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 Robinhood (HOOD) spend its free cash flow?

For TTM through Q1 2026, Robinhood generated $2.21B of operating cash flow and $2.15B of free cash flow — a free cash flow margin of 97.2% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Robinhood (HOOD) return via buybacks and dividends?

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

Robinhood (HOOD) Cash Flow Waterfall

Operating CF

$2.21B

Capex

-$61M

Free Cash Flow

$2.15B

FCF Margin

+97.2%

Cash flow waterfall for Robinhood (HOOD) — TTM through Q1 2026

Free cash flow: $2.15B

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

Cash flow breakdown for Robinhood (HOOD) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$2.21B	$2.21B
Capital Expenditure	-$61M	$2.15B
Free Cash Flow	$2.15B	$2.15B
Acquisitions	$891M	$3.04B
Other Investing	-$982M	$2.06B
Share Buybacks	-$581M	$1.48B
Net Debt Change	$2.08B	$3.56B
Other Financing	$277M	$3.84B
Forex Effect	-$2.13B	$1.7B
Net Cash Increase	$1.7B	$1.7B

Operating Cash Flow$2.21B
Capital Expenditure-$61M
Free Cash Flow$2.15B
Acquisitions$891M
Other Investing-$982M
Share Buybacks-$581M
Net Debt Change$2.08B
Other Financing$277M
Forex Effect-$2.13B
Net Cash Increase$1.7B

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

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Employees2.9K

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