Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue was substantially lower than the prior quarter but similar to the year-ago quarter. Operating cash flow decreased from both the prior quarter and the year-ago quarter, while free cash flow turned positive from a negative position in the prior quarter but was lower than the year-ago quarter.
- Operating cash flow exceeded revenue, resulting in a free cash flow margin that was positive and high, though lower than the year-ago quarter. Capital expenditure was modest relative to operating cash flow, supporting the conversion to positive free cash flow.
- Compared to the prior quarter, revenue was lower, operating cash flow was lower, capital expenditure was sharply lower, and free cash flow improved from negative to positive. Compared to the year-ago quarter, revenue was slightly lower, operating cash flow was lower, capital expenditure was slightly higher, and free cash flow was lower.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$17.1M
Trailing twelve-month free cash flow.
Quarter free cash flow
$206.7M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$255.1M
Cash generated by operations before capital spending.
CapEx
$48.4M
Capital spending and related asset purchases.
FCF margin
437.1%
The share of revenue converted into free cash flow.
TTM FCF yield
0.1%
TTM FCF divided by market capitalization.
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 |
|---|---|---|---|---|---|
| 2025-06-30 | $67.2M | $368.1M | $646.9M | -$278.8M | -415.0% |
| 2025-09-30 | $75.9M | $318.0M | $74.7M | $243.3M | 320.6% |
| 2025-12-31 | $719.6M | $304.0M | $458.0M | -$154.0M | -21.4% |
| 2026-03-31 | $47.3M | $255.1M | $48.4M | $206.7M | 437.1% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 111.8% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 102.3% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$12.7B | Cash and equivalents minus total debt. |
Recent events shaping cash flow
Near-term business events that help explain the free cash flow result.
Sharp reduction in capital expenditure
Capital expenditure dropped substantially from the prior quarter, which was the primary observable factor enabling the swing from negative to positive free cash flow. The level was only slightly above the year-ago quarter.
The lower capital expenditure directly supported the positive free cash flow this quarter.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow exceeded revenue, resulting in a free cash flow margin that was positive and high, though lower than the year-ago quarter. Capital expenditure was modest relative to operating cash flow, supporting the conversion to positive free cash flow.
Compared to the prior quarter, revenue was lower, operating cash flow was lower, capital expenditure was sharply lower, and free cash flow improved from negative to positive. Compared to the year-ago quarter, revenue was slightly lower, operating cash flow was lower, capital expenditure was slightly higher, and free cash flow was lower.
Monitor the relationship between revenue and operating cash flow, as operating cash flow significantly exceeded revenue this quarter, a pattern that may not persist.
Valuation context
A cash-flow page should show how much investors are paying for the cash stream, without turning into a full DCF.
| Market capitalization | $19.8B | Used as the denominator for FCF yield. |
| TTM FCF yield | 0.1% | TTM free cash flow divided by market capitalization. |
| EV / TTM FCF | 1897.2x | A quick valuation bridge, not a full DCF. |
Peer context
Free cash flow quality is easier to read against related public companies.