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 Keysight Technologies (KEYS) spend its free cash flow?

For TTM through Q2 2026, Keysight Technologies generated $1.49B of operating cash flow and $1.45B 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 Keysight Technologies (KEYS) return via buybacks and dividends?

The waterfall shows buybacks (share repurchases) and dividends paid as separate steps in the financing section. Together these represent Keysight Technologies's shareholder returns for TTM through Q2 2026. You can compare these against free cash flow to assess the capital-return payout ratio.

Keysight Technologies (KEYS) Cash Flow Waterfall

Operating CF

$1.49B

Capex

-$42M

Free Cash Flow

$1.45B

FCF Margin

+97.2%

Cash flow waterfall for Keysight Technologies (KEYS) — TTM through Q2 2026

Free cash flow: $1.45B

Cash flow breakdown for Keysight Technologies (KEYS) — TTM through Q2 2026

Line item	Amount	Running total
Operating Cash Flow	$1.49B	$1.49B
Capital Expenditure	-$42M	$1.45B
Free Cash Flow	$1.45B	$1.45B
Acquisitions	-$2.04B	-$589M
Other Investing	$335M	-$254M
Share Buybacks	-$440M	-$694M
Net Debt Change	-$741M	-$1.44B
Other Financing	$723M	-$712M
Forex Effect	-$767M	-$1.48B
Net Cash Decrease	-$1.48B	-$1.48B

Operating Cash Flow$1.49B
Capital Expenditure-$42M
Free Cash Flow$1.45B
Acquisitions-$2.04B
Other Investing$335M
Share Buybacks-$440M
Net Debt Change-$741M
Other Financing$723M
Forex Effect-$767M
Net Cash Decrease-$1.48B

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

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Buybacks0.73% TTM

How this company returns cash to shareholders — buybacks, dividends, and stock splits.

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