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 Expeditors International (EXPD) spend its free cash flow?

For TTM through Q1 2026, Expeditors International generated $973M of operating cash flow and $921M of free cash flow — a free cash flow margin of 94.6% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Expeditors International (EXPD) return via buybacks and dividends?

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

Expeditors International (EXPD) Cash Flow Waterfall

Operating CF

$973M

Capex

-$52.6M

Free Cash Flow

$921M

FCF Margin

+94.6%

Cash flow waterfall for Expeditors International (EXPD) — TTM through Q1 2026

Free cash flow: $921M

Cash flow breakdown for Expeditors International (EXPD) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$973M	$973M
Capital Expenditure	-$52.6M	$921M
Free Cash Flow	$921M	$921M
Other Investing	$8.37M	$929M
Share Buybacks	-$778M	$151M
Dividends Paid	-$207M	-$56.1M
Other Financing & FX	$54.1M	-$2.02M
Net Cash Decrease	-$2.02M	-$2.02M

Operating Cash Flow$973M
Capital Expenditure-$52.6M
Free Cash Flow$921M
Other Investing$8.37M
Share Buybacks-$778M
Dividends Paid-$207M
Other Financing & FX$54.1M
Net Cash Decrease-$2.02M

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

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