Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Free cash flow improved sharply versus both the prior quarter and the same quarter last year, driven by a substantial increase in operating cash flow. The free cash flow margin reached a level well above the prior periods.
- Revenue was stable compared to the prior quarter and higher than a year ago. Operating cash flow rose markedly, and with capital expenditure slightly higher, free cash flow and its margin strengthened considerably.
- Compared to the immediately preceding quarter, free cash flow and margin were higher, driven by a stronger operating cash flow. Versus the same quarter one year earlier, free cash flow and margin also improved, with operating cash flow higher and revenue higher.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$1.1B
Trailing twelve-month free cash flow.
Quarter free cash flow
$336.1M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$403.5M
Cash generated by operations before capital spending.
CapEx
$67.4M
Capital spending and related asset purchases.
FCF margin
43.7%
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 |
|---|---|---|---|---|---|
| 2024-12-31 | $735.6M | $255.4M | $55.4M | $200.0M | 27.2% |
| 2025-03-31 | $753.0M | $444.7M | $53.7M | $391.0M | 51.9% |
| 2025-06-30 | $772.6M | $244.5M | $55.8M | $188.7M | 24.4% |
| 2025-09-30 | $768.3M | $403.5M | $67.4M | $336.1M | 43.7% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 149.0% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 8.8% | 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 Surge
Operating cash flow was substantially higher than both the prior quarter and the year-ago quarter, while revenue was only modestly changed. This was the strongest observable factor behind the free cash flow improvement.
The increase in operating cash flow directly lifted free cash flow and its margin to levels well above recent comparisons.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue was stable compared to the prior quarter and higher than a year ago. Operating cash flow rose markedly, and with capital expenditure slightly higher, free cash flow and its margin strengthened considerably.
Compared to the immediately preceding quarter, free cash flow and margin were higher, driven by a stronger operating cash flow. Versus the same quarter one year earlier, free cash flow and margin also improved, with operating cash flow higher and revenue higher.
Monitor whether operating cash flow can sustain its elevated level relative to revenue in future quarters.