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 Freight Holding Company (FDXF) spend its free cash flow?

For TTM through Q1 2026, FedEx Freight Holding Company generated $1.06B of operating cash flow and $698M of free cash flow — a free cash flow margin of 65.8% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did FedEx Freight Holding Company (FDXF) 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 Freight Holding Company's shareholder returns for TTM through Q1 2026. You can compare these against free cash flow to assess the capital-return payout ratio.

FedEx Freight Holding Company (FDXF) Cash Flow Waterfall

Operating CF

$1.06B

Capex

-$362M

Free Cash Flow

$698M

FCF Margin

+65.8%

Cash flow waterfall for FedEx Freight Holding Company (FDXF) — TTM through Q1 2026

Free cash flow: $698M

Cash flow breakdown for FedEx Freight Holding Company (FDXF) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$1.06B	$1.06B
Capital Expenditure	-$362M	$698M
Free Cash Flow	$698M	$698M
Other Investing	$55M	$753M
Net Debt Change	-$70M	$683M
Other Financing & FX	-$671M	$12M
Net Cash Increase	$121M	$121M

Operating Cash Flow$1.06B
Capital Expenditure-$362M
Free Cash Flow$698M
Other Investing$55M
Net Debt Change-$70M
Other Financing & FX-$671M
Net Cash Increase$121M

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

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