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 DaVita (DVA) spend its free cash flow?

For TTM through Q1 2026, DaVita generated $2.03B of operating cash flow and $1.49B of free cash flow — a free cash flow margin of 73.6% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did DaVita (DVA) return via buybacks and dividends?

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

DaVita (DVA) Cash Flow Waterfall

Operating CF

$2.03B

Capex

-$535M

Free Cash Flow

$1.49B

FCF Margin

+73.6%

Cash flow waterfall for DaVita (DVA) — TTM through Q1 2026

Free cash flow: $1.49B

Cash flow breakdown for DaVita (DVA) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$2.03B	$2.03B
Capital Expenditure	-$535M	$1.49B
Free Cash Flow	$1.49B	$1.49B
Acquisitions	-$36.4M	$1.46B
Other Investing	-$60.8M	$1.4B
Share Buybacks	-$1.65B	-$252M
Net Debt Change	$1.65B	$1.4B
Other Financing & FX	-$1.2B	$202M
Net Cash Increase	$202M	$202M

Operating Cash Flow$2.03B
Capital Expenditure-$535M
Free Cash Flow$1.49B
Acquisitions-$36.4M
Other Investing-$60.8M
Share Buybacks-$1.65B
Net Debt Change$1.65B
Other Financing & FX-$1.2B
Net Cash Increase$202M

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

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