Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue increased compared to both the prior quarter and the same quarter last year. Free cash flow and free cash flow margin were lower than the prior quarter but also lower than the year-ago quarter.
- Operating cash flow was lower than the prior quarter and the year-ago quarter, while capital expenditure was higher than both periods. The resulting free cash flow margin weakened sequentially and year-over-year.
- Compared to the immediately preceding quarter, revenue was higher but operating cash flow, free cash flow, and free cash flow margin were all lower. Versus the same quarter one year earlier, revenue was higher while operating cash flow, free cash flow, and free cash flow margin were lower.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$2.8B
Trailing twelve-month free cash flow.
Quarter free cash flow
$423.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$653.0M
Cash generated by operations before capital spending.
CapEx
$230.0M
Capital spending and related asset purchases.
FCF margin
10.2%
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 | $4.0B | $1.0B | $149.0M | $857.0M | 21.5% |
| 2024-09-27 | $4.1B | $1.0B | $213.0M | $829.0M | 20.4% |
| 2024-12-27 | $3.8B | $878.0M | $205.0M | $673.0M | 17.5% |
| 2025-03-28 | $4.1B | $653.0M | $230.0M | $423.0M | 10.2% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 3253.8% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 5.6% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$3.1B | Cash and equivalents minus total debt. |
Recent events shaping cash flow
Near-term business events that help explain the free cash flow result.
Capital Expenditure Increase
Capital expenditure was higher in the current quarter compared to both the prior quarter and the same quarter last year. This increase contributed to the lower free cash flow despite higher revenue.
Higher capital expenditure reduced free cash flow relative to both comparison periods.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow was lower than the prior quarter and the year-ago quarter, while capital expenditure was higher than both periods. The resulting free cash flow margin weakened sequentially and year-over-year.
Compared to the immediately preceding quarter, revenue was higher but operating cash flow, free cash flow, and free cash flow margin were all lower. Versus the same quarter one year earlier, revenue was higher while operating cash flow, free cash flow, and free cash flow margin were lower.
Monitor the trend in capital expenditure, which was higher in the current quarter compared to both the prior quarter and the year-ago quarter.