As of Q2'26 (2025-09-30), Alibaba's latest Operating Cash Flow stands at USD 10.1B, while Free Cash Flow is also reported at USD 10.1B. This marks a significant decline compared to previous quarters, with both metrics dropping to their lowest levels in the observed period. Over the period from Q3'23 to Q2'26, both Operating and Free Cash Flow have exhibited considerable volatility. After peaking at USD 87.4B in Q3'23, cash flows experienced sharp fluctuations, including notable declines into negative territory for Free Cash Flow in Q4'23, Q4'24, and especially Q4'25 (USD -56B). The overall trend indicates a downward trajectory, with recent quarters showing a pronounced decrease and heightened instability in Alibaba's cash generation capabilities.