In Q1'26, ASML's Operating Cash Flow recorded a negative value of -$2.19B USD, reflecting a significant outflow primarily driven by seasonal or operational factors, while Free Cash Flow stood at -$2.61B USD, indicating intensified capital expenditures relative to operating activities. This marks a downturn from the robust Q4'25 performance, where both metrics peaked at $14.53B USD and $14.24B USD, respectively. Over the period from Q2'23 to Q1'26, ASML's cash flows exhibit high volatility with a cyclical pattern, featuring strong positive surges in Q4'23 ($3.20B operating, $2.61B free), Q4'24 ($9.54B operating, $8.84B free), and Q4'25, contrasted by consistent quarterly losses in Q1 and Q3 periods, such as -$252M operating in Q1'24 and -$1.02B free in Q3'25. Overall, the trend shows accelerating growth in peak quarters, underscoring robust underlying business momentum despite periodic negative cash generations that highlight investment-heavy cycles in the semiconductor sector.