In Q4'25, Carvana's (CVNA) operating cash flow reached $430M USD, marking a robust improvement from the modest $29M USD in Q2'25 and reflecting strong year-end performance. Free cash flow for the same period stood at $379M USD, up significantly from a slight negative of -$2M USD in Q2'25, indicating enhanced liquidity after accounting for capital expenditures. Over the period from Q1'23 to Q4'25, operating cash flow exhibited volatility, starting with a loss of -$66M USD in Q1'23, surging to peaks of $599M USD in Q3'23 and $403M USD in Q3'24, before dipping to $60M USD in Q4'24 and recovering to consistent positives exceeding $200M USD in 2025 quarters. Free cash flow followed a similar trajectory, with early highs of $605M USD in Q3'23 offset by lows like -$243M USD in Q4'23 and -$2M USD in Q2'25, ultimately trending upward to demonstrate improving operational efficiency and cash generation in the latter half of the timeframe. This bar chart highlights a shift from erratic quarterly fluctuations to sustained positive momentum, underscoring CVNA's strengthening financial position.