In Q1'26, American Express (AXP) reported operating cash flow of $3.8B USD, reflecting a moderate decline from the previous quarter's $3.1B USD in Q4'25 but remaining positive amid ongoing operational adjustments. Free cash flow for the same period stood at $2.7B USD, down from $2.3B USD in Q4'25, indicating sustained capital expenditures impacting available cash after investments. Over the period from Q2'23 to Q1'26, operating cash flow exhibited volatility, peaking at $8.2B USD in Q3'23 before dipping into negative territory at -$1.8B USD in Q3'24 due to seasonal or operational pressures, then stabilizing with quarterly figures generally ranging between $3B USD and $6.2B USD, culminating in a slight downward trend in recent quarters. Free cash flow followed a similar pattern, with a high of $7.8B USD in Q3'23, a notable low of -$2.3B USD in Q3'24, and subsequent recovery to levels around $2B-$5.6B USD, highlighting resilience in core operations despite intermittent declines and the influence of investment activities on overall cash generation.