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 FedEx (FDX) spend its free cash flow?

For TTM through Q2 2026, FedEx generated $8.93B of operating cash flow and $5.12B of free cash flow — a free cash flow margin of 57.3% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did FedEx (FDX) return via buybacks and dividends?

The waterfall shows buybacks (share repurchases) and dividends paid as separate steps in the financing section. Together these represent FedEx's shareholder returns for TTM through Q2 2026. You can compare these against free cash flow to assess the capital-return payout ratio.

FedEx (FDX) Cash Flow Waterfall

Operating CF

$8.93B

Capex

-$3.81B

Free Cash Flow

$5.12B

FCF Margin

+57.3%

Cash flow waterfall for FedEx (FDX) — TTM through Q2 2026

Free cash flow: $5.12B

Cash flow breakdown for FedEx (FDX) — TTM through Q2 2026

Line item	Amount	Running total
Operating Cash Flow	$8.93B	$8.93B
Capital Expenditure	-$3.81B	$5.12B
Free Cash Flow	$5.12B	$5.12B
Other Investing	-$102M	$5.01B
Share Buybacks	-$796M	$4.22B
Dividends Paid	-$1.37B	$2.84B
Net Debt Change	$3.98B	$6.83B
Other Financing & FX	$983M	$7.81B
Net Cash Increase	$7.81B	$7.81B

Operating Cash Flow$8.93B
Capital Expenditure-$3.81B
Free Cash Flow$5.12B
Other Investing-$102M
Share Buybacks-$796M
Dividends Paid-$1.37B
Net Debt Change$3.98B
Other Financing & FX$983M
Net Cash Increase$7.81B

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

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