Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue was slightly higher than the prior quarter and the year-ago quarter. Free cash flow margin improved from the prior quarter but was lower than the year-ago quarter.
- Operating cash flow was higher than the prior quarter but lower than the year-ago quarter. Capital expenditure was lower than the prior quarter and higher than the year-ago quarter, resulting in free cash flow that was higher than the prior quarter but lower than the year-ago quarter.
- Compared to the prior quarter, revenue was slightly higher, operating cash flow was higher, capital expenditure was lower, and free cash flow and free cash flow margin were higher. Compared to the year-ago quarter, revenue was slightly higher, operating cash flow was lower, capital expenditure was higher, and free cash flow and free cash flow margin were lower.
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
$326.4M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$390.4M
Cash generated by operations before capital spending.
CapEx
$64.0M
Capital spending and related asset purchases.
FCF margin
41.7%
The share of revenue converted into free cash flow.
TTM FCF yield
4.5%
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 |
|---|---|---|---|---|---|
| 2025-06-30 | $772.6M | $244.5M | $55.8M | $188.7M | 24.4% |
| 2025-09-30 | $768.3M | $403.5M | $67.4M | $336.1M | 43.7% |
| 2025-12-31 | $778.8M | $343.3M | $67.2M | $276.1M | 35.5% |
| 2026-03-31 | $782.6M | $390.4M | $64.0M | $326.4M | 41.7% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 139.4% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 8.2% | 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 Improvement
Operating cash flow was higher than the prior quarter, contributing to a higher free cash flow and free cash flow margin compared to the prior quarter.
This improvement in operating cash flow was the strongest observable driver of the sequential increase in free cash flow.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow was higher than the prior quarter but lower than the year-ago quarter. Capital expenditure was lower than the prior quarter and higher than the year-ago quarter, resulting in free cash flow that was higher than the prior quarter but lower than the year-ago quarter.
Compared to the prior quarter, revenue was slightly higher, operating cash flow was higher, capital expenditure was lower, and free cash flow and free cash flow margin were higher. Compared to the year-ago quarter, revenue was slightly higher, operating cash flow was lower, capital expenditure was higher, and free cash flow and free cash flow margin were lower.
Monitor the relationship between operating cash flow and revenue, as operating cash flow was lower than the year-ago quarter despite higher revenue.
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 | $25.1B | Used as the denominator for FCF yield. |
| TTM FCF yield | 4.5% | 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.