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 Domino's Pizza (DPZ) spend its free cash flow?

For TTM through Q2 2026, Domino's Pizza generated $778M of operating cash flow and $653M of free cash flow — a free cash flow margin of 84% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Domino's Pizza (DPZ) return via buybacks and dividends?

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

Domino's Pizza (DPZ) Cash Flow Waterfall

Operating CF

$778M

Capex

-$124M

Free Cash Flow

$653M

FCF Margin

+84.0%

Cash flow waterfall for Domino's Pizza (DPZ) — TTM through Q2 2026

Free cash flow: $653M

Cash flow breakdown for Domino's Pizza (DPZ) — TTM through Q2 2026

Line item	Amount	Running total
Operating Cash Flow	$778M	$778M
Capital Expenditure	-$124M	$653M
Free Cash Flow	$653M	$653M
Other Investing	$14.7M	$668M
Share Buybacks	-$402M	$266M
Dividends Paid	-$245M	$21.1M
Net Debt Change	-$165M	-$144M
Other Financing & FX	$5.75M	-$138M
Net Cash Decrease	-$138M	-$138M

Operating Cash Flow$778M
Capital Expenditure-$124M
Free Cash Flow$653M
Other Investing$14.7M
Share Buybacks-$402M
Dividends Paid-$245M
Net Debt Change-$165M
Other Financing & FX$5.75M
Net Cash Decrease-$138M

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

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