Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Free cash flow was lower than both the prior quarter and the same quarter last year, driven by a decline in operating cash flow. The free cash flow margin weakened compared to both periods.
- Revenue was slightly higher than a year ago, but operating cash flow was lower, resulting in a lower free cash flow. The free cash flow margin narrowed compared to both the prior quarter and the year-ago quarter.
- Compared to the immediately preceding quarter, revenue was lower, operating cash flow was lower, capital expenditure was lower, and free cash flow was lower. Compared to the same quarter one year earlier, revenue was higher, operating cash flow was lower, capital expenditure was lower, and free cash flow was lower.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$612.1M
Trailing twelve-month free cash flow.
Quarter free cash flow
$75.5M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$216.8M
Cash generated by operations before capital spending.
CapEx
$141.3M
Capital spending and related asset purchases.
FCF margin
2.2%
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 | $4.2B | $559.9M | $192.6M | $367.3M | 8.6% |
| 2024-09-28 | $3.5B | $86.3M | $188.2M | -$101.9M | -2.9% |
| 2024-12-28 | $3.8B | $517.2M | $246.0M | $271.2M | 7.2% |
| 2025-03-29 | $3.5B | $216.8M | $141.3M | $75.5M | 2.2% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 42.1% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 4.1% | 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.
Operating Cash Flow Decline
Operating cash flow was lower than both the prior quarter and the year-ago quarter, despite revenue being higher than a year ago. This was the strongest observable driver of the lower free cash flow.
The lower operating cash flow directly reduced free cash flow and compressed the free cash flow margin.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue was slightly higher than a year ago, but operating cash flow was lower, resulting in a lower free cash flow. The free cash flow margin narrowed compared to both the prior quarter and the year-ago quarter.
Compared to the immediately preceding quarter, revenue was lower, operating cash flow was lower, capital expenditure was lower, and free cash flow was lower. Compared to the same quarter one year earlier, revenue was higher, operating cash flow was lower, capital expenditure was lower, and free cash flow was lower.
Monitor whether operating cash flow can recover toward prior levels, as it was the primary factor behind the decline in free cash flow.