In Q2'26, Applied Materials (AMAT) reported operating cash flow of $1.57B USD, reflecting a slight decline from $1.69B USD in Q1'26, while free cash flow stood at $1.06B USD, remaining stable compared to the prior quarter. This latest data point indicates moderated cash generation amid potential seasonal or operational factors. Over the period from Q3'23 to Q2'26, operating cash flow exhibited volatility with an overall upward trend, peaking at $2.83B USD in Q4'25 before dipping to $1.57B USD, driven by fluctuations such as a low of $0.93B USD in Q1'25 and recoveries exceeding $2.5B USD in multiple quarters. Free cash flow followed a similar pattern, ranging from a low of $0.54B USD in Q1'25 to highs around $2.3B USD in Q3'23 and Q4'24, underscoring consistent capital expenditure pressures but resilient core operations in the semiconductor sector.