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 DocuSign (DOCU) spend its free cash flow?

For TTM through Q2 2026, DocuSign generated $1.24B of operating cash flow and $1.12B of free cash flow — a free cash flow margin of 90.7% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did DocuSign (DOCU) return via buybacks and dividends?

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

DocuSign (DOCU) Cash Flow Waterfall

Operating CF

$1.24B

Capex

-$115M

Free Cash Flow

$1.12B

FCF Margin

+90.7%

Cash flow waterfall for DocuSign (DOCU) — TTM through Q2 2026

Free cash flow: $1.12B

Cash flow breakdown for DocuSign (DOCU) — TTM through Q2 2026

Line item	Amount	Running total
Operating Cash Flow	$1.24B	$1.24B
Capital Expenditure	-$115M	$1.12B
Free Cash Flow	$1.12B	$1.12B
Other Investing	-$26M	$1.09B
Share Buybacks	-$1B	$91M
Net Debt Change	-$18.6M	$72.4M
Other Financing & FX	-$178M	-$106M
Net Cash Decrease	-$106M	-$106M

Operating Cash Flow$1.24B
Capital Expenditure-$115M
Free Cash Flow$1.12B
Other Investing-$26M
Share Buybacks-$1B
Net Debt Change-$18.6M
Other Financing & FX-$178M
Net Cash Decrease-$106M

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

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Capital Return

Buybacks11.16% TTM

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

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