In Q4'25, Palantir Technologies (PLTR) reported operating cash flow of $777M USD, marking a significant increase from $508M in Q3'25 and reflecting robust year-end performance. Free cash flow for the same period reached $764M USD, up from $501M in Q3'25, indicating strong liquidity after accounting for capital expenditures. Over the period from Q1'23 to Q4'25, both operating and free cash flows exhibited a clear upward trend, starting from lows of $187M and $183M respectively in Q1'23, with notable acceleration in 2024 and 2025 driven by quarterly gains—such as a jump to $420M operating cash flow in Q3'24. Significant inflection points include the Q4'23 surge to $301M for operating cash flow, followed by consistent growth averaging over 50% year-over-year in later quarters, underscoring improving operational efficiency and cash generation amid expanding business activities. The bar chart highlights minimal divergence between the two metrics, with free cash flow closely tracking operating cash flow, suggesting controlled capital spending.