Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
The current quarter's free cash flow was negative, reflecting operating cash flow that was lower than capital expenditure. Compared to the preceding quarter, both operating cash flow and free cash flow weakened significantly, but relative to the same quarter one year earlier, free cash flow margin improved.
- Revenue was lower than the preceding quarter but higher than the same quarter one year earlier. Operating cash flow was negative, resulting in free cash flow that was also negative after capital expenditure, yielding a negative free cash flow margin.
- Compared with the preceding quarter, operating cash flow, free cash flow, and free cash flow margin all declined substantially. Versus the same quarter one year earlier, operating cash flow was less negative, free cash flow was less negative, and free cash flow margin improved.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$1.6B
Trailing twelve-month free cash flow.
Quarter free cash flow
-$65.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
-$10.0M
Cash generated by operations before capital spending.
CapEx
$55.0M
Capital spending and related asset purchases.
FCF margin
-2.8%
The share of revenue converted into free cash flow.
TTM FCF yield
5.8%
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 | $2.2B | $361.0M | $58.0M | $303.0M | 13.7% |
| 2025-09-30 | $2.2B | $678.0M | $57.0M | $621.0M | 27.7% |
| 2025-12-31 | $2.9B | $771.0M | $63.0M | $708.0M | 24.6% |
| 2026-03-31 | $2.4B | -$10.0M | $55.0M | -$65.0M | -2.8% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | -21.9% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 2.3% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$4.4B | 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 Variability
Operating cash flow shifted from strongly positive in the preceding quarter to negative in the current quarter, a larger swing than the change in revenue or capital expenditure. This drove the negative free cash flow.
The negative free cash flow means the company did not generate enough cash from operations to cover capital expenditure this quarter, a reversal from the prior quarter.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue was lower than the preceding quarter but higher than the same quarter one year earlier. Operating cash flow was negative, resulting in free cash flow that was also negative after capital expenditure, yielding a negative free cash flow margin.
Compared with the preceding quarter, operating cash flow, free cash flow, and free cash flow margin all declined substantially. Versus the same quarter one year earlier, operating cash flow was less negative, free cash flow was less negative, and free cash flow margin improved.
Monitor the trajectory of operating cash flow, as it is the primary determinant of free cash flow generation.
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 | $26.9B | Used as the denominator for FCF yield. |
| TTM FCF yield | 5.8% | TTM free cash flow divided by market capitalization. |
| EV / TTM FCF | 20.0x | A quick valuation bridge, not a full DCF. |
Peer context
Free cash flow quality is easier to read against related public companies.