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 Incyte (INCY) spend its free cash flow?

For TTM through Q1 2026, Incyte generated $1.52B of operating cash flow and $1.45B of free cash flow — a free cash flow margin of 95.7% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Incyte (INCY) return via buybacks and dividends?

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

Incyte (INCY) Cash Flow Waterfall

Operating CF

$1.52B

Capex

-$65.9M

Free Cash Flow

$1.45B

FCF Margin

+95.7%

Cash flow waterfall for Incyte (INCY) — TTM through Q1 2026

Free cash flow: $1.45B

Cash flow breakdown for Incyte (INCY) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$1.52B	$1.52B
Capital Expenditure	-$65.9M	$1.45B
Free Cash Flow	$1.45B	$1.45B
Other Investing	-$126M	$1.32B
Share Buybacks	-$26M	$1.3B
Other Financing & FX	$221M	$1.52B
Net Cash Increase	$1.52B	$1.52B

Operating Cash Flow$1.52B
Capital Expenditure-$65.9M
Free Cash Flow$1.45B
Other Investing-$126M
Share Buybacks-$26M
Other Financing & FX$221M
Net Cash Increase$1.52B

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

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