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 DraftKings (DKNG) spend its free cash flow?

For TTM through Q1 2026, DraftKings generated $733M of operating cash flow and $679M of free cash flow — a free cash flow margin of 92.5% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did DraftKings (DKNG) return via buybacks and dividends?

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

DraftKings (DKNG) Cash Flow Waterfall

Operating CF

$733M

Capex

-$54.9M

Free Cash Flow

$679M

FCF Margin

+92.5%

Cash flow waterfall for DraftKings (DKNG) — TTM through Q1 2026

Free cash flow: $679M

Cash flow breakdown for DraftKings (DKNG) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$733M	$733M
Capital Expenditure	-$54.9M	$679M
Free Cash Flow	$679M	$679M
Acquisitions	-$16.4M	$662M
Other Investing	-$104M	$558M
Share Buybacks	-$736M	-$177M
Other Financing	$19.2M	-$158M
Forex Effect	$945M	$787M
Net Cash Increase	$787M	$787M

Operating Cash Flow$733M
Capital Expenditure-$54.9M
Free Cash Flow$679M
Acquisitions-$16.4M
Other Investing-$104M
Share Buybacks-$736M
Other Financing$19.2M
Forex Effect$945M
Net Cash Increase$787M

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

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Buybacks6.98% TTM

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