Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue and operating cash flow increased compared to both the prior quarter and the same quarter last year. Free cash flow margin was slightly lower than the year-ago period, but free cash flow improved in absolute terms.
- Operating cash flow as a percentage of revenue improved relative to the prior quarter, indicating stronger cash conversion. Capital expenditure was higher than the year-ago quarter, which reduced the portion of operating cash flow converted into free cash flow.
- Compared to the preceding quarter, revenue and operating cash flow were higher. Versus the same quarter one year earlier, revenue, operating cash flow, and free cash flow were all higher, while free cash flow margin was slightly lower.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
n/a
Trailing twelve-month free cash flow.
Quarter free cash flow
$461.5M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$1.2B
Cash generated by operations before capital spending.
CapEx
$701.1M
Capital spending and related asset purchases.
FCF margin
14.7%
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 |
|---|---|---|---|---|---|
| 2024-06-30 | $1.8B | $1.0B | $693.9M | $343.5M | 19.4% |
| 2024-09-30 | $1.9B | $729.0M | $796.3M | -$67.3M | -3.6% |
| 2024-12-31 | $2.3B | $581.8M | n/a | n/a | n/a |
| 2025-03-31 | $3.1B | $1.2B | $701.1M | $461.5M | 14.7% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 63.6% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 22.3% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$18.8B | 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 Growth
Operating cash flow increased compared to both the prior quarter and the year-ago quarter, supporting higher free cash flow despite increased capital expenditure.
The increase in operating cash flow was the primary driver of the improvement 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 as a percentage of revenue improved relative to the prior quarter, indicating stronger cash conversion. Capital expenditure was higher than the year-ago quarter, which reduced the portion of operating cash flow converted into free cash flow.
Compared to the preceding quarter, revenue and operating cash flow were higher. Versus the same quarter one year earlier, revenue, operating cash flow, and free cash flow were all higher, while free cash flow margin was slightly lower.
Monitor the company's liquidity position, as current liabilities exceeded current assets, though management considers existing cash, credit facilities, operating cash flow, and capital market access adequate.