Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
In the current quarter, free cash flow and operating cash flow were higher than the preceding quarter but slightly lower than the same quarter a year earlier. The free cash flow margin improved sequentially but was lower than the year-ago level.
- Revenue was higher than the prior quarter, and operating cash flow increased accordingly, while capital expenditure remained relatively stable. This resulted in a higher free cash flow and an improved free cash flow margin compared to the previous quarter.
- Compared to the immediately preceding quarter, revenue, operating cash flow, and free cash flow were all higher, and the free cash flow margin improved. Versus the same quarter one year earlier, revenue was higher, but operating cash flow and free cash flow were lower, and the free cash flow margin weakened.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$1.2B
Trailing twelve-month free cash flow.
Quarter free cash flow
$546.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$609.3M
Cash generated by operations before capital spending.
CapEx
$63.3M
Capital spending and related asset purchases.
FCF margin
28.8%
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 |
|---|---|---|---|---|---|
| 2024-12-31 | $1.8B | -$281.9M | $113.0M | -$394.9M | -21.6% |
| 2025-03-31 | $1.8B | $632.9M | $82.0M | $550.9M | 31.2% |
| 2025-06-30 | $1.7B | $529.9M | $62.2M | $467.7M | 27.1% |
| 2025-09-30 | $1.9B | $609.3M | $63.3M | $546.0M | 28.8% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 84.5% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 3.3% | 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.
Higher Revenue
Revenue increased compared to both the prior quarter and the year-ago quarter, coinciding with higher operating cash flow and free cash flow relative to the previous period.
The sequential improvement in free cash flow margin was accompanied by the revenue increase.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue was higher than the prior quarter, and operating cash flow increased accordingly, while capital expenditure remained relatively stable. This resulted in a higher free cash flow and an improved free cash flow margin compared to the previous quarter.
Compared to the immediately preceding quarter, revenue, operating cash flow, and free cash flow were all higher, and the free cash flow margin improved. Versus the same quarter one year earlier, revenue was higher, but operating cash flow and free cash flow were lower, and the free cash flow margin weakened.
Monitor the relationship between assets under management and revenue, as the filing indicates that investment advisory fees are primarily driven by the value and composition of assets under management.