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 Lennar (LEN) spend its free cash flow?

For TTM through Q2 2026, Lennar generated $988M of operating cash flow and $822M of free cash flow — a free cash flow margin of 83.2% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Lennar (LEN) return via buybacks and dividends?

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

Lennar (LEN) Cash Flow Waterfall

Operating CF

$988M

Capex

-$166M

Free Cash Flow

$822M

FCF Margin

+83.2%

Cash flow waterfall for Lennar (LEN) — TTM through Q2 2026

Free cash flow: $822M

Note: Other Investing is large — driven mainly by purchases or sales of investments.

Cash flow breakdown for Lennar (LEN) — TTM through Q2 2026

Line item	Amount	Running total
Operating Cash Flow	$988M	$988M
Capital Expenditure	-$166M	$822M
Free Cash Flow	$822M	$822M
Acquisitions	-$115M	$707M
Other Investing	$283M	$989M
Share Buybacks	-$1.25B	-$260M
Dividends Paid	-$502M	-$762M
Net Debt Change	$1.67B	$911M
Other Financing & FX	-$218M	$693M
Net Cash Increase	$693M	$693M

Operating Cash Flow$988M
Capital Expenditure-$166M
Free Cash Flow$822M
Acquisitions-$115M
Other Investing$283M
Share Buybacks-$1.25B
Dividends Paid-$502M
Net Debt Change$1.67B
Other Financing & FX-$218M
Net Cash Increase$693M

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

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