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 Humana (HUM) spend its free cash flow?

For TTM through Q1 2026, Humana generated $1.84B of operating cash flow and $1.27B of free cash flow — a free cash flow margin of 69% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Humana (HUM) return via buybacks and dividends?

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

Humana (HUM) Cash Flow Waterfall

Operating CF

$1.84B

Capex

-$572M

Free Cash Flow

$1.27B

FCF Margin

+69.0%

Cash flow waterfall for Humana (HUM) — TTM through Q1 2026

Free cash flow: $1.27B

Cash flow breakdown for Humana (HUM) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$1.84B	$1.84B
Capital Expenditure	-$572M	$1.27B
Free Cash Flow	$1.27B	$1.27B
Acquisitions	-$877M	$395M
Other Investing	$855M	$1.25B
Share Buybacks	-$249M	$1B
Dividends Paid	-$429M	$572M
Net Debt Change	$627M	$1.2B
Other Financing & FX	-$498M	$701M
Net Cash Increase	$701M	$701M

Operating Cash Flow$1.84B
Capital Expenditure-$572M
Free Cash Flow$1.27B
Acquisitions-$877M
Other Investing$855M
Share Buybacks-$249M
Dividends Paid-$429M
Net Debt Change$627M
Other Financing & FX-$498M
Net Cash Increase$701M

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

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