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 Fidelity National Information Services (FIS) spend its free cash flow?

For TTM through Q1 2026, Fidelity National Information Services generated $2.95B of operating cash flow and $2.78B of free cash flow — a free cash flow margin of 94.3% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Fidelity National Information Services (FIS) return via buybacks and dividends?

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

Fidelity National Information Services (FIS) Cash Flow Waterfall

Operating CF

$2.95B

Capex

-$167M

Free Cash Flow

$2.78B

FCF Margin

+94.3%

Cash flow waterfall for Fidelity National Information Services (FIS) — TTM through Q1 2026

Free cash flow: $2.78B

Cash flow breakdown for Fidelity National Information Services (FIS) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$2.95B	$2.95B
Capital Expenditure	-$167M	$2.78B
Free Cash Flow	$2.78B	$2.78B
Acquisitions	-$8.43B	-$5.65B
Other Investing	-$1.12B	-$6.77B
Share Buybacks	-$955M	-$7.72B
Dividends Paid	-$859M	-$8.58B
Net Debt Change	$8.57B	-$11M
Other Financing & FX	-$39M	-$50M
Net Cash Decrease	-$50M	-$50M

Operating Cash Flow$2.95B
Capital Expenditure-$167M
Free Cash Flow$2.78B
Acquisitions-$8.43B
Other Investing-$1.12B
Share Buybacks-$955M
Dividends Paid-$859M
Net Debt Change$8.57B
Other Financing & FX-$39M
Net Cash Decrease-$50M

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

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