What is a cash flow waterfall?

A cash flow waterfall is a bar chart that walks from operating cash flow through capital expenditure to free cash flow, then shows how the remaining cash is allocated — acquisitions, buybacks, dividends, debt, and other financing — ending at the net change in cash. Each step is colour-coded: green bars add to the running total, red bars subtract.

How does Analog Devices (ADI) spend its free cash flow?

For TTM through Q2 2026, Analog Devices generated $5.11B of operating cash flow and $4.57B of free cash flow — a free cash flow margin of 89.4% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Analog Devices (ADI) return via buybacks and dividends?

The waterfall shows buybacks (share repurchases) and dividends paid as separate steps in the financing section. Together these represent Analog Devices's shareholder returns for TTM through Q2 2026. You can compare these against free cash flow to assess the capital-return payout ratio.

Analog Devices (ADI) Cash Flow Waterfall

Operating CF

$5.11B

Capex

-$541M

Free Cash Flow

$4.57B

FCF Margin

+89.4%

Cash flow waterfall for Analog Devices (ADI) — TTM through Q2 2026

Free cash flow: $4.57B

Cash flow breakdown for Analog Devices (ADI) — TTM through Q2 2026

Line item	Amount	Running total
Operating Cash Flow	$5.11B	$5.11B
Capital Expenditure	-$541M	$4.57B
Free Cash Flow	$4.57B	$4.57B
Other Investing	-$1.07B	$3.49B
Share Buybacks	-$3.05B	$447M
Dividends Paid	-$2B	-$1.55B
Net Debt Change	$1.49B	-$58.4M
Other Financing & FX	$119M	$60.7M
Net Cash Increase	$60.7M	$60.7M

Operating Cash Flow$5.11B
Capital Expenditure-$541M
Free Cash Flow$4.57B
Other Investing-$1.07B
Share Buybacks-$3.05B
Dividends Paid-$2B
Net Debt Change$1.49B
Other Financing & FX$119M
Net Cash Increase$60.7M

Want to see what drove the FCF change?Free Cash Flow Bridge

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