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 EPAM Systems (EPAM) spend its free cash flow?

For TTM through Q1 2026, EPAM Systems generated $594M of operating cash flow and $544M of free cash flow — a free cash flow margin of 91.5% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did EPAM Systems (EPAM) return via buybacks and dividends?

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

EPAM Systems (EPAM) Cash Flow Waterfall

Operating CF

$594M

Capex

-$50.8M

Free Cash Flow

$544M

FCF Margin

+91.5%

Cash flow waterfall for EPAM Systems (EPAM) — TTM through Q1 2026

Free cash flow: $544M

Cash flow breakdown for EPAM Systems (EPAM) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$594M	$594M
Capital Expenditure	-$50.8M	$544M
Free Cash Flow	$544M	$544M
Other Investing	-$8.61M	$535M
Share Buybacks	-$826M	-$291M
Net Debt Change	$138M	-$153M
Other Financing	-$5.73M	-$159M
Forex Effect	$23M	-$136M
Net Cash Decrease	-$136M	-$136M

Operating Cash Flow$594M
Capital Expenditure-$50.8M
Free Cash Flow$544M
Other Investing-$8.61M
Share Buybacks-$826M
Net Debt Change$138M
Other Financing-$5.73M
Forex Effect$23M
Net Cash Decrease-$136M

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

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Buybacks11.34% TTM

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

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