Dynatrace Reports Second Quarter Fiscal Year 2026 Financial Results

BOSTON--( BUSINESS WIRE)--Dynatrace (NYSE: DT), the leading AI-powered observability platform, today announced financial results for the second quarter of fiscal 2026 ended September 30, 2025.

“Our strong second quarter results were fueled by the growing demand for end-to-end observability driven by large-scale tool consolidations,” said Rick McConnell, CEO of Dynatrace. “As cloud and AI workloads grow rapidly, the need for an AI-powered observability platform is critical to managing the related complexity and scale. We believe Dynatrace's precise answers, advanced analytics, and deep intelligence uniquely position us to capitalize on the market opportunity ahead.”

Second Quarter Fiscal 2026 Financial and Other Recent Business Highlights:

All growth rates are compared to the second quarter of fiscal 2025, unless otherwise noted.

Financial Highlights:

Business Highlights:

Share Repurchase Program

Second Quarter 2026 Financial Highlights

(Unaudited – In thousands, except per share data)

Three Months Ended September 30,

2025

2024

Annual recurring revenue (ARR):

Total ARR

1,899,402

1,616,531

Year-over-Year Increase

Year-over-Year Increase - constant currency (*)

Revenue:

Total revenue

493,849

418,129

Year-over-Year Increase

Year-over-Year Increase - constant currency (*)

Subscription revenue

473,089

399,810

Year-over-Year Increase

Year-over-Year Increase - constant currency (*)

GAAP Financial Measures:

GAAP income from operations

72,969

47,026

GAAP operating margin

GAAP net income

57,243

44,008

GAAP net income per share - diluted

0.19

0.15

GAAP shares outstanding - diluted

304,303

301,373

Net cash provided by operating activities

32,017

23,650

Net cash provided by operating activities as a percent of revenue

Non-GAAP Financial Measures (*):

Non-GAAP income from operations

152,819

130,669

Non-GAAP operating margin

Non-GAAP net income

132,731

112,661

Non-GAAP net income per share - diluted

0.44

0.37

Non-GAAP shares outstanding - diluted

304,303

301,373

Free Cash Flow

27,830

20,138

Free Cash Flow margin

* For additional information, please see the "Non-GAAP Financial Measures" and "Definitions - Non-GAAP and Other Metrics" sections of this press release.

Financial Outlook

Based on information available as of November 5, 2025, Dynatrace is issuing guidance for the third quarter and updating its prior guidance for full year fiscal 2026 in the table below.

This guidance is based on foreign exchange rates as of October 31, 2025. We expect foreign exchange to be a tailwind of approximately $38 million on ARR and approximately $34 million on revenue for fiscal 2026 compared to ARR and revenue at constant currency. This represents an incremental tailwind of approximately $5 million to both ARR and revenue compared to our prior guidance. This guidance also excludes the impact of any share repurchases after September 30, 2025.

Growth rates for ARR, Total revenue, and Subscription revenue are presented in constant currency to provide better visibility into the underlying growth of the business.

All growth rates below are compared to the third quarter and full year of fiscal 2025.

(In millions, except per share data)

Q3 Fiscal 2026 Guidance

Total revenue

$503 - $508

As reported

15% - 16%

Constant currency

13% - 14%

Subscription revenue

$481 - $486

As reported

15% - 16%

Constant currency

13% - 14%

Non-GAAP income from operations

$143 - $148

Non-GAAP operating margin

28.5% - 29%

Non-GAAP net income

$123 - $128

Non-GAAP net income per diluted share

$0.40 - $0.42

Diluted weighted average shares outstanding

305 - 306

(In millions, except per share data)

