Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Free cash flow declined sharply from the preceding quarter, primarily due to lower cash from operations, while capital spending remained stable. Compared with the same quarter last year, free cash flow improved, and the free cash flow margin also widened.
- Cash conversion weakened as operating cash flow decreased considerably while revenue also fell sequentially. Free cash flow margin contracted from the prior quarter but expanded relative to the year-ago period.
- Compared with the immediate prior quarter, free cash flow was lower due to a substantial drop in operating cash flow, with capital expenditure unchanged. Versus the same quarter last year, free cash flow was higher, supported by stronger operating cash flow despite increased capital spending.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$892.2M
Trailing twelve-month free cash flow.
Quarter free cash flow
$113.4M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$144.3M
Cash generated by operations before capital spending.
CapEx
$30.9M
Capital spending and related asset purchases.
FCF margin
7.2%
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 |
|---|---|---|---|---|---|
| 2024-06-29 | $1.6B | $256.0M | $46.2M | $209.8M | 13.2% |
| 2024-09-28 | $1.5B | $119.5M | $25.6M | $93.9M | 6.2% |
| 2024-12-28 | $2.2B | $506.0M | $30.9M | $475.1M | 21.6% |
| 2025-03-29 | $1.6B | $144.3M | $30.9M | $113.4M | 7.2% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 55.8% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 2.0% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$1.3B | 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 decline
Operating cash flow decreased meaningfully from the prior quarter, driving the reduction in free cash flow. Capital expenditure remained flat, so the change in free cash flow is attributable to cash from operations.
If operating cash flow does not recover, free cash flow may remain under pressure.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Cash conversion weakened as operating cash flow decreased considerably while revenue also fell sequentially. Free cash flow margin contracted from the prior quarter but expanded relative to the year-ago period.
Compared with the immediate prior quarter, free cash flow was lower due to a substantial drop in operating cash flow, with capital expenditure unchanged. Versus the same quarter last year, free cash flow was higher, supported by stronger operating cash flow despite increased capital spending.
Monitor the sustainability of operating cash flow, as it experienced a pronounced decline from the previous quarter.