Three-Statement Breakdown
FCF DOWN
Free cash flow fell 22% to $249.3M, and covered net income 2.10×.
CASH FROM OPS
-18.8%
261
CAPITAL EXPENDITURE
+322.5%
11
FREE CASH FLOW
-21.6%
249
FCF / NET INCOME
+289.7%
2.10×
| Cash flow | 24-09 | 24-12 | 25-03 | 25-06 | 25-09 | 25-12 | 26-03 | QoQ | YoY | TTM | 8Q | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net income | 127 | 82 | 163 | 141 | 348 | 167 | 591 | 119 | -79.9% | -16.0% | 1,224 | ||
| Depreciation & amortization |
|
27 | 26 | 25 | 26 | 26 | 25 | 25 | 24 | -2.0% | -5.3% | 100 | |
| Stock-based comp | 62 | 56 | 52 | 54 | 55 | 58 | 69 | 59 | -13.4% | +9.9% | 241 | ||
| Cash from operations |
|
98 | 238 | 281 | 244 | 104 | 270 | 321 | 261 | -18.8% | +6.8% | 955 | |
| Cash conversion |
|
0.78× | 2.90× | 1.73× | 1.73× | 0.30× | 1.62× | 0.54× | 2.19× | +303.9% | +27.1% | 0.78× | |
| Capital expenditures |
|
(5) | (3) | (3) | (2) | (4) | (2) | (3) | (11) | 4.2× | 6.0× | (20) | |
| Free cash flow |
|
94 | 236 | 279 | 242 | 100 | 267 | 318 | 249 | -21.6% | +3.0% | 935 | |
| FCF margin |
|
14.9% | 41.7% | 43.8% | 37.6% | 11.2% | 39.0% | 41.1% | 41.6% | +1.1% | +10.6% | 31.7% | |
| Cash from investing |
|
-25 | 26 | -19 | -35 | -10 | 1 | 534 | -55 | — | — | 470 | |
| Share repurchases |
|
0 | 75 | 75 | 75 | 75 | 200 | 626 | 500 | -20.1% | 6.7× | 1,401 | |
| Debt repayment |
|
0 | 255 | 465 | 0 | 0 | 70 | 6 | 0 | -100.0% | — | 76 | |
| Cash from financing |
|
-60 | -324 | -227 | -250 | -107 | -244 | -623 | -290 | — | — | -1,263 | |
| Net change in cash |
|
18 | -70 | 39 | -36 | -15 | 25 | 229 | -88 | — | — | 152 | |
| Ending cash balance |
|
266 | 196 | 235 | 199 | 184 | 210 | 439 | 351 | -20.0% | +76.3% | 351 | |
Click a line to select it — Enter or the EXPAND pill folds out its quarter-by-quarter history.
SELECTED · FREE CASH FLOW · QoQ BRIDGE
FROM318
CASH FROM OPERATIONS-60
CAPITAL EXPENDITURES-9
TO249
No bridge for this line yet — select Free cash flow to see its QoQ walk.
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SRC 10-Q FILED 2026-07-31 ↗