Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue was stable compared to the prior quarter and the same quarter last year. Free cash flow margin improved versus a year ago but weakened from the preceding quarter.
- Operating cash flow was higher than the year-ago quarter but lower than the prior quarter. Capital expenditure decreased sequentially and year-over-year, contributing to a free cash flow margin that improved from a year ago but weakened from the prior quarter.
- Compared to the immediately preceding quarter, revenue was lower, operating cash flow was lower, and free cash flow margin weakened. Compared to the same quarter one year earlier, revenue was stable, operating cash flow was higher, and free cash flow margin improved.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$1.5B
Trailing twelve-month free cash flow.
Quarter free cash flow
$338.2M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$382.8M
Cash generated by operations before capital spending.
CapEx
$44.6M
Capital spending and related asset purchases.
FCF margin
17.7%
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 | $1.9B | $369.4M | $52.7M | $316.7M | 16.3% |
| 2024-09-30 | $1.8B | $395.7M | $44.5M | $351.2M | 19.3% |
| 2024-12-31 | $2.0B | $506.3M | $51.5M | $454.8M | 22.5% |
| 2025-03-31 | $1.9B | $382.8M | $44.6M | $338.2M | 17.7% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 185.8% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 2.3% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$5.8B | 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 conversion improvement
Operating cash flow was higher than the same quarter last year, and capital expenditure was lower, resulting in a free cash flow margin that improved from a year ago.
This strengthened free cash flow generation relative to the prior year period.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow was higher than the year-ago quarter but lower than the prior quarter. Capital expenditure decreased sequentially and year-over-year, contributing to a free cash flow margin that improved from a year ago but weakened from the prior quarter.
Compared to the immediately preceding quarter, revenue was lower, operating cash flow was lower, and free cash flow margin weakened. Compared to the same quarter one year earlier, revenue was stable, operating cash flow was higher, and free cash flow margin improved.
Monitor the trajectory of operating cash flow, which declined from the prior quarter despite stable revenue.