In Q3'26, ARM's Operating Cash Flow reached $365M USD, reflecting a moderate quarter-over-quarter increase from $258M in Q4'25, while Free Cash Flow stood at $186M USD, down slightly from $429M in Q2'26 but remaining positive amid ongoing capital investments. Over the period from Q4'23 to Q3'26, Operating Cash Flow exhibited volatility with alternating positive and negative quarters, peaking at $667M in Q4'24 before stabilizing in the $200M-$600M range, indicating improved operational efficiency despite seasonal dips like the -$290M in Q1'25. Free Cash Flow followed a similar erratic pattern, with a high of $656M in Q4'24 and a low of -$319M in Q1'25, but has trended toward consistent positivity since Q3'25, underscoring ARM's ability to generate cash after capital expenditures while highlighting sensitivity to quarterly fluctuations in R&D and expansion activities.