Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue was lower than the prior quarter but higher than the same quarter last year. Free cash flow margin improved sequentially but weakened year over year.
- Operating cash flow increased from the prior quarter while capital expenditure decreased, resulting in higher free cash flow. Compared to a year ago, operating cash flow was lower and capital expenditure was also lower, leading to a lower free cash flow margin.
- Compared to the immediately preceding quarter, free cash flow and margin improved. Compared to the same quarter one year earlier, free cash flow and margin weakened.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$497.4M
Trailing twelve-month free cash flow.
Quarter free cash flow
$120.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$138.5M
Cash generated by operations before capital spending.
CapEx
$18.5M
Capital spending and related asset purchases.
FCF margin
17.2%
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 |
|---|---|---|---|---|---|
| 2024-12-29 | $729.4M | $174.2M | $24.5M | $149.8M | 20.5% |
| 2025-03-30 | $664.8M | $128.2M | $16.0M | $112.2M | 16.9% |
| 2025-06-29 | $720.3M | $134.3M | $18.9M | $115.5M | 16.0% |
| 2025-09-28 | $698.9M | $138.5M | $18.5M | $120.0M | 17.2% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 257.2% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 2.6% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$2.3B | Cash and equivalents minus total debt. |
Recent events shaping cash flow
Near-term business events that help explain the free cash flow result.
Sequential operating cash flow improvement
Operating cash flow rose from the prior quarter even as revenue fell, contributing to higher free cash flow. However, year-over-year operating cash flow was lower, indicating a mixed performance.
This helped lift free cash flow margin above the prior quarter's level, but the year-over-year decline warrants attention.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow increased from the prior quarter while capital expenditure decreased, resulting in higher free cash flow. Compared to a year ago, operating cash flow was lower and capital expenditure was also lower, leading to a lower free cash flow margin.
Compared to the immediately preceding quarter, free cash flow and margin improved. Compared to the same quarter one year earlier, free cash flow and margin weakened.
Monitor the trend in operating cash flow relative to revenue, as it declined year over year despite higher revenue.