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 ASML (ASML) spend its free cash flow?

For TTM through Q2 2026, ASML generated €11.1B of operating cash flow and €9.64B of free cash flow — a free cash flow margin of 86.7% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

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

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

ASML (ASML) Cash Flow Waterfall

Operating CF

€11.1B

Capex

-€1.48B

Free Cash Flow

€9.64B

FCF Margin

+86.7%

Cash flow waterfall for ASML (ASML) — TTM through Q2 2026

Free cash flow: €9.64B

Cash flow breakdown for ASML (ASML) — TTM through Q2 2026

Line item	Amount	Running total
Operating Cash Flow	€11.1B	€11.1B
Capital Expenditure	-€1.48B	€9.64B
Free Cash Flow	€9.64B	€9.64B
Acquisitions	-€1.21B	€8.43B
Other Investing	-€1.66B	€6.78B
Share Buybacks	-€3.93B	€2.84B
Dividends Paid	-€2.9B	-€61.6M
Net Debt Change	-€979M	-€1.04B
Other Financing	€125M	-€915M
Forex Effect	€276M	-€639M
Net Cash Decrease	-€639M	-€639M

Operating Cash Flow€11.1B
Capital Expenditure-€1.48B
Free Cash Flow€9.64B
Acquisitions-€1.21B
Other Investing-€1.66B
Share Buybacks-€3.93B
Dividends Paid-€2.9B
Net Debt Change-€979M
Other Financing€125M
Forex Effect€276M
Net Cash Decrease-€639M

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

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