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 Halliburton (HAL) spend its free cash flow?

For TTM through Q2 2026, Halliburton generated $2.75B of operating cash flow and $1.73B of free cash flow — a free cash flow margin of 62.7% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Halliburton (HAL) return via buybacks and dividends?

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

Halliburton (HAL) Cash Flow Waterfall

Operating CF

$2.75B

Capex

-$1.03B

Free Cash Flow

$1.73B

FCF Margin

+62.7%

Cash flow waterfall for Halliburton (HAL) — TTM through Q2 2026

Free cash flow: $1.73B

Cash flow breakdown for Halliburton (HAL) — TTM through Q2 2026

Line item	Amount	Running total
Operating Cash Flow	$2.75B	$2.75B
Capital Expenditure	-$1.03B	$1.73B
Free Cash Flow	$1.73B	$1.73B
Acquisitions	$65M	$1.79B
Other Investing	$49M	$1.84B
Share Buybacks	-$600M	$1.24B
Dividends Paid	-$572M	$667M
Net Debt Change	-$389M	$278M
Other Financing & FX	-$268M	$10M
Net Cash Increase	$10M	$10M

Operating Cash Flow$2.75B
Capital Expenditure-$1.03B
Free Cash Flow$1.73B
Acquisitions$65M
Other Investing$49M
Share Buybacks-$600M
Dividends Paid-$572M
Net Debt Change-$389M
Other Financing & FX-$268M
Net Cash Increase$10M

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

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