Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue, operating cash flow, and free cash flow all increased from the prior quarter and from the same quarter last year. The free cash flow margin improved compared to both periods, reflecting stronger cash conversion.
- Operating cash flow rose more than revenue, while capital expenditure increased moderately, leading to a higher free cash flow and an improved free cash flow margin compared to both the prior quarter and the year-ago quarter.
- Compared to the prior quarter, revenue, operating cash flow, capital expenditure, and free cash flow were all higher, and the margin improved. Versus the same quarter a year earlier, revenue and operating cash flow were higher, capital expenditure was similar, free cash flow was higher, and the margin was slightly improved.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$4.3B
Trailing twelve-month free cash flow.
Quarter free cash flow
$1.9B
Free cash flow in the selected fiscal quarter.
Operating cash flow
$2.1B
Cash generated by operations before capital spending.
CapEx
$268.0M
Capital spending and related asset purchases.
FCF margin
26.1%
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 |
|---|---|---|---|---|---|
| 2025-03-31 | $5.9B | $250.0M | $123.0M | $127.0M | 2.2% |
| 2025-06-30 | $6.0B | $1.1B | $183.0M | $928.0M | 15.4% |
| 2025-09-30 | $6.1B | $1.5B | $187.0M | $1.4B | 22.3% |
| 2025-12-31 | $7.2B | $2.1B | $268.0M | $1.9B | 26.1% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 220.8% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 3.7% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$11.8B | 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 Growth
Operating cash flow increased more than revenue, driving a larger absolute free cash flow and an improved free cash flow margin. This was the strongest observable factor in the quarter.
The higher operating cash flow relative to revenue enabled a stronger cash conversion performance in the current quarter.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow rose more than revenue, while capital expenditure increased moderately, leading to a higher free cash flow and an improved free cash flow margin compared to both the prior quarter and the year-ago quarter.
Compared to the prior quarter, revenue, operating cash flow, capital expenditure, and free cash flow were all higher, and the margin improved. Versus the same quarter a year earlier, revenue and operating cash flow were higher, capital expenditure was similar, free cash flow was higher, and the margin was slightly improved.
Monitor whether capital expenditure remains stable relative to operating cash flow, as it increased from the prior quarter and may affect future free cash flow.