FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$261.9M
Trailing twelve-month free cash flow.
Quarter free cash flow
-$160.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$739.5M
Cash generated by operations before capital spending.
CapEx
$899.5M
Capital spending and related asset purchases.
FCF margin
-3.9%
The share of revenue converted into free cash flow.
TTM FCF yield
0.4%
TTM FCF divided by market capitalization.
FCF reconciliation
Free cash flow is not a GAAP line item; it should be bridged from the cash flow statement.
| Operating cash flow | $739.5M | Cash generated by operations before capital spending. |
| Capital expenditures | $899.5M | Capital spending used to bridge CFO to FCF. |
| Free cash flow | -$160.0M | 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 |
|---|---|---|---|---|---|
| 2025-06-30 | $4.3B | $858.3M | $906.1M | -$47.8M | -1.1% |
| 2025-09-30 | $4.2B | $599.2M | $671.8M | -$72.6M | -1.7% |
| 2025-12-31 | $4.1B | $1.5B | $963.2M | $542.3M | 13.4% |
| 2026-03-31 | $4.1B | $739.5M | $899.5M | -$160.0M | -3.9% |
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. |