Current Guidance

Fiscal 2026

Prior Guidance

Fiscal 2026*

Guidance Change

at Midpoint**

ARR

$2,010 - $2,025

$1,988 - $2,003

$22

As reported

16% - 17%

15% - 16%

100 bps

Constant currency

14% - 15%

13% - 14%

100 bps

Total revenue

$1,985 - $1,995

$1,970 - $1,985

$13

As reported

17% - 17.5%

16% - 17%

75 bps

Constant currency

15% - 15.5%

14% - 15%

75 bps

Subscription revenue

$1,898 - $1,908

$1,884 - $1,899

$12

As reported

17% - 17.5%

16% - 17%

75 bps

Constant currency

15% - 15.5%

14% - 15%

75 bps

Non-GAAP income from operations

$571 - $581

$563 - $573

Non-GAAP operating margin

29%

—

Non-GAAP net income

$497 - $506

$488 - $500

Non-GAAP net income per diluted share

$1.62 - $1.64

$1.58 - $1.61

$0.04

Diluted weighted average shares outstanding

307 - 308

309 - 310

(2)

Free cash flow

$505 - $515

—

Free cash flow margin

26%

—

*Prior guidance was issued on August 6, 2025.

**Guidance change at midpoint is rounded to the nearest million.

Conference Call and Webcast Information

Dynatrace will host a conference call and live webcast to discuss its results and business outlook at 8:00 a.m. Eastern Time today, November 5, 2025. To access the conference call from the U.S. and Canada, dial (866) 405-1247, or internationally, dial (201) 689-8045 with event confirmation #: 13756802. The call will also be available live via webcast on the company’s website, ir.dynatrace.com.

An audio replay of the call will also be available until 11:59 p.m. Eastern Time on February 4, 2026, by dialing (877) 660-6853 from the U.S. and Canada, or for international callers by dialing (201) 612-7415 and entering event confirmation #: 13756802. In addition, an archived webcast will be available at ir.dynatrace.com.

We announce material financial information to our investors using our Investor Relations website, press releases, SEC filings and public conference calls and webcasts. We also use these channels to disclose information about the company, our planned financial and other announcements, attendance at upcoming investor and industry conferences, and for complying with our disclosure obligations under Regulation FD.

Non-GAAP Financial Measures

In addition to disclosing financial measures prepared in accordance with GAAP, this press release and the accompanying tables contain certain non-GAAP financial measures as defined by Regulation G, including non-GAAP income from operations, non-GAAP operating margin, non-GAAP net income, non-GAAP net income per diluted share, free cash flow, and free cash flow margin. We also use or discuss non-GAAP financial measures in conference calls, slide presentations and webcasts.

We use these non-GAAP financial measures for financial and operational decision-making purposes, and as a means to evaluate period-to-period comparisons and liquidity. We believe that these non-GAAP financial measures provide useful information about our operating results, enhance the overall understanding of past financial performance and allow for greater transparency with respect to metrics used by our management in its financial and operational decision-making.

The presentation of the non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. Our non-GAAP financial measures may not provide information that is directly comparable to similarly titled metrics provided by other companies.

Non-GAAP financial measures are defined in this press release and the tables included in this press release include reconciliations of historical non-GAAP financial measures to their most directly comparable GAAP measures.

We also include non-GAAP financial measures in our financial outlook included in this press release. Reconciliations of forward-looking non-GAAP income from operations, non-GAAP net income, non-GAAP net income per diluted share, and free cash flow guidance to the most directly comparable GAAP measures are not available without unreasonable efforts due to the high variability, complexity, and low visibility with respect to the charges excluded from these non-GAAP measures; in particular, the measures and effects of share-based compensation expense, employer taxes and tax deductions specific to equity compensation awards that are directly impacted by future hiring, turnover and retention needs, as well as unpredictable fluctuations in our stock price. We expect the variability of the above charges to have a significant, and potentially unpredictable, impact on our future GAAP financial results.

Definitions - Non-GAAP and Other Metrics

Annual Recurring Revenue (ARR) is defined as the daily revenue of all subscription agreements that are actively generating revenue as of the last day of the reporting period multiplied by 365. We exclude from our calculation of ARR any revenues derived from month-to-month agreements and/or product usage overage billings.

