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 KB Home (KBH) spend its free cash flow?

For TTM through Q1 2026, KB Home generated $547.60M of operating cash flow and $497.20M of free cash flow — a free cash flow margin of 90.8% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did KB Home (KBH) return via buybacks and dividends?

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

KB Home (KBH) Cash Flow Waterfall

Operating CF

$547.60M

Capex

−$50.40M

Free Cash Flow

$497.20M

FCF Margin

+90.8%

Cash flow waterfall for KB Home (KBH) — TTM through Q1 2026

Free cash flow: $497.20M

Cash flow breakdown for KB Home (KBH) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$547.60M	$547.60M
Capital Expenditure	−$50.40M	$497.20M
Free Cash Flow	$497.20M	$497.20M
Acquisitions	−$11.07M	$486.12M
Other Investing	−$10.59M	$475.53M
Share Buybacks	−$541.30M	−$65.77M
Dividends Paid	−$66.52M	−$132.29M
Net Debt Change	$89.72M	−$42.57M
Other Financing & FX	−$25.09M	−$67.66M
Net Cash Decrease	−$67.66M	−$67.66M

Operating Cash Flow$547.60M
Capital Expenditure−$50.40M
Free Cash Flow$497.20M
Acquisitions−$11.07M
Other Investing−$10.59M
Share Buybacks−$541.30M
Dividends Paid−$66.52M
Net Debt Change$89.72M
Other Financing & FX−$25.09M
Net Cash Decrease−$67.66M

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

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