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 D.R. Horton (DHI) spend its free cash flow?

For TTM through Q2 2026, D.R. Horton generated $3.35B of operating cash flow and $3.31B of free cash flow — a free cash flow margin of 98.7% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did D.R. Horton (DHI) return via buybacks and dividends?

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

D.R. Horton (DHI) Cash Flow Waterfall

Operating CF

$3.35B

Capex

-$43.8M

Free Cash Flow

$3.31B

FCF Margin

+98.7%

Cash flow waterfall for D.R. Horton (DHI) — TTM through Q2 2026

Free cash flow: $3.31B

Cash flow breakdown for D.R. Horton (DHI) — TTM through Q2 2026

Line item	Amount	Running total
Operating Cash Flow	$3.35B	$3.35B
Capital Expenditure	-$43.8M	$3.31B
Free Cash Flow	$3.31B	$3.31B
Acquisitions	-$83.4M	$3.23B
Other Investing	-$132M	$3.09B
Share Buybacks	-$2.94B	$155M
Dividends Paid	-$507M	-$352M
Net Debt Change	-$208M	-$560M
Other Financing & FX	$29.8M	-$530M
Net Cash Decrease	-$530M	-$530M

Operating Cash Flow$3.35B
Capital Expenditure-$43.8M
Free Cash Flow$3.31B
Acquisitions-$83.4M
Other Investing-$132M
Share Buybacks-$2.94B
Dividends Paid-$507M
Net Debt Change-$208M
Other Financing & FX$29.8M
Net Cash Decrease-$530M

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

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