As of Q2'26 (ending 2025-12-31), Microsoft reported Operating Cash Flow of USD 35.76B and Free Cash Flow of USD 5.88B. This represents a notable decrease in Free Cash Flow compared to the previous quarter, while Operating Cash Flow also declined from its Q1'26 peak. Over the period from Q3'23 to Q2'26, both Operating and Free Cash Flow have shown a generally upward trend with periodic volatility. Operating Cash Flow reached its highest point at USD 45.06B in Q1'26 before dropping in Q2'26, while Free Cash Flow peaked at USD 25.66B in Q1'26 but saw significant declines in several quarters, particularly in Q2'24, Q2'25, and Q2'26. The data highlights strong overall growth in cash generation, though Free Cash Flow has exhibited sharper fluctuations, indicating varying capital expenditure patterns or other cash outflows across quarters.