In Q1'26, ServiceNow's (NOW) operating cash flow reached $1.67B USD, reflecting a slight decline of 25% from the $2.24B USD peak in Q4'25, while free cash flow stood at $1.53B USD, down 24% from $2B USD in the prior quarter. This latest data point indicates robust but moderating cash generation amid seasonal patterns typical for the company. Over the period from Q2'23 to Q1'26, operating cash flow exhibited volatility with a clear upward trajectory, starting at $580M USD and peaking at $2.24B USD in Q4'25, driven by strong Q4 performances (averaging $1.82B USD annually) contrasted by softer Q2 and Q3 results (around $700M USD). Free cash flow followed a similar pattern, improving from $448M USD in Q2'23 to highs of $2B USD in Q4'25, highlighting consistent capital efficiency despite fluctuations, with overall growth underscoring expanding operations and profitability in the software sector.