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 Expedia Group (EXPE) spend its free cash flow?

For TTM through Q1 2026, Expedia Group generated $4.86B of operating cash flow and $4.69B of free cash flow — a free cash flow margin of 96.4% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Expedia Group (EXPE) return via buybacks and dividends?

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

Expedia Group (EXPE) Cash Flow Waterfall

Operating CF

$4.86B

Capex

-$173M

Free Cash Flow

$4.69B

FCF Margin

+96.4%

Cash flow waterfall for Expedia Group (EXPE) — TTM through Q1 2026

Free cash flow: $4.69B

Cash flow breakdown for Expedia Group (EXPE) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$4.86B	$4.86B
Capital Expenditure	-$173M	$4.69B
Free Cash Flow	$4.69B	$4.69B
Other Investing	-$414M	$4.27B
Share Buybacks	-$2.33B	$1.94B
Dividends Paid	-$207M	$1.73B
Net Debt Change	-$1.83B	-$97M
Other Financing	$52M	-$45M
Forex Effect	$100M	$55M
Net Cash Increase	$55M	$55M

Operating Cash Flow$4.86B
Capital Expenditure-$173M
Free Cash Flow$4.69B
Other Investing-$414M
Share Buybacks-$2.33B
Dividends Paid-$207M
Net Debt Change-$1.83B
Other Financing$52M
Forex Effect$100M
Net Cash Increase$55M

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

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