As of Q4'25, ASML reported Operating Cash Flow of USD 11B and Free Cash Flow of USD 10.6B, marking the highest levels observed in the period covered. This represents a substantial increase from the previous quarter, reversing the negative cash flow seen in Q3'25. From Q1'23 to Q4'25, both Operating and Free Cash Flow for ASML exhibited significant volatility, with multiple quarters of negative values, particularly in Q1'24, Q1'25, and Q3'25. Despite these fluctuations, the overall trend is upward, culminating in a dramatic surge in Q4'24 and Q4'25. These spikes suggest strong year-end cash generation, likely driven by seasonal or operational factors, and highlight a pattern of recovery and growth after periods of decline.