Constant Currency amounts for ARR, Total revenue, and Subscription revenue are presented to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign exchange rate fluctuations. To present this information, current and comparative prior period results for entities reporting in currencies other than United States dollars are converted into United States dollars using the average exchange rates from the comparative period rather than the actual exchange rates in effect during the respective periods. All growth comparisons relate to the corresponding period in the last fiscal year.

Non-GAAP Income from Operations is defined as GAAP income from operations adjusted for the following items: share-based compensation; employer payroll taxes on employee stock transactions; amortization of intangibles; transaction, restructuring and other non-recurring or unusual items that may arise from time to time. The related Non-GAAP Operating Margin is non-GAAP income from operations expressed as a percentage of total revenue.

Non-GAAP Net Income is defined as GAAP net income adjusted for the following items: income tax expense/benefit; non-GAAP effective cash taxes; net interest expense and income; net cash received from and paid for interest; share-based compensation; employer payroll taxes on employee stock transactions, amortization of intangibles; gains and losses on currency translation; and transaction, restructuring and other non-recurring or unusual items that may arise from time to time. Non-GAAP net income per diluted share is calculated as non-GAAP net income divided by the diluted weighted average shares outstanding used to compute GAAP net income per diluted share.

Free Cash Flow is defined as the net cash provided by or used in operating activities less capital expenditures, reflected as purchase of property and equipment and capitalized software additions in our financial statements. The related margin is free cash flow expressed as a percentage of total revenue.

About Dynatrace

Dynatrace (NYSE: DT) is advancing observability for today’s digital businesses, helping to transform the complexity of modern digital ecosystems into powerful business assets. By leveraging AI-powered insights, Dynatrace enables organizations to analyze, automate, and innovate faster to drive their business forward. To learn more about Dynatrace, visit www.dynatrace.com, visit our blog and follow us on LinkedIn and X @dynatrace.

Cautionary Language Concerning Forward-Looking Statements

This press release includes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding cloud and artificial intelligence (AI) workload growth and the related need for AI-powered observability platforms, Dynatrace's capabilities and platform and the company's related market opportunity, the expected and current benefits that we believe organizations receive from using the Dynatrace platform and offerings of our partners and other companies with which we collaborate, and our financial and business outlook, including our financial guidance for the third quarter and full year of fiscal 2026. These forward-looking statements include, but are not limited to, plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts and statements identified by words such as “will,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” or words of similar meaning. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control including, without limitation, our ability to maintain our revenue growth rates in future periods; market adoption of our product offerings; continued demand for, and spending on, our solutions; our ability to innovate and develop solutions that meet customer needs as cloud and AI workloads grow rapidly; the ability of our platform and solutions to effectively interoperate with customers’ IT infrastructures; our ability to acquire new customers and retain and expand our relationships with existing customers; our ability to expand our sales and marketing capabilities; our ability to compete; our ability to maintain successful relationships with partners; security breaches, other security incidents and any real or perceived errors, failures, defects or vulnerabilities in our solutions; our ability to protect our intellectual property; our ability to hire and retain necessary qualified employees to grow our business and expand our operations; our ability to successfully complete acquisitions and to integrate newly acquired businesses and offerings; the effect on our business of the macroeconomic environment, associated global economic conditions and geopolitical disruption; and other risks set forth under the caption “Risk Factors” in our Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, and our other SEC filings. We assume no obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise.

Gartner Disclaimers

1) Gartner, Magic Quadrant for Digital Experience Monitoring, Padraig Byrne, Pankaj Prasad, DB Cummings, Martin Caren, and Tanmay Bisht, 27 October 2025.

The Gartner content described herein (the “Gartner Content”) represents research opinion or viewpoints published, as part of a syndicated subscription service, by Gartner, Inc. ("Gartner"), and is not a representation of fact. Gartner Content speaks as of its original publication date (and not as of the date of this earnings press release), and the opinions expressed in the Gartner Content are subject to change without notice.

Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally, and MAGIC QUADRANT is a registered trademark of Gartner, Inc. and/or its affiliates and are used herein with permission. All rights reserved.

