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 Honeywell International (HON) spend its free cash flow?

For TTM through Q1 2026, Honeywell International generated $5.13B of operating cash flow and $4.11B of free cash flow — a free cash flow margin of 80.1% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Honeywell International (HON) return via buybacks and dividends?

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

Honeywell International (HON) Cash Flow Waterfall

Operating CF

$5.13B

Capex

-$1.02B

Free Cash Flow

$4.11B

FCF Margin

+80.1%

Cash flow waterfall for Honeywell International (HON) — TTM through Q1 2026

Free cash flow: $4.11B

Cash flow breakdown for Honeywell International (HON) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$5.13B	$5.13B
Capital Expenditure	-$1.02B	$4.11B
Free Cash Flow	$4.11B	$4.11B
Acquisitions	-$2.2B	$1.91B
Other Investing	$763M	$2.67B
Share Buybacks	-$2.9B	-$229M
Dividends Paid	-$3.03B	-$3.25B
Net Debt Change	-$9.98B	-$13.2B
Other Financing	$15.4B	$2.17B
Forex Effect	$153M	$2.32B
Net Cash Increase	$2.32B	$2.32B

Operating Cash Flow$5.13B
Capital Expenditure-$1.02B
Free Cash Flow$4.11B
Acquisitions-$2.2B
Other Investing$763M
Share Buybacks-$2.9B
Dividends Paid-$3.03B
Net Debt Change-$9.98B
Other Financing$15.4B
Forex Effect$153M
Net Cash Increase$2.32B

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

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