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 GitLab (GTLB) spend its free cash flow?

For TTM through Q2 2026, GitLab generated $276M of operating cash flow and $263M of free cash flow — a free cash flow margin of 95.5% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did GitLab (GTLB) return via buybacks and dividends?

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

GitLab (GTLB) Cash Flow Waterfall

Operating CF

$276M

Capex

-$12.3M

Free Cash Flow

$263M

FCF Margin

+95.5%

Cash flow waterfall for GitLab (GTLB) — TTM through Q2 2026

Free cash flow: $263M

Note: Other Investing is large — driven mainly by purchases or sales of investments.

Cash flow breakdown for GitLab (GTLB) — TTM through Q2 2026

Line item	Amount	Running total
Operating Cash Flow	$276M	$276M
Capital Expenditure	-$12.3M	$263M
Free Cash Flow	$263M	$263M
Other Investing	-$169M	$94.5M
Share Buybacks	-$50M	$44.5M
Other Financing & FX	$35.2M	$79.6M
Net Cash Increase	$79.6M	$79.6M

Operating Cash Flow$276M
Capital Expenditure-$12.3M
Free Cash Flow$263M
Other Investing-$169M
Share Buybacks-$50M
Other Financing & FX$35.2M
Net Cash Increase$79.6M

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

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Buybacks1.33% TTM

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