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 Devon Energy (DVN) spend its free cash flow?

For TTM through Q1 2026, Devon Energy generated $6.42B of operating cash flow and $2.64B of free cash flow — a free cash flow margin of 41% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Devon Energy (DVN) return via buybacks and dividends?

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

Devon Energy (DVN) Cash Flow Waterfall

Operating CF

$6.42B

Capex

-$3.79B

Free Cash Flow

$2.64B

FCF Margin

+41.0%

Cash flow waterfall for Devon Energy (DVN) — TTM through Q1 2026

Free cash flow: $2.64B

Cash flow breakdown for Devon Energy (DVN) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$6.42B	$6.42B
Capital Expenditure	-$3.79B	$2.64B
Free Cash Flow	$2.64B	$2.64B
Other Investing	$177M	$2.81B
Share Buybacks	-$818M	$2B
Dividends Paid	-$611M	$1.38B
Net Debt Change	-$496M	$888M
Other Financing & FX	-$308M	$580M
Net Cash Increase	$581M	$581M

Operating Cash Flow$6.42B
Capital Expenditure-$3.79B
Free Cash Flow$2.64B
Other Investing$177M
Share Buybacks-$818M
Dividends Paid-$611M
Net Debt Change-$496M
Other Financing & FX-$308M
Net Cash Increase$581M

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

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