FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$20.0B
Trailing twelve-month free cash flow.
Quarter free cash flow
$5.3B
Free cash flow in the selected fiscal quarter.
Operating cash flow
$10.2B
Cash generated by operations before capital spending.
CapEx
$4.9B
Capital spending and related asset purchases.
FCF margin
17.1%
The share of revenue converted into free cash flow.
FCF reconciliation
Free cash flow is not a GAAP line item; it should be bridged from the cash flow statement.
| Operating cash flow | $10.2B | Cash generated by operations before capital spending. |
| Capital expenditures | $4.9B | Capital spending used to bridge CFO to FCF. |
| Free cash flow | $5.3B | Operating cash flow less capital spending. |
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 | $32.3B | $11.9B | $6.8B | $5.1B | 15.6% |
| 2025-03-31 | $30.6B | $9.0B | $4.3B | $4.8B | 15.6% |
| 2025-06-30 | $30.8B | $9.8B | $4.9B | $4.9B | 15.8% |
| 2025-09-30 | $30.7B | $10.2B | $4.9B | $5.3B | 17.1% |
Risks and tripwires
Observable signals that would weaken the free cash flow thesis.
| Risk | Tripwire | Why it matters |
|---|---|---|
| FCF margin compression | FCF margin falls for two consecutive quarters. | Cash conversion may be weakening before earnings show it. |
| Capital intensity rises | CapEx/revenue moves materially above the recent run rate. | More operating cash flow would be consumed before becoming FCF. |
| Working capital drag | Inventory or receivables grow faster than revenue. | Reported growth may not translate into cash. |