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 Broadcom (AVGO) spend its free cash flow?

For TTM through Q2 2026, Broadcom generated $33.6B of operating cash flow and $32.8B of free cash flow — a free cash flow margin of 97.4% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Broadcom (AVGO) return via buybacks and dividends?

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

Broadcom (AVGO) Cash Flow Waterfall

Operating CF

$33.6B

Capex

-$860M

Free Cash Flow

$32.8B

FCF Margin

+97.4%

Cash flow waterfall for Broadcom (AVGO) — TTM through Q2 2026

Free cash flow: $32.8B

Cash flow breakdown for Broadcom (AVGO) — TTM through Q2 2026

Line item	Amount	Running total
Operating Cash Flow	$33.6B	$33.6B
Capital Expenditure	-$860M	$32.8B
Free Cash Flow	$32.8B	$32.8B
Other Investing	$264M	$33B
Share Buybacks	-$8.51B	$24.5B
Dividends Paid	-$11.8B	$12.8B
Net Debt Change	-$2.74B	$10B
Other Financing & FX	$143M	$10.2B
Net Cash Increase	$10.2B	$10.2B

Operating Cash Flow$33.6B
Capital Expenditure-$860M
Free Cash Flow$32.8B
Other Investing$264M
Share Buybacks-$8.51B
Dividends Paid-$11.8B
Net Debt Change-$2.74B
Other Financing & FX$143M
Net Cash Increase$10.2B

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

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