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 AMD (AMD) spend its free cash flow?

For TTM through Q1 2026, AMD generated $9.73B of operating cash flow and $8.57B of free cash flow — a free cash flow margin of 88.2% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did AMD (AMD) return via buybacks and dividends?

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

AMD (AMD) Cash Flow Waterfall

Operating CF

$9.73B

Capex

-$1.15B

Free Cash Flow

$8.57B

FCF Margin

+88.2%

Cash flow waterfall for AMD (AMD) — TTM through Q1 2026

Free cash flow: $8.57B

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

Cash flow breakdown for AMD (AMD) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$9.73B	$9.73B
Capital Expenditure	-$1.15B	$8.57B
Free Cash Flow	$8.57B	$8.57B
Acquisitions	-$1.76B	$6.81B
Other Investing	-$4.83B	$1.98B
Share Buybacks	-$834M	$1.15B
Net Debt Change	-$2.44B	-$1.29B
Other Financing	$828M	-$463M
Forex Effect	$179M	-$284M
Net Cash Decrease	-$284M	-$284M

Operating Cash Flow$9.73B
Capital Expenditure-$1.15B
Free Cash Flow$8.57B
Acquisitions-$1.76B
Other Investing-$4.83B
Share Buybacks-$834M
Net Debt Change-$2.44B
Other Financing$828M
Forex Effect$179M
Net Cash Decrease-$284M

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

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