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 margin weakened from the prior quarter but was stable relative to the year-ago quarter.
- Operating cash flow was lower than the prior quarter but higher than the year-ago quarter. Capital expenditure decreased from the prior quarter, and free cash flow followed a similar pattern, resulting in a free cash flow margin that was lower than the prior quarter but comparable to the year-ago quarter.
- Compared to the prior quarter, revenue was higher while operating cash flow and free cash flow were lower, leading to a weakened free cash flow margin. Compared to the same quarter last year, revenue and operating cash flow were higher, capital expenditure was higher, and free cash flow was higher, with the free cash flow margin remaining stable.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$1.8B
Trailing twelve-month free cash flow.
Quarter free cash flow
$311.2M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$339.7M
Cash generated by operations before capital spending.
CapEx
$28.5M
Capital spending and related asset purchases.
FCF margin
21.9%
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 |
|---|---|---|---|---|---|
| 2025-03-31 | $1.3B | $578.7M | $20.8M | $557.9M | 43.2% |
| 2025-06-30 | $1.3B | $538.8M | $30.6M | $508.2M | 37.7% |
| 2025-09-30 | $1.3B | $457.3M | $43.0M | $414.4M | 31.0% |
| 2025-12-31 | $1.4B | $339.7M | $28.5M | $311.2M | 21.9% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 79.3% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 2.0% | Lower capital intensity usually supports FCF margin. |
| Net cash | $1.0B | 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
Revenue was higher than both the prior quarter and the same quarter last year, providing a larger base for cash generation.
Higher revenue supported a higher absolute free cash flow compared to the year-ago 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 year-ago quarter. Capital expenditure decreased from the prior quarter, and free cash flow followed a similar pattern, resulting in a free cash flow margin that was lower than the prior quarter but comparable to the year-ago quarter.
Compared to the prior quarter, revenue was higher while operating cash flow and free cash flow were lower, leading to a weakened free cash flow margin. Compared to the same quarter last year, revenue and operating cash flow were higher, capital expenditure was higher, and free cash flow was higher, with the free cash flow margin remaining stable.
Monitor the relationship between revenue growth and operating cash flow, as operating cash flow did not increase proportionally with revenue compared to the prior quarter.