Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue was higher than both the prior quarter and the year-ago quarter, but free cash flow turned negative as capital expenditure exceeded operating cash flow. The free cash flow margin weakened significantly compared to both periods.
- Operating cash flow was lower than the prior quarter and the year-ago quarter, while capital expenditure was higher than the year-ago quarter but lower than the prior quarter. The resulting free cash flow was negative, with a free cash flow margin that was lower than both comparison periods.
- Compared to the prior quarter, revenue was lower, operating cash flow was lower, capital expenditure was lower, and free cash flow turned from positive to negative. Compared to the year-ago quarter, revenue was higher, operating cash flow was lower, capital expenditure was higher, and free cash flow turned from positive to negative.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$553.5M
Trailing twelve-month free cash flow.
Quarter free cash flow
-$111.5M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$91.1M
Cash generated by operations before capital spending.
CapEx
$202.6M
Capital spending and related asset purchases.
FCF margin
-3.1%
The share of revenue converted into free cash flow.
TTM FCF yield
3.5%
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 |
|---|---|---|---|---|---|
| 2025-06-28 | $4.4B | $785.8M | $210.4M | $575.4M | 13.0% |
| 2025-09-27 | $3.7B | $307.9M | $277.6M | $30.3M | 0.8% |
| 2025-12-27 | $3.9B | $324.8M | $265.6M | $59.3M | 1.5% |
| 2026-03-28 | $3.6B | $91.1M | $202.6M | -$111.5M | -3.1% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | -67.8% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 5.6% | 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.
Capital Expenditure Exceeds Operating Cash Flow
Capital expenditure was higher than operating cash flow, causing free cash flow to be negative. This relationship was the strongest observable driver of the quarter's cash conversion outcome.
The negative free cash flow margin reflects that cash outflows for capital investment were not covered by operating cash generation.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow was lower than the prior quarter and the year-ago quarter, while capital expenditure was higher than the year-ago quarter but lower than the prior quarter. The resulting free cash flow was negative, with a free cash flow margin that was lower than both comparison periods.
Compared to the prior quarter, revenue was lower, operating cash flow was lower, capital expenditure was lower, and free cash flow turned from positive to negative. Compared to the year-ago quarter, revenue was higher, operating cash flow was lower, capital expenditure was higher, and free cash flow turned from positive to negative.
Monitor whether capital expenditure continues to exceed operating cash flow, as this directly drives the negative free cash flow.
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 | $15.8B | Used as the denominator for FCF yield. |
| TTM FCF yield | 3.5% | 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.