DYNATRACE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited – In thousands, except per share data)

Three Months Ended

September 30,

Six Months Ended

September 30,

2025

2024

2025

2024

Revenue:

Subscription

473,089

399,810

930,596

781,386

Service

20,760

18,319

40,602

35,963

Total revenue

493,849

418,129

971,198

817,349

Cost of revenue:

Cost of subscription

68,404

55,796

133,422

109,368

Cost of service

20,501

17,595

39,856

34,397

Amortization of acquired technology

859

4,393

1,695

8,772

Total cost of revenue

89,764

77,784

174,973

152,537

Gross profit

404,085

340,345

796,225

664,812

Operating expenses:

Research and development

114,992

95,366

223,164

182,944

Sales and marketing

167,675

144,224

332,989

289,330

General and administrative

48,437

48,953

104,741

93,931

Amortization of other intangibles

4,776

9,552

Total operating expenses

331,116

293,319

660,918

575,757

Income from operations

72,969

47,026

135,307

89,055

Interest income, net

13,242

12,850

25,537

25,625

Other income (expense), net

894

(2,038

)

7,651

(4,073

)

Income before income taxes

87,105

57,838

168,495

110,607

Income tax expense

(29,862

)

(13,830

)

(63,297

)

(27,979

)

Net income

57,243

44,008

105,198

82,628

Net income per share:

Basic

0.19

0.15

0.35

0.28

Diluted

0.19

0.15

0.35

0.27

Weighted average shares outstanding:

Basic

301,558

298,089

300,859

297,736

Diluted

304,303

301,373

304,801

301,714

UNAUDITED SHARE-BASED COMPENSATION

Three Months Ended

September 30,

Six Months Ended

September 30,

2025

2024

2025

2024

Cost of revenue

10,015

9,714

19,865

17,444

Research and development

29,718

26,607

56,579

48,187

Sales and marketing

22,576

20,750

42,610

36,772

General and administrative

14,505

14,632

29,655

26,957

Total share-based compensation

76,814

71,703

148,709

129,360

DYNATRACE, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data)

September 30, 2025

March 31, 2025

(unaudited)

Assets

Current assets:

Cash and cash equivalents

1,225,023

1,017,039

Short-term investments

89,637

96,189

Accounts receivable, net

315,044

624,437

Deferred commissions, current

121,948

109,895

Prepaid expenses and other current assets

86,517

83,901

Total current assets

1,838,169

1,931,461

Long-term investments

54,538

51,648

Property and equipment, net

66,084

61,522

Operating lease right-of-use assets, net

78,143

67,479

Goodwill

1,344,006

1,336,435

Intangible assets, net

24,055

25,534

Deferred tax assets, net

523,479

529,550

Deferred commissions, non-current

111,943

95,297

Other assets

41,316

40,752

Total assets

4,081,733

4,139,678

Liabilities and shareholders' equity

Current liabilities:

Accounts payable

21,617

27,286

Accrued expenses, current

230,030

252,503

Deferred revenue, current

889,957

1,087,518

Operating lease liabilities, current

16,980

13,979

Total current liabilities

1,158,584

1,381,286

Deferred revenue, non-current

42,975

50,989

Accrued expenses, non-current

30,865

24,452

Operating lease liabilities, non-current

69,844

61,384

Deferred tax liabilities

871

419

Total liabilities

1,303,139

1,518,530

Shareholders' equity:

Common shares, $0.001 par value, 600,000,000 shares authorized, 301,791,098 and 299,813,048 shares issued and outstanding at September 30, 2025 and March 31, 2025, respectively

302

300

Additional paid-in capital

2,424,121

2,370,563

Retained earnings

390,125

284,927

Accumulated other comprehensive loss

(35,954

)

(34,642

)

Total shareholders' equity

2,778,594

2,621,148

Total liabilities and shareholders' equity

4,081,733

4,139,678

DYNATRACE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited – In thousands)

Six Months Ended

September 30,

2025

2024

Cash flows from operating activities:

Net income

105,198

82,628

Adjustments to reconcile net income to cash provided by operations:

