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 Kenvue (KVUE) spend its free cash flow?

For TTM through Q1 2026, Kenvue generated $2.26B of operating cash flow and $1.82B of free cash flow — a free cash flow margin of 80.7% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Kenvue (KVUE) return via buybacks and dividends?

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

Kenvue (KVUE) Cash Flow Waterfall

Operating CF

$2.26B

Capex

-$435M

Free Cash Flow

$1.82B

FCF Margin

+80.7%

Cash flow waterfall for Kenvue (KVUE) — TTM through Q1 2026

Free cash flow: $1.82B

Cash flow breakdown for Kenvue (KVUE) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$2.26B	$2.26B
Capital Expenditure	-$435M	$1.82B
Free Cash Flow	$1.82B	$1.82B
Other Investing	-$1M	$1.82B
Share Buybacks	-$134M	$1.69B
Net Debt Change	$351M	$2.04B
Other Financing & FX	-$2.02B	$18M
Net Cash Increase	$18M	$18M

Operating Cash Flow$2.26B
Capital Expenditure-$435M
Free Cash Flow$1.82B
Other Investing-$1M
Share Buybacks-$134M
Net Debt Change$351M
Other Financing & FX-$2.02B
Net Cash Increase$18M

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

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