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 Las Vegas Sands (LVS) spend its free cash flow?

For TTM through Q1 2026, Las Vegas Sands generated $3.23B of operating cash flow and $2.32B of free cash flow — a free cash flow margin of 71.9% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Las Vegas Sands (LVS) return via buybacks and dividends?

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

Las Vegas Sands (LVS) Cash Flow Waterfall

Operating CF

$3.23B

Capex

-$908M

Free Cash Flow

$2.32B

FCF Margin

+71.9%

Cash flow waterfall for Las Vegas Sands (LVS) — TTM through Q1 2026

Free cash flow: $2.32B

Cash flow breakdown for Las Vegas Sands (LVS) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$3.23B	$3.23B
Capital Expenditure	-$908M	$2.32B
Free Cash Flow	$2.32B	$2.32B
Other Investing	-$41M	$2.28B
Share Buybacks	-$2.55B	-$273M
Dividends Paid	-$856M	-$1.13B
Net Debt Change	$1.74B	$614M
Other Financing & FX	-$320M	$294M
Net Cash Increase	$294M	$294M

Operating Cash Flow$3.23B
Capital Expenditure-$908M
Free Cash Flow$2.32B
Other Investing-$41M
Share Buybacks-$2.55B
Dividends Paid-$856M
Net Debt Change$1.74B
Other Financing & FX-$320M
Net Cash Increase$294M

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

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