Depreciation

9,408

8,635

Amortization

2,756

19,356

Share-based compensation

148,709

129,360

Deferred income taxes

8,894

(39,059

)

Other

(8,040

)

3,133

Net change in operating assets and liabilities:

Accounts receivable

320,545

300,077

Deferred commissions

(23,254

)

(7,166

)

Prepaid expenses and other assets

4,145

(14,073

)

Accounts payable and accrued expenses

(33,755

)

(30,479

)

Operating leases, net

746

1,465

Deferred revenue

(233,643

)

(199,486

)

Net cash provided by operating activities

301,709

254,391

Cash flows from investing activities:

Purchase of property and equipment

(11,669

)

(6,871

)

Capitalized software additions

(194

)

—

Acquisition of a business, net of cash acquired

—

(100

)

Purchases of investments

(63,764

)

(80,024

)

Proceeds from sales and maturities of investments

69,122

40,375

Net cash used in investing activities

(6,505

)

(46,620

)

Cash flows from financing activities:

Proceeds from employee stock purchase plan

11,871

10,389

Proceeds from exercise of stock options

3,738

8,773

Repurchases of common stock

(95,034

)

(90,107

)

Taxes paid related to net share settlement of equity awards

(16,338

)

(11,966

)

Other

(3,314

)

(1,656

)

Net cash used in financing activities

(99,077

)

(84,567

)

Effect of exchange rates on cash and cash equivalents

11,857

4,990

Net increase in cash and cash equivalents

207,984

128,194

Cash and cash equivalents, beginning of period

1,017,039

778,983

Cash and cash equivalents, end of period

1,225,023

907,177

DYNATRACE, INC.

GAAP to Non-GAAP Reconciliations

(Unaudited - In thousands, except percentages)

Three Months Ended September 30, 2025

GAAP

Share-based compensation

Employer payroll taxes on employee stock transactions

Amortization of intangibles

Transaction, restructuring, and other

Non-GAAP

Non-GAAP income from operations:

Cost of revenue

89,764

(10,015

)

(289

)

(859

)

—

78,601

Gross profit

404,085

10,015

289

859

—

415,248

Gross margin

Research and development

114,992

(29,718

)

(1,156

)

—

84,118

Sales and marketing

167,675

(22,576

)

(549

)

—

144,550

General and administrative

48,437

(14,505

)

(171

)

—

33,761

Amortization of other intangibles

—

(12

)

—

Income from operations

72,969

76,814

2,165

871

—

152,819

Operating margin

Three Months Ended September 30, 2024

GAAP

Share-based compensation

Employer payroll taxes on employee stock transactions

Amortization of intangibles

Transaction, restructuring, and other

Non-GAAP

Non-GAAP income from operations:

Cost of revenue

77,784

(9,714

)

(431

)

(4,393

)

—

63,246

Gross profit

340,345

9,714

431

4,393

—

354,883

Gross margin

Research and development

95,366

(26,607

)

(1,305

)

—

67,454

Sales and marketing

144,224

(20,750

)

(729

)

—

122,745

General and administrative

48,953

(14,632

)

(306

)

—

34,015

Amortization of other intangibles

4,776

—

(4,776

)

—

Income from operations

47,026

71,703

2,771

9,169

—

130,669

Operating margin

DYNATRACE, INC.

GAAP to Non-GAAP Reconciliations

(Unaudited - In thousands, except per share data)

Three Months Ended September 30,

2025

2024

Non-GAAP net income:

Net income

57,243

44,008

Income tax expense

29,862

13,830

Non-GAAP effective cash tax

(30,129

)

(30,856

)

Interest income, net

(13,242

)

(12,850

)

Cash received from interest, net

10,041

12,848

Share-based compensation

76,814

71,703

Employer payroll taxes on employee stock transactions

2,165

2,771

Amortization of intangibles

871

9,169

Transaction, restructuring, and other

—

(Gain) loss on currency translation

(894

)

2,038

Non-GAAP net income

132,731

112,661

Share count:

