The latest data point for Q4'25 shows Operating Cash Flow at $1.20B USD, marking a robust increase from the previous quarter's $943M USD, while Free Cash Flow stands at -$88M USD, reflecting ongoing capital expenditures that offset much of the operating gains. Over the period from Q1'23 to Q4'25, Operating Cash Flow has exhibited a clear upward trend, rising from $731M USD to $1.20B USD with notable accelerations in Q2'24 ($981M USD) and Q2'25 ($1.06B USD), though it experienced temporary dips in Q3'24 and Q1'25. In contrast, Free Cash Flow has been more volatile, transitioning from consistent negative values averaging around -$1.1B USD in early 2023 to positive territory in mid-2024 (peaking at $688M USD in Q2'24), before reverting to negatives in Q4'24 and Q4'25, underscoring fluctuating investment demands despite improving operations. This bar chart highlights Realty Income Corp's (O) strengthening cash generation capabilities amid variable capex pressures. ### Key Data Points - **Operating Cash Flow Trend**: Steady growth overall, with a compound annual growth rate implying ~13% increase from 2023 to 2025, driven by core real estate operations. - **Free Cash Flow Volatility**: Inflection point in Q1'24 when it turned positive, but recent quarters indicate persistent negative FCF due to expansions or maintenance, averaging -$200M USD in 2025. - **Insights for Analysts**: Positive OCF supports dividend sustainability for this REIT, but negative FCF in Q4'25 signals potential need for financing; monitor capex efficiency for future quarters.