Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue declined compared to both the prior quarter and the same quarter last year, yet operating cash flow and free cash flow improved significantly. The free cash flow margin rose sharply, reflecting stronger cash conversion from operations.
- Operating cash flow increased while capital expenditure was relatively stable versus the prior quarter, resulting in higher free cash flow. With revenue lower, the free cash flow margin expanded markedly, indicating improved cash generation per dollar of sales.
- Compared to the prior quarter, revenue was lower but operating cash flow, free cash flow, and free cash flow margin were all higher. Versus the same quarter last year, revenue was also lower while operating cash flow, capital expenditure, free cash flow, and margin were all higher.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$1.4B
Trailing twelve-month free cash flow.
Quarter free cash flow
$370.9M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$409.4M
Cash generated by operations before capital spending.
CapEx
$38.5M
Capital spending and related asset purchases.
FCF margin
38.9%
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 | $905.5M | $273.4M | $24.4M | $249.0M | 27.5% |
| 2024-09-27 | $1.0B | $476.1M | $82.8M | $393.3M | 38.4% |
| 2024-12-27 | $1.1B | $377.2M | $39.0M | $338.2M | 31.7% |
| 2025-03-28 | $953.2M | $409.4M | $38.5M | $370.9M | 38.9% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 539.9% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 4.0% | Lower capital intensity usually supports FCF margin. |
| Net cash | $392.7M | 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 despite lower revenue, driving a substantial improvement in free cash flow and margin. The rise in operating cash flow was the primary factor behind the quarter's cash generation performance.
Higher free cash flow provides the company with increased financial flexibility for capital allocation or debt reduction.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow increased while capital expenditure was relatively stable versus the prior quarter, resulting in higher free cash flow. With revenue lower, the free cash flow margin expanded markedly, indicating improved cash generation per dollar of sales.
Compared to the prior quarter, revenue was lower but operating cash flow, free cash flow, and free cash flow margin were all higher. Versus the same quarter last year, revenue was also lower while operating cash flow, capital expenditure, free cash flow, and margin were all higher.
Capital expenditure rose compared to the same quarter last year, a trend that may affect future free cash flow if it continues.