In Q4'25, COIN's Operating Cash Flow reached a robust $3.07B USD, marking a significant turnaround from the negative $785M USD in Q3'25 and reflecting strong year-end performance. Free Cash Flow mirrored this surge, also hitting $3.07B USD, driven by efficient capital management and operational efficiencies. Over the period from Q1'23 to Q4'25, both Operating and Free Cash Flow exhibited high volatility, with early quarters showing positive but fluctuating values (e.g., peaking at $447M USD for Free Cash Flow in Q1'23 before dipping to -$16M USD in Q4'23). A steady growth trend emerged in 2024, climbing from $411M USD in Q1'24 to $965M USD in Q4'24, only to face setbacks in 2025 with negatives in Q1'25 (-$183M USD) and Q3'25 (-$785M USD), before the explosive Q4'25 recovery that underscores potential cyclical influences in the cryptocurrency sector.