As of Q2'26 (2026-01-31), PANW reported Operating Cash Flow of USD 554M and Free Cash Flow of USD 638M. Both metrics showed a moderate decrease from the prior quarter, with Operating Cash Flow dropping from USD 1.77B and Free Cash Flow from USD 1.69B. Over the period from Q3'23 to Q2'26, both Operating and Free Cash Flow displayed a cyclical pattern with significant spikes in Q1 of each fiscal year, peaking at USD 1.77B (Operating) and USD 1.69B (Free) in Q1'26. Outside of these peaks, cash flows generally ranged between USD 400M and USD 1B, indicating seasonality and strong first-quarter performance. The overall trend is upward, with higher peaks and troughs in the later periods compared to the earlier quarters.