Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Operating cash flow and free cash flow were negative in the current quarter, resulting in a negative free cash flow margin. The prior quarter had positive cash flows and a positive margin, while the year-ago quarter also showed negative cash flows and a negative margin similar to the current period.
- Revenue was stable compared to the prior quarter, but operating cash flow shifted from positive to negative, leading to a similar shift in free cash flow and margin. Capital expenditure was lower than the prior quarter but comparable to the year-ago quarter.
- Compared with the immediately preceding quarter, operating cash flow, free cash flow, and margin all weakened from positive to negative levels. Versus the same quarter one year earlier, the current quarter's metrics were mixed: revenue was lower, yet operating cash flow, free cash flow, and margin were slightly improved (less negative).
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$764.7M
Trailing twelve-month free cash flow.
Quarter free cash flow
-$485.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
-$420.0M
Cash generated by operations before capital spending.
CapEx
$65.0M
Capital spending and related asset purchases.
FCF margin
-13.0%
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 |
|---|---|---|---|---|---|
| 2024-06-29 | $4.0B | $573.0M | $87.2M | $485.8M | 12.1% |
| 2024-09-28 | $3.8B | $285.8M | $86.5M | $199.3M | 5.3% |
| 2024-12-28 | $3.7B | $679.1M | $114.5M | $564.6M | 15.2% |
| 2025-03-29 | $3.7B | -$420.0M | $65.0M | -$485.0M | -13.0% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | -536.5% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 1.7% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$5.3B | 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 Swing
The most observable driver is the sharp shift in operating cash flow from a large positive in the prior quarter to a large negative in the current quarter, despite similar revenue levels. This directly drove the change in free cash flow and margin.
The negative operating cash flow caused free cash flow to be negative, reversing the prior quarter's positive free cash flow position.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue was stable compared to the prior quarter, but operating cash flow shifted from positive to negative, leading to a similar shift in free cash flow and margin. Capital expenditure was lower than the prior quarter but comparable to the year-ago quarter.
Compared with the immediately preceding quarter, operating cash flow, free cash flow, and margin all weakened from positive to negative levels. Versus the same quarter one year earlier, the current quarter's metrics were mixed: revenue was lower, yet operating cash flow, free cash flow, and margin were slightly improved (less negative).
Monitor whether operating cash flow reverts to positive in the next quarter, as the current negative level contrasts sharply with the prior quarter's strong positive result.