Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Free cash flow turned positive compared to a year ago, though it declined sharply from the prior quarter. Revenue edged higher while operating cash flow contracted significantly quarter over quarter.
- Operating cash flow drove free cash flow, which rose from a negative position a year earlier to a positive margin. Capital expenditure increased relative to both comparison periods.
- Compared with the immediately preceding quarter, operating cash flow and free cash flow were lower, and the free cash flow margin weakened. Versus the same quarter one year earlier, all cash flow metrics improved, with free cash flow moving from negative to positive.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$2.4B
Trailing twelve-month free cash flow.
Quarter free cash flow
$579.8M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$621.0M
Cash generated by operations before capital spending.
CapEx
$41.2M
Capital spending and related asset purchases.
FCF margin
9.3%
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 |
|---|---|---|---|---|---|
| 2025-03-31 | $5.8B | $133.3M | $31.9M | $101.5M | 1.8% |
| 2025-06-30 | $6.1B | $374.3M | $31.3M | $343.0M | 5.7% |
| 2025-09-30 | $6.1B | $1.5B | $50.6M | $1.4B | 22.9% |
| 2025-12-31 | $6.3B | $621.0M | $41.2M | $579.8M | 9.3% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 500.9% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 0.7% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$724.9M | Cash and equivalents minus total debt. |
Recent events shaping cash flow
Near-term business events that help explain the free cash flow result.
Year-over-Year Cash Flow Recovery
Free cash flow shifted from a negative to a positive margin year over year, driven by a substantial increase in operating cash flow. Capital expenditure also rose but remained modest relative to operating cash flow.
The improvement in cash generation provided a stronger cash position compared with the same quarter last year.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow drove free cash flow, which rose from a negative position a year earlier to a positive margin. Capital expenditure increased relative to both comparison periods.
Compared with the immediately preceding quarter, operating cash flow and free cash flow were lower, and the free cash flow margin weakened. Versus the same quarter one year earlier, all cash flow metrics improved, with free cash flow moving from negative to positive.
Monitor the trend in operating cash flow given its significant decline from the prior quarter despite higher revenue.