Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Free cash flow turned negative as operating cash flow declined while capital expenditure remained elevated. Revenue was stable compared to the prior quarter and the same quarter last year.
- Operating cash flow was lower than revenue, and capital expenditure exceeded operating cash flow, resulting in negative free cash flow and a negative margin.
- Compared to the immediately preceding quarter, operating cash flow and free cash flow were lower, while capital expenditure was slightly lower. Versus the same quarter one year earlier, operating cash flow and free cash flow were lower, with capital expenditure slightly higher.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$50.0M
Trailing twelve-month free cash flow.
Quarter free cash flow
-$21.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$76.0M
Cash generated by operations before capital spending.
CapEx
$97.0M
Capital spending and related asset purchases.
FCF margin
-1.0%
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 |
|---|---|---|---|---|---|
| 2024-12-31 | $2.1B | $219.0M | $127.0M | $92.0M | 4.4% |
| 2025-03-31 | $2.1B | $29.0M | $109.0M | -$80.0M | -3.9% |
| 2025-06-30 | $2.2B | $169.0M | $110.0M | $59.0M | 2.7% |
| 2025-09-30 | $2.1B | $76.0M | $97.0M | -$21.0M | -1.0% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | -1.7% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 4.6% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$3.5B | Cash and equivalents minus total debt. |
Recent events shaping cash flow
Near-term business events that help explain the free cash flow result.
Operating cash flow decline
Operating cash flow decreased compared to both the prior quarter and the same quarter last year, while revenue remained stable. This was the primary factor behind the shift to negative free cash flow.
The decline in operating cash flow, despite stable revenue, weakened cash conversion and turned free cash flow negative.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow was lower than revenue, and capital expenditure exceeded operating cash flow, resulting in negative free cash flow and a negative margin.
Compared to the immediately preceding quarter, operating cash flow and free cash flow were lower, while capital expenditure was slightly lower. Versus the same quarter one year earlier, operating cash flow and free cash flow were lower, with capital expenditure slightly higher.
Monitor whether operating cash flow can recover to cover capital expenditure, given the current negative free cash flow.