In Q4'25, ABNB's operating cash flow reached $526M USD, reflecting a modest quarter-over-quarter increase from $1.36B USD in Q3'25 but remaining below the seasonal highs observed in earlier periods. Free cash flow mirrored this closely at $526M USD, indicating minimal capital expenditures in the quarter and sustained operational efficiency. Over the period from Q1'23 to Q4'25, operating cash flow exhibited strong seasonality, peaking at $1.92B USD in Q1'24 and $1.79B USD in Q1'25, while dipping to lows of $63M USD in Q4'23 and $466M USD in Q4'24, suggesting robust first-quarter performance driven by travel demand followed by year-end slowdowns. Free cash flow followed a parallel trend, with consistent alignment to operating figures and notable growth from $1.58B USD in Q1'23 to highs exceeding $1.9B USD, underscoring improving cash generation amid volatile quarterly patterns typical of the hospitality sector. The overall trend points to positive long-term growth, with annual operating cash flow rising from approximately $3.5B USD in FY23 to around $4.6B USD in FY25, though persistent Q4 weakness highlights potential risks from off-peak seasonality.