Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Free cash flow and margin improved sequentially, supported by higher operating cash flow and revenue, despite an increase in capital expenditure. Compared to the same quarter last year, free cash flow and margin weakened as operating cash flow was lower while capital expenditure rose; the filing notes the company maintains working capital and available credit facilities.
- Revenue increased from the prior quarter, and operating cash flow grew at a faster pace, resulting in a higher free cash flow margin. Capital expenditure also rose, but the operating cash flow improvement was sufficient to lift free cash flow.
- Compared to the prior quarter, free cash flow and margin improved. Versus the same quarter last year, free cash flow and margin weakened, as operating cash flow was lower and capital expenditure was higher.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$689.7M
Trailing twelve-month free cash flow.
Quarter free cash flow
$158.3M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$224.7M
Cash generated by operations before capital spending.
CapEx
$66.3M
Capital spending and related asset purchases.
FCF margin
21.4%
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 | $741.0M | $199.4M | $20.2M | $179.2M | 24.2% |
| 2025-03-31 | $616.0M | $291.4M | $59.1M | $232.3M | 37.7% |
| 2025-06-30 | $694.0M | $165.0M | $45.2M | $119.8M | 17.3% |
| 2025-09-30 | $739.4M | $224.7M | $66.3M | $158.3M | 21.4% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 137.0% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 9.0% | 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 variability
Operating cash flow increased from the prior quarter but decreased from the same quarter last year, while revenue grew in both comparisons. This divergence highlights a change in cash conversion efficiency.
The year-over-year decline in operating cash flow was the primary factor behind the lower free cash flow and margin versus last year.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue increased from the prior quarter, and operating cash flow grew at a faster pace, resulting in a higher free cash flow margin. Capital expenditure also rose, but the operating cash flow improvement was sufficient to lift free cash flow.
Compared to the prior quarter, free cash flow and margin improved. Versus the same quarter last year, free cash flow and margin weakened, as operating cash flow was lower and capital expenditure was higher.
Monitor the trend in capital expenditure, which increased both sequentially and year-over-year, as it may affect future cash conversion.