Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue was slightly higher than the prior quarter and the year-ago quarter. Operating cash flow improved substantially, driving free cash flow to a higher level and turning positive from a year ago.
- Revenue was relatively stable, while operating cash flow increased significantly, leading to higher free cash flow. Capital expenditure also rose, but the free cash flow margin improved compared with both the prior quarter and the year-ago quarter.
- Compared with the immediately preceding quarter, revenue, operating cash flow, free cash flow, and margin all improved. Versus the same quarter one year earlier, the metrics strengthened markedly, with free cash flow shifting from negative to positive.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$800.0M
Trailing twelve-month free cash flow.
Quarter free cash flow
$523.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$1.1B
Cash generated by operations before capital spending.
CapEx
$610.0M
Capital spending and related asset purchases.
FCF margin
6.5%
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 | $7.5B | $781.0M | $569.0M | $212.0M | 2.8% |
| 2025-03-31 | $7.7B | $235.0M | $477.0M | -$242.0M | -3.2% |
| 2025-06-30 | $7.9B | $829.0M | $522.0M | $307.0M | 3.9% |
| 2025-09-30 | $8.0B | $1.1B | $610.0M | $523.0M | 6.5% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 212.6% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 7.6% | 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.
Operating Cash Flow Improvement
Operating cash flow was higher than both the prior quarter and the year-ago quarter, while revenue remained relatively stable. This improvement was the main factor behind the increase in free cash flow and the expansion of the free cash flow margin.
The higher operating cash flow directly lifted free cash flow and margin, despite a moderate rise in capital expenditure.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue was relatively stable, while operating cash flow increased significantly, leading to higher free cash flow. Capital expenditure also rose, but the free cash flow margin improved compared with both the prior quarter and the year-ago quarter.
Compared with the immediately preceding quarter, revenue, operating cash flow, free cash flow, and margin all improved. Versus the same quarter one year earlier, the metrics strengthened markedly, with free cash flow shifting from negative to positive.
The filing discusses capacity reduction and facility closures; monitoring their impact on future capital expenditure and operations is warranted.