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 Host Hotels & Resorts (HST) spend its free cash flow?

For TTM through Q1 2026, Host Hotels & Resorts generated $1.54B of operating cash flow and $923M of free cash flow — a free cash flow margin of 59.8% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Host Hotels & Resorts (HST) return via buybacks and dividends?

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

Host Hotels & Resorts (HST) Cash Flow Waterfall

Operating CF

$1.54B

Capex

-$620M

Free Cash Flow

$923M

FCF Margin

+59.8%

Cash flow waterfall for Host Hotels & Resorts (HST) — TTM through Q1 2026

Free cash flow: $923M

Note: Other Investing is large — driven mainly by acquisitions and investment activity.

Cash flow breakdown for Host Hotels & Resorts (HST) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$1.54B	$1.54B
Capital Expenditure	-$620M	$923M
Free Cash Flow	$923M	$923M
Other Investing	$1.11B	$2.03B
Share Buybacks	-$180M	$1.85B
Dividends Paid	-$654M	$1.2B
Other Financing	-$40M	$1.16B
Forex Effect	$57M	$1.22B
Net Cash Increase	$1.22B	$1.22B

Operating Cash Flow$1.54B
Capital Expenditure-$620M
Free Cash Flow$923M
Other Investing$1.11B
Share Buybacks-$180M
Dividends Paid-$654M
Other Financing-$40M
Forex Effect$57M
Net Cash Increase$1.22B

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

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Data & methodology

Host Hotels & Resorts (HST) Key Financials

Charts, filings, and peer comparison for every metric

Income Statement

Balance Sheet

Profitability

Operating Margin14.3%

Cash Flow

Capital Return

Forecast & Valuation

Operations

Employees162.0

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