Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue, operating cash flow, and free cash flow all increased compared to the prior quarter and the same quarter last year. The free cash flow margin improved versus both periods.
- Operating cash flow as a share of revenue rose, and with capital expenditure remaining stable, free cash flow margin increased to a level higher than both the prior quarter and the year-ago quarter.
- Compared to the prior quarter, revenue was higher and both operating cash flow and free cash flow improved. Compared to the same quarter last year, all metrics were higher and the free cash flow margin strengthened.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$22.9B
Trailing twelve-month free cash flow.
Quarter free cash flow
$6.4B
Free cash flow in the selected fiscal quarter.
Operating cash flow
$6.8B
Cash generated by operations before capital spending.
CapEx
$378.0M
Capital spending and related asset purchases.
FCF margin
58.7%
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 |
|---|---|---|---|---|---|
| 2025-03-31 | $9.6B | $4.7B | $327.0M | $4.4B | 45.5% |
| 2025-06-30 | $10.2B | $6.7B | $421.0M | $6.3B | 62.0% |
| 2025-09-30 | $10.7B | $6.2B | $389.0M | $5.8B | 54.5% |
| 2025-12-31 | $10.9B | $6.8B | $378.0M | $6.4B | 58.7% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 109.4% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 3.5% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$6.4B | Cash and equivalents minus total debt. |
Recent events shaping cash flow
Near-term business events that help explain the free cash flow result.
Stronger operating cash flow
Operating cash flow rose compared to both the prior quarter and the year-ago quarter, supporting higher free cash flow despite a modest increase in capital expenditure.
The increase in operating cash flow was the strongest observable driver of the improved free cash flow margin.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow as a share of revenue rose, and with capital expenditure remaining stable, free cash flow margin increased to a level higher than both the prior quarter and the year-ago quarter.
Compared to the prior quarter, revenue was higher and both operating cash flow and free cash flow improved. Compared to the same quarter last year, all metrics were higher and the free cash flow margin strengthened.
Monitor whether the capital expenditure level remains stable, as it has been a consistent factor in free cash flow generation.