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, while operating cash flow and free cash flow were lower. Compared to the same quarter last year, revenue was higher and free cash flow was slightly higher.
- Operating cash flow as a percentage of revenue was lower than the prior quarter but similar to the same quarter last year. After deducting capital expenditure, the resulting free cash flow margin weakened sequentially but improved modestly year over year.
- Compared to the immediately preceding quarter, operating cash flow and free cash flow were lower, while capital expenditure also decreased. Versus the same quarter one year earlier, revenue was higher, operating cash flow was stable, and free cash flow was slightly higher.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$836.0M
Trailing twelve-month free cash flow.
Quarter free cash flow
$163.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$176.0M
Cash generated by operations before capital spending.
CapEx
$13.0M
Capital spending and related asset purchases.
FCF margin
10.9%
The share of revenue converted into free cash flow.
TTM FCF yield
6.9%
TTM FCF divided by market capitalization.
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 |
|---|---|---|---|---|---|
| 2025-06-28 | $1.3B | $147.0M | $17.0M | $130.0M | 10.1% |
| 2025-09-27 | $1.3B | $235.0M | $19.0M | $216.0M | 16.4% |
| 2025-12-31 | $1.5B | $357.0M | $30.0M | $327.0M | 22.2% |
| 2026-04-04 | $1.5B | $176.0M | $13.0M | $163.0M | 10.9% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 120.7% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 0.9% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$2.5B | Cash and equivalents minus total debt. |
Recent events shaping cash flow
Near-term business events that help explain the free cash flow result.
Operating cash flow decline
Operating cash flow decreased from the prior quarter, while revenue remained unchanged. This shift reduced the free cash flow margin and is the most observable change in the quarter.
If operating cash flow does not recover, free cash flow may remain under pressure even with stable revenue.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow as a percentage of revenue was lower than the prior quarter but similar to the same quarter last year. After deducting capital expenditure, the resulting free cash flow margin weakened sequentially but improved modestly year over year.
Compared to the immediately preceding quarter, operating cash flow and free cash flow were lower, while capital expenditure also decreased. Versus the same quarter one year earlier, revenue was higher, operating cash flow was stable, and free cash flow was slightly higher.
Monitor the trend in operating cash flow relative to revenue, as it declined sequentially despite stable revenue.
Valuation context
A cash-flow page should show how much investors are paying for the cash stream, without turning into a full DCF.
| Market capitalization | $12.2B | Used as the denominator for FCF yield. |
| TTM FCF yield | 6.9% | TTM free cash flow divided by market capitalization. |
| EV / TTM FCF | 17.6x | A quick valuation bridge, not a full DCF. |
Peer context
Free cash flow quality is easier to read against related public companies.