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 GameStop (GME) spend its free cash flow?

For TTM through Q2 2026, GameStop generated $760M of operating cash flow and $741M of free cash flow — a free cash flow margin of 97.5% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did GameStop (GME) return via buybacks and dividends?

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

GameStop (GME) Cash Flow Waterfall

Operating CF

$760M

Capex

-$19.1M

Free Cash Flow

$741M

FCF Margin

+97.5%

Cash flow waterfall for GameStop (GME) — TTM through Q2 2026

Free cash flow: $741M

Note: Other Investing is large — driven mainly by acquisitions and investment activity.

Cash flow breakdown for GameStop (GME) — TTM through Q2 2026

Line item	Amount	Running total
Operating Cash Flow	$760M	$760M
Capital Expenditure	-$19.1M	$741M
Free Cash Flow	$741M	$741M
Other Investing	-$2.42B	-$1.68B
Net Debt Change	$2.69B	$1.01B
Other Financing & FX	-$16.2M	$996M
Net Cash Increase	$988M	$988M

Operating Cash Flow$760M
Capital Expenditure-$19.1M
Free Cash Flow$741M
Other Investing-$2.42B
Net Debt Change$2.69B
Other Financing & FX-$16.2M
Net Cash Increase$988M

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

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