Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue decreased compared to the prior quarter but increased versus the same quarter last year. Free cash flow improved substantially from both the preceding quarter and the year-ago period, driven by higher operating cash flow and lower capital expenditure.
- Operating cash flow rose sequentially and year over year, while capital expenditure declined from both periods. This combination lifted free cash flow and free cash flow margin to the highest among the three reported quarters.
- Compared to the immediately preceding quarter, revenue decreased and free cash flow improved, with margin strengthening. Versus the same quarter one year earlier, revenue increased and free cash flow improved, with margin also stronger.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$773.0M
Trailing twelve-month free cash flow.
Quarter free cash flow
$216.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$259.0M
Cash generated by operations before capital spending.
CapEx
$43.0M
Capital spending and related asset purchases.
FCF margin
10.0%
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 |
|---|---|---|---|---|---|
| 2024-06-28 | $1.9B | $434.0M | $54.0M | $380.0M | 20.1% |
| 2024-09-27 | $2.2B | $95.0M | $68.0M | $27.0M | 1.2% |
| 2024-12-27 | $2.3B | $221.0M | $71.0M | $150.0M | 6.5% |
| 2025-03-28 | $2.2B | $259.0M | $43.0M | $216.0M | 10.0% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 63.5% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 2.0% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$4.3B | 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 Strength
Operating cash flow increased from the prior quarter and the year-ago quarter despite a sequential revenue decline. Capital expenditure dropped from both periods, amplifying free cash flow improvement.
The combination of higher operating cash flow and lower capital expenditure drove free cash flow and margin to their best levels among the reported periods.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow rose sequentially and year over year, while capital expenditure declined from both periods. This combination lifted free cash flow and free cash flow margin to the highest among the three reported quarters.
Compared to the immediately preceding quarter, revenue decreased and free cash flow improved, with margin strengthening. Versus the same quarter one year earlier, revenue increased and free cash flow improved, with margin also stronger.
Monitor whether operating cash flow can sustain its improvement relative to revenue levels in future quarters.