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 Deere & Company (DE) spend its free cash flow?

For TTM through Q2 2026, Deere & Company generated $7.93B of operating cash flow and $3.77B of free cash flow — a free cash flow margin of 47.5% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Deere & Company (DE) return via buybacks and dividends?

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

Deere & Company (DE) Cash Flow Waterfall

Operating CF

$7.93B

Capex

-$4.17B

Free Cash Flow

$3.77B

FCF Margin

+47.5%

Cash flow waterfall for Deere & Company (DE) — TTM through Q2 2026

Free cash flow: $3.77B

Cash flow breakdown for Deere & Company (DE) — TTM through Q2 2026

Line item	Amount	Running total
Operating Cash Flow	$7.93B	$7.93B
Capital Expenditure	-$4.17B	$3.77B
Free Cash Flow	$3.77B	$3.77B
Acquisitions	$1.4B	$5.16B
Other Investing	$27M	$5.19B
Share Buybacks	-$800M	$4.39B
Dividends Paid	-$1.76B	$2.64B
Net Debt Change	-$2.75B	-$115M
Other Financing	-$80M	-$195M
Forex Effect	$188M	-$7M
Net Cash Decrease	-$7M	-$7M

Operating Cash Flow$7.93B
Capital Expenditure-$4.17B
Free Cash Flow$3.77B
Acquisitions$1.4B
Other Investing$27M
Share Buybacks-$800M
Dividends Paid-$1.76B
Net Debt Change-$2.75B
Other Financing-$80M
Forex Effect$188M
Net Cash Decrease-$7M

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

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