Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Free cash flow improved sharply from the prior quarter, driven by higher operating cash flow on increased revenue. The free cash flow margin remained broadly stable compared with the same quarter last year.
- Revenue rose while operating cash flow increased at a faster pace, lifting free cash flow and the free cash flow margin. Capital expenditure was unchanged from the prior quarter but higher than a year ago.
- Compared with the prior quarter, free cash flow and the free cash flow margin were both higher, supported by stronger operating cash flow. Versus the same quarter last year, free cash flow was higher while the free cash flow margin was slightly lower.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$2.9B
Trailing twelve-month free cash flow.
Quarter free cash flow
$957.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$1.2B
Cash generated by operations before capital spending.
CapEx
$230.0M
Capital spending and related asset purchases.
FCF margin
21.1%
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 |
|---|---|---|---|---|---|
| 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% |
| 2025-06-27 | $4.5B | $1.2B | $230.0M | $957.0M | 21.1% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 150.0% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 5.1% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$5.0B | 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 substantially from the prior quarter and was also higher than the same quarter last year, providing the primary lift to free cash flow.
This drove a significant sequential improvement in free cash flow and margin.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue rose while operating cash flow increased at a faster pace, lifting free cash flow and the free cash flow margin. Capital expenditure was unchanged from the prior quarter but higher than a year ago.
Compared with the prior quarter, free cash flow and the free cash flow margin were both higher, supported by stronger operating cash flow. Versus the same quarter last year, free cash flow was higher while the free cash flow margin was slightly lower.
Monitor whether the elevated capital expenditure relative to a year ago persists, as it could affect future free cash flow conversion.