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 margin improved versus the year-ago quarter but weakened relative to the immediately preceding quarter.
- Operating cash flow rose year over year but fell sequentially, while capital expenditure was relatively stable across all periods. The resulting free cash flow was higher than a year ago but lower than the prior quarter, with the margin narrowing sequentially despite revenue growth.
- Compared to the prior quarter, revenue was higher but operating cash flow and free cash flow were lower, leading to a weakened free cash flow margin. Versus the same quarter last year, all metrics improved: revenue, 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
$553.2M
Trailing twelve-month free cash flow.
Quarter free cash flow
$200.4M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$265.1M
Cash generated by operations before capital spending.
CapEx
$64.7M
Capital spending and related asset purchases.
FCF margin
15.6%
The share of revenue converted into free cash flow.
TTM FCF yield
1.0%
TTM FCF divided by market capitalization.
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 |
|---|---|---|---|---|---|
| 2025-06-29 | $651.8M | $182.1M | $50.4M | $131.7M | 20.2% |
| 2025-09-28 | $769.2M | $49.0M | $46.7M | $2.4M | 0.3% |
| 2025-12-31 | $1.1B | $281.6M | $62.9M | $218.8M | 20.2% |
| 2026-03-29 | $1.3B | $265.1M | $64.7M | $200.4M | 15.6% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 50.2% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 5.0% | Lower capital intensity usually supports FCF margin. |
| Net cash | n/a | Cash and equivalents minus total debt. |
Recent events shaping cash flow
Near-term business events that help explain the free cash flow result.
Revenue Growth
Revenue was the strongest observable driver, increasing from both the prior quarter and the year-ago quarter. This supported a higher absolute free cash flow compared to a year ago.
Higher revenue contributed to a year-over-year improvement in free cash flow and margin, though sequential cash conversion weakened.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow rose year over year but fell sequentially, while capital expenditure was relatively stable across all periods. The resulting free cash flow was higher than a year ago but lower than the prior quarter, with the margin narrowing sequentially despite revenue growth.
Compared to the prior quarter, revenue was higher but operating cash flow and free cash flow were lower, leading to a weakened free cash flow margin. Versus the same quarter last year, all metrics improved: revenue, operating cash flow, capital expenditure, free cash flow, and margin were all higher.
Monitor the trend in operating cash flow relative to revenue, as it declined sequentially despite higher revenue.
Valuation context
A cash-flow page should show how much investors are paying for the cash stream, without turning into a full DCF.
| Market capitalization | $53.6B | Used as the denominator for FCF yield. |
| TTM FCF yield | 1.0% | TTM free cash flow divided by market capitalization. |
| EV / TTM FCF | n/a | A quick valuation bridge, not a full DCF. |
Peer context
Free cash flow quality is easier to read against related public companies.