened. Versus the same quarter last year, revenue was higher, operating cash flow was lower, capital expenditure increased, and free cash flow turned from positive to negative.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$667.7M
Trailing twelve-month free cash flow.
Quarter free cash flow
-$40.6M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$53.2M
Cash generated by operations before capital spending.
CapEx
$93.8M
Capital spending and related asset purchases.
FCF margin
-2.0%
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 |
|---|---|---|---|---|---|
| 2024-12-28 | $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% |
| 2025-09-27 | $2.0B | $53.2M | $93.8M | -$40.6M | -2.0% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | -19.6% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 4.7% | Lower capital intensity usually supports FCF margin. |
| Net cash | $205.3M | 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 substantially higher than both the prior quarter and the same quarter last year, outpacing operating cash flow growth and driving free cash flow negative.
The elevated capital expenditure was the strongest observable factor in the free cash flow decline this quarter.
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 rose significantly compared to both periods, resulting in negative free cash flow and a weakened free cash flow margin.
Compared to the prior quarter, revenue improved while operating cash flow declined, capital expenditure decreased, and free cash flow worsened. Versus the same quarter last year, revenue was higher, operating cash flow was lower, capital expenditure increased, and free cash flow turned from positive to negative.
Monitor the trend in capital expenditure relative to operating cash flow, as the gap widened this quarter.