Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Operating cash flow improved sequentially, lifting free cash flow and margin despite stable revenue. Compared to the same quarter last year, cash generation weakened as operating cash flow declined.
- Revenue was unchanged from both the prior quarter and the year-ago quarter. Operating cash flow rose from the prior quarter, resulting in higher free cash flow and an improved free cash flow margin, but both metrics were lower than the same quarter last year. Capital expenditure was relatively stable across all periods.
- Compared to the immediately preceding quarter, operating cash flow, free cash flow, and free cash flow margin all improved. Versus the same quarter one year earlier, operating cash flow, free cash flow, and free cash flow margin were lower.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$792.0M
Trailing twelve-month free cash flow.
Quarter free cash flow
$216.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$235.0M
Cash generated by operations before capital spending.
CapEx
$19.0M
Capital spending and related asset purchases.
FCF margin
16.4%
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 |
|---|---|---|---|---|---|
| 2024-12-31 | $1.3B | $306.0M | $18.0M | $288.0M | 21.6% |
| 2025-03-29 | $1.3B | $178.0M | $20.0M | $158.0M | 12.1% |
| 2025-06-28 | $1.3B | $147.0M | $17.0M | $130.0M | 10.1% |
| 2025-09-27 | $1.3B | $235.0M | $19.0M | $216.0M | 16.4% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 213.9% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 1.4% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$1.1B | Cash and equivalents minus total debt. |
Recent events shaping cash flow
Near-term business events that help explain the free cash flow result.
Sequential Operating Cash Flow Recovery
Operating cash flow increased from the prior quarter, driving a higher free cash flow and margin, while revenue remained stable. This was the strongest observable change in the current quarter.
The improvement in operating cash flow directly lifted free cash flow and margin compared to the prior quarter.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue was unchanged from both the prior quarter and the year-ago quarter. Operating cash flow rose from the prior quarter, resulting in higher free cash flow and an improved free cash flow margin, but both metrics were lower than the same quarter last year. Capital expenditure was relatively stable across all periods.
Compared to the immediately preceding quarter, operating cash flow, free cash flow, and free cash flow margin all improved. Versus the same quarter one year earlier, operating cash flow, free cash flow, and free cash flow margin were lower.
Monitor whether operating cash flow can sustain its sequential improvement or revert toward the lower level seen in the year-ago quarter.