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 Fox (FOXA) spend its free cash flow?

For TTM through Q1 2026, Fox generated $2.62B of operating cash flow and $2.36B of free cash flow — a free cash flow margin of 90.3% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Fox (FOXA) return via buybacks and dividends?

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

Fox (FOXA) Cash Flow Waterfall

Operating CF

$2.62B

Capex

-$254M

Free Cash Flow

$2.36B

FCF Margin

+90.3%

Cash flow waterfall for Fox (FOXA) — TTM through Q1 2026

Free cash flow: $2.36B

Cash flow breakdown for Fox (FOXA) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$2.62B	$2.62B
Capital Expenditure	-$254M	$2.36B
Free Cash Flow	$2.36B	$2.36B
Acquisitions	-$105M	$2.26B
Other Investing	-$314M	$1.94B
Share Buybacks	-$2.15B	-$207M
Dividends Paid	-$285M	-$492M
Net Debt Change	-$600M	-$1.09B
Other Financing & FX	-$122M	-$1.21B
Net Cash Decrease	-$1.21B	-$1.21B

Operating Cash Flow$2.62B
Capital Expenditure-$254M
Free Cash Flow$2.36B
Acquisitions-$105M
Other Investing-$314M
Share Buybacks-$2.15B
Dividends Paid-$285M
Net Debt Change-$600M
Other Financing & FX-$122M
Net Cash Decrease-$1.21B

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

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