Weighted-average shares outstanding - basic

301,558

298,089

Weighted-average shares outstanding - diluted

304,303

301,373

Shares used in non-GAAP per share calculations:

Weighted-average shares outstanding - basic

301,558

298,089

Weighted-average shares outstanding - diluted

304,303

301,373

Non-GAAP net income per share:

Net income per share - basic

0.19

0.15

Net income per share - diluted

0.19

0.15

Non-GAAP net income per share - basic

0.44

0.38

Non-GAAP net income per share - diluted

0.44

0.37

Three Months Ended September 30,

2025

2024

Free cash flow:

Net cash provided by operating activities

32,017

23,650

Purchase of property and equipment

(4,187

)

(3,512

)

Capitalized software additions

—

Free cash flow

27,830

20,138

DYNATRACE, INC.

GAAP to Non-GAAP Reconciliations

(Unaudited - In thousands, except percentages)

Six Months Ended September 30, 2025

GAAP

Share-based compensation

Employer payroll taxes on employee stock transactions

Amortization of intangibles

Transaction, restructuring, and other

Non-GAAP

Non-GAAP income from operations:

Cost of revenue

174,973

(19,865

)

(1,705

)

(1,695

)

—

151,708

Gross profit

796,225

19,865

1,705

1,695

—

819,490

Gross margin

Research and development

223,164

(56,579

)

(4,559

)

—

162,026

Sales and marketing

332,989

(42,610

)

(2,850

)

—

287,529

General and administrative

104,741

(29,655

)

(1,076

)

—

74,010

Amortization of other intangibles

—

(24

)

—

Income from operations

135,307

148,709

10,190

1,719

—

295,925

Operating margin

Six Months Ended September 30, 2024

GAAP

Share-based compensation

Employer payroll taxes on employee stock transactions

Amortization of intangibles

Transaction, restructuring, and other

Non-GAAP

Non-GAAP income from operations:

Cost of revenue

152,537

(17,444

)

(1,317

)

(8,772

)

—

125,004

Gross profit

664,812

17,444

1,317

8,772

—

692,345

Gross margin

Research and development

182,944

(48,187

)

(3,714

)

—

)

131,040

Sales and marketing

289,330

(36,772

)

(2,233

)

—

250,325

General and administrative

93,931

(26,957

)

(916

)

—

66,061

Amortization of other intangibles

9,552

—

(9,552

)

—

Income from operations

89,055

129,360

8,180

18,324

—

244,919

Operating margin

DYNATRACE, INC.

GAAP to Non-GAAP Reconciliations

(Unaudited - In thousands, except per share data)

Six Months Ended September 30,

2025

2024

Non-GAAP net income:

Net income

105,198

82,628

Income tax expense

63,297

27,979

Non-GAAP effective cash tax

(58,793

)

(57,950

)

Interest income, net

(25,537

)

(25,625

)

Cash received from interest, net

21,876

24,618

Share-based compensation

148,709

129,360

Employer payroll taxes on employee stock transactions

10,190

8,180

Amortization of intangibles

1,719

18,324

Transaction, restructuring, and other

—

(Gain) loss on currency translation

(7,651

)

4,073

Non-GAAP net income

259,008

211,587

Share count:

Weighted-average shares outstanding - basic

300,859

297,736

Weighted-average shares outstanding - diluted

304,801

301,714

Shares used in non-GAAP per share calculations:

Weighted-average shares outstanding - basic

300,859

297,736

Weighted-average shares outstanding - diluted

304,801

301,714

Non-GAAP net income per share:

Net income per share - basic

0.35

0.28

Net income per share - diluted

0.35

0.27

Non-GAAP net income per share - basic

0.86

0.71

Non-GAAP net income per share - diluted

0.85

0.70

Six Months Ended September 30,

2025

2024

Free cash flow:

Net cash provided by operating activities

301,709

254,391

Purchase of property and equipment

(11,669

)

(6,871

)

Capitalized software additions

(194

)

—

Free cash flow

289,846

247,520