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 Huntington Ingalls Industries (HII) spend its free cash flow?

For TTM through Q1 2026, Huntington Ingalls Industries generated $1.2B of operating cash flow and $1.06B of free cash flow — a free cash flow margin of 88.3% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Huntington Ingalls Industries (HII) return via buybacks and dividends?

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

Huntington Ingalls Industries (HII) Cash Flow Waterfall

Operating CF

$1.2B

Capex

-$141M

Free Cash Flow

$1.06B

FCF Margin

+88.3%

Cash flow waterfall for Huntington Ingalls Industries (HII) — TTM through Q1 2026

Free cash flow: $1.06B

Cash flow breakdown for Huntington Ingalls Industries (HII) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$1.2B	$1.2B
Capital Expenditure	-$141M	$1.06B
Free Cash Flow	$1.06B	$1.06B
Other Investing	-$252M	$808M
Share Buybacks	-$43M	$765M
Dividends Paid	-$214M	$551M
Net Debt Change	-$500M	$51M
Other Financing & FX	-$2M	$49M
Net Cash Increase	$49M	$49M

Operating Cash Flow$1.2B
Capital Expenditure-$141M
Free Cash Flow$1.06B
Other Investing-$252M
Share Buybacks-$43M
Dividends Paid-$214M
Net Debt Change-$500M
Other Financing & FX-$2M
Net Cash Increase$49M

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

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