Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue declined from both the prior quarter and the year-ago quarter. Operating cash flow was deeply negative, leading to a large negative free cash flow and a sharply negative margin.
- Revenue was positive, but operating cash flow was negative, resulting in negative free cash flow and a free cash flow margin that was deeply negative. The gap between operating cash flow and revenue widened significantly compared to both the prior quarter and the year-ago quarter.
- Compared to the immediately preceding quarter, revenue was lower, operating cash flow weakened further, and free cash flow was more negative. Compared to the same quarter one year earlier, revenue was lower, operating cash flow shifted from positive to negative, and free cash flow was substantially more negative.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
-$6.3B
Trailing twelve-month free cash flow.
Quarter free cash flow
-$2.4B
Free cash flow in the selected fiscal quarter.
Operating cash flow
-$2.3B
Cash generated by operations before capital spending.
CapEx
$67.6M
Capital spending and related asset purchases.
FCF margin
-1839.7%
The share of revenue converted into free cash flow.
TTM FCF yield
-27.2%
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 | $151.9M | -$1.5B | $63.5M | -$1.5B | -1007.6% |
| 2025-09-30 | $156.8M | -$1.3B | $60.0M | -$1.4B | -871.1% |
| 2025-12-31 | $170.3M | -$991.2M | $66.4M | -$1.1B | -621.0% |
| 2026-03-31 | $129.5M | -$2.3B | $67.6M | -$2.4B | -1839.7% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | -1429.0% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 52.2% | Lower capital intensity usually supports FCF margin. |
| Net cash | n/a | Cash and equivalents minus total debt. |
Recent events shaping cash flow
Near-term business events that help explain the free cash flow result.
Large negative operating cash flow
The most significant observable driver is the large negative operating cash flow, which is substantially worse than the prior quarter and the year-ago quarter. This drove the negative free cash flow and the deeply negative margin.
The company consumed more cash from operations than it generated from revenue, resulting in a severely negative free cash flow position.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue was positive, but operating cash flow was negative, resulting in negative free cash flow and a free cash flow margin that was deeply negative. The gap between operating cash flow and revenue widened significantly compared to both the prior quarter and the year-ago quarter.
Compared to the immediately preceding quarter, revenue was lower, operating cash flow weakened further, and free cash flow was more negative. Compared to the same quarter one year earlier, revenue was lower, operating cash flow shifted from positive to negative, and free cash flow was substantially more negative.
Monitor the trend of capital expenditure, which increased compared to the year-ago quarter while other key cash flow metrics turned sharply negative.
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 | $23.3B | Used as the denominator for FCF yield. |
| TTM FCF yield | -27.2% | TTM free cash flow divided by market capitalization. |
| EV / TTM FCF | n/a | A quick valuation bridge, not a full DCF. |