Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue increased sequentially and year-over-year. Operating cash flow grew substantially, driving a higher free cash flow margin.
- Revenue was higher than the prior quarter and the year-ago quarter. Operating cash flow increased more than proportionally, and capital expenditure was lower, resulting in a higher free cash flow and an improved free cash flow margin.
- Compared to the immediately preceding quarter, all key metrics improved: revenue, operating cash flow, and free cash flow were higher, and the margin strengthened. Versus the same quarter one year earlier, revenue and cash flows were also higher, with the margin improving from a year ago.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$1.0B
Trailing twelve-month free cash flow.
Quarter free cash flow
$303.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$307.7M
Cash generated by operations before capital spending.
CapEx
$4.7M
Capital spending and related asset purchases.
FCF margin
72.3%
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 | $395.4M | $231.5M | $9.5M | $222.0M | 56.1% |
| 2025-03-31 | $402.3M | $291.3M | $5.8M | $285.5M | 71.0% |
| 2025-06-30 | $409.9M | $202.5M | $7.8M | $194.7M | 47.5% |
| 2025-09-30 | $419.1M | $307.7M | $4.7M | $303.0M | 72.3% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 142.4% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 1.1% | 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 Generation
Operating cash flow was higher in the current quarter compared to both the prior quarter and the year-ago quarter, while revenue also increased and capital expenditure was lower.
The higher operating cash flow contributed to a stronger free cash flow margin.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue was higher than the prior quarter and the year-ago quarter. Operating cash flow increased more than proportionally, and capital expenditure was lower, resulting in a higher free cash flow and an improved free cash flow margin.
Compared to the immediately preceding quarter, all key metrics improved: revenue, operating cash flow, and free cash flow were higher, and the margin strengthened. Versus the same quarter one year earlier, revenue and cash flows were also higher, with the margin improving from a year ago.
Monitor the company's liquidity position and the recently authorized share repurchase program, as disclosed in the filing.