Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue increased compared to both the prior quarter and the same quarter last year. Free cash flow was higher than a year ago but lower than the prior quarter, with the free cash flow margin declining.
- Revenue grew, while operating cash flow was slightly below the prior quarter but above the year-ago level. Capital expenditure rose, leading to free cash flow that was higher year over year but lower sequentially, resulting in a weakened free cash flow margin.
- Compared to the prior quarter, revenue increased but free cash flow and margin both decreased. Versus the same quarter last year, revenue, operating cash flow, and free cash flow all improved, though the margin was slightly lower.
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
$328.1M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$378.2M
Cash generated by operations before capital spending.
CapEx
$50.1M
Capital spending and related asset purchases.
FCF margin
15.8%
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 |
|---|---|---|---|---|---|
| 2024-09-30 | $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% |
| 2025-06-30 | $2.1B | $378.2M | $50.1M | $328.1M | 15.8% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 214.7% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 2.4% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$7.0B | Cash and equivalents minus total debt. |
Recent events shaping cash flow
Near-term business events that help explain the free cash flow result.
Cash conversion efficiency
Revenue grew, but operating cash flow did not expand proportionally, and capital expenditure rose, causing free cash flow margin to contract.
The free cash flow margin fell, indicating a less efficient conversion of revenue into free cash flow.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue grew, while operating cash flow was slightly below the prior quarter but above the year-ago level. Capital expenditure rose, leading to free cash flow that was higher year over year but lower sequentially, resulting in a weakened free cash flow margin.
Compared to the prior quarter, revenue increased but free cash flow and margin both decreased. Versus the same quarter last year, revenue, operating cash flow, and free cash flow all improved, though the margin was slightly lower.
Monitor capital expenditure trends, as the increase contributed to the sequential decline in free cash flow.