Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue, operating cash flow, and free cash flow all increased compared to both the prior quarter and the same quarter last year. The company's filing notes expectations of continued strong operating cash flows to support investment and shareholder returns.
- Free cash flow margin improved year-over-year but weakened sequentially, indicating mixed cash conversion efficiency. Operating cash flow grew faster than revenue compared to the prior quarter, while capital expenditure also increased.
- Compared to the prior quarter, revenue, operating cash flow, and free cash flow were higher, while free cash flow margin was lower. Versus the same quarter last year, all metrics were higher, including margin.
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
$482.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$617.0M
Cash generated by operations before capital spending.
CapEx
$135.0M
Capital spending and related asset purchases.
FCF margin
19.2%
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 | $1.8B | $404.0M | $71.0M | $333.0M | 18.6% |
| 2025-06-30 | $1.9B | $446.0M | $71.0M | $375.0M | 19.4% |
| 2025-09-30 | $2.0B | $543.0M | $94.0M | $449.0M | 22.7% |
| 2025-12-31 | $2.5B | $617.0M | $135.0M | $482.0M | 19.2% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 90.1% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 5.4% | 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.
Revenue Growth
Revenue was higher than both the prior quarter and the same quarter last year, providing a strong base for cash generation.
The higher revenue supported increases in operating cash flow and free cash flow despite higher capital spending.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Free cash flow margin improved year-over-year but weakened sequentially, indicating mixed cash conversion efficiency. Operating cash flow grew faster than revenue compared to the prior quarter, while capital expenditure also increased.
Compared to the prior quarter, revenue, operating cash flow, and free cash flow were higher, while free cash flow margin was lower. Versus the same quarter last year, all metrics were higher, including margin.
Monitor capital expenditure levels, which increased from both the prior quarter and the year-ago period.