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 Etsy (ETSY) spend its free cash flow?

For TTM through Q1 2026, Etsy generated $725M of operating cash flow and $673M of free cash flow — a free cash flow margin of 92.8% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Etsy (ETSY) return via buybacks and dividends?

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

Etsy (ETSY) Cash Flow Waterfall

Operating CF

$725M

Capex

-$52.3M

Free Cash Flow

$673M

FCF Margin

+92.8%

Cash flow waterfall for Etsy (ETSY) — TTM through Q1 2026

Free cash flow: $673M

Cash flow breakdown for Etsy (ETSY) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$725M	$725M
Capital Expenditure	-$52.3M	$673M
Free Cash Flow	$673M	$673M
Other Investing	$88.6M	$761M
Share Buybacks	-$733M	$28.3M
Net Debt Change	$694M	$722M
Other Financing	-$84.4M	$638M
Forex Effect	$16.6M	$654M
Net Cash Increase	$654M	$654M

Operating Cash Flow$725M
Capital Expenditure-$52.3M
Free Cash Flow$673M
Other Investing$88.6M
Share Buybacks-$733M
Net Debt Change$694M
Other Financing-$84.4M
Forex Effect$16.6M
Net Cash Increase$654M

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

Frequently asked questions

Data & methodology

Etsy (ETSY) Key Financials

Charts, filings, and peer comparison for every metric

Explore more

Deep-dives across the income statement, cash flow, capital return, and valuation

Overview

ETSY Overview

Counters

Income Statement

Cash Flow

Capital Return

Buybacks15.24% TTM

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

Forecast & Valuation