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 BXP (BXP) spend its free cash flow?

For TTM through Q1 2026, BXP generated $1.19B of operating cash flow and $466M of free cash flow — a free cash flow margin of 39.1% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

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

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

BXP (BXP) Cash Flow Waterfall

Operating CF

$1.19B

Capex

-$726M

Free Cash Flow

$466M

FCF Margin

+39.1%

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

Free cash flow: $466M

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

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

Line item	Amount	Running total
Operating Cash Flow	$1.19B	$1.19B
Capital Expenditure	-$726M	$466M
Free Cash Flow	$466M	$466M
Acquisitions	-$92.4M	$373M
Other Investing	$462M	$836M
Dividends Paid	-$594M	$241M
Net Debt Change	-$70.5M	$171M
Other Financing & FX	-$68.9M	$102M
Net Cash Increase	$102M	$102M

Operating Cash Flow$1.19B
Capital Expenditure-$726M
Free Cash Flow$466M
Acquisitions-$92.4M
Other Investing$462M
Dividends Paid-$594M
Net Debt Change-$70.5M
Other Financing & FX-$68.9M
Net Cash Increase$102M

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

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BXP (BXP) Key Financials

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Income Statement

Balance Sheet

Profitability

Operating Margin35.2%

Cash Flow

Capital Return

Forecast & Valuation

Operations

Employees714.0

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