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 Affirm Holdings (AFRM) spend its free cash flow?

For TTM through Q1 2026, Affirm Holdings generated $1.01B of operating cash flow and $787M of free cash flow — a free cash flow margin of 78% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Affirm Holdings (AFRM) return via buybacks and dividends?

The waterfall shows buybacks (share repurchases) and dividends paid as separate steps in the financing section. Together these represent Affirm Holdings's shareholder returns for TTM through Q1 2026. You can compare these against free cash flow to assess the capital-return payout ratio.

Affirm Holdings (AFRM) Cash Flow Waterfall

Operating CF

$1.01B

Capex

-$223M

Free Cash Flow

$787M

FCF Margin

+78.0%

Cash flow waterfall for Affirm Holdings (AFRM) — TTM through Q1 2026

Free cash flow: $787M

Note: Other Investing is large — driven mainly by purchases or sales of investments.

Cash flow breakdown for Affirm Holdings (AFRM) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$1.01B	$1.01B
Capital Expenditure	-$223M	$787M
Free Cash Flow	$787M	$787M
Other Investing	-$1.59B	-$800M
Share Buybacks	-$112M	-$913M
Net Debt Change	$1.67B	$762M
Other Financing & FX	-$23.3M	$738M
Net Cash Increase	$738M	$738M

Operating Cash Flow$1.01B
Capital Expenditure-$223M
Free Cash Flow$787M
Other Investing-$1.59B
Share Buybacks-$112M
Net Debt Change$1.67B
Other Financing & FX-$23.3M
Net Cash Increase$738M

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

Frequently asked questions

Data & methodology

Affirm Holdings (AFRM) Key Financials

Charts, filings, and peer comparison for every metric

Income Statement

Balance Sheet

Profitability

Cash Flow

Capital Return

Forecast & Valuation

Operations

Employees2.2K

Explore more

Deep-dives across the income statement, cash flow, capital return, and valuation

Overview

AFRM Overview

Counters