It’s the free cash flow figure. In Q1 2026, the company reported $13.2 billion in revenue and non-GAAP EPS of $0.72, with roughly $2.3 billion in free cash flow. The Q2 results represent a sequential revenue jump of about $1 billion, and the year-over-year revenue growth clocks in at approximately 12%. AdvertisementQuarterly free cash flow has been running in the $2.3 to $2.5 billion range over recent periods. That matters because $10 billion in trailing free cash flow creates an enormous capital allocation question.