In the latest fiscal period Q4'26, Alibaba ( BABA ) reported an Operating Cash Flow of 9.41B USD and a Free Cash Flow of 9.41B USD. This represents a significant sequential decrease compared to the previous quarter, Q3'26, following the company's historical seasonal pattern. From Q1'24 to Q4'26, the company's cash flow exhibits strong seasonality, consistently peaking in the third quarter of each fiscal year, with Q3'25 reaching a high of 70.91B USD. However, the overall trend shows increasing volatility, particularly in Free Cash Flow, which recorded substantial negative values of -8.37B USD in Q4'24 and -56.02B USD in Q4'25. While the Operating Cash Flow remains positive throughout the period, the declining peaks in the most recent fiscal year suggest a tightening of cash generation capabilities.