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 Axon Enterprise (AXON) spend its free cash flow?

For TTM through Q1 2026, Axon Enterprise generated $154M of operating cash flow and $19.5M of free cash flow — a free cash flow margin of 12.7% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Axon Enterprise (AXON) return via buybacks and dividends?

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

Axon Enterprise (AXON) Cash Flow Waterfall

Operating CF

$154M

Capex

-$135M

Free Cash Flow

$19.5M

FCF Margin

+12.7%

Cash flow waterfall for Axon Enterprise (AXON) — TTM through Q1 2026

Free cash flow: $19.5M

Cash flow breakdown for Axon Enterprise (AXON) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$154M	$154M
Capital Expenditure	-$135M	$19.5M
Free Cash Flow	$19.5M	$19.5M
Acquisitions	-$1.2B	-$1.18B
Other Investing	$691M	-$486M
Net Debt Change	-$283M	-$769M
Other Financing	$130M	-$639M
Forex Effect	$5.08M	-$634M
Net Cash Decrease	-$634M	-$634M

Operating Cash Flow$154M
Capital Expenditure-$135M
Free Cash Flow$19.5M
Acquisitions-$1.2B
Other Investing$691M
Net Debt Change-$283M
Other Financing$130M
Forex Effect$5.08M
Net Cash Decrease-$634M

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

Frequently asked questions

Data & methodology

Axon Enterprise (AXON) Key Financials

Charts, filings, and peer comparison for every metric

Explore more

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

Overview

AXON Overview

Counters

Income Statement

Cash Flow

Capital Return

How this company returns cash to shareholders — buybacks, dividends, and stock splits.

Forecast & Valuation