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 MGM Resorts (MGM) spend its free cash flow?

For TTM through Q1 2026, MGM Resorts generated $2.73B of operating cash flow and $1.73B of free cash flow — a free cash flow margin of 63.5% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did MGM Resorts (MGM) return via buybacks and dividends?

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

MGM Resorts (MGM) Cash Flow Waterfall

Operating CF

$2.73B

Capex

-$996M

Free Cash Flow

$1.73B

FCF Margin

+63.5%

Cash flow waterfall for MGM Resorts (MGM) — TTM through Q1 2026

Free cash flow: $1.73B

Cash flow breakdown for MGM Resorts (MGM) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$2.73B	$2.73B
Capital Expenditure	-$996M	$1.73B
Free Cash Flow	$1.73B	$1.73B
Acquisitions	-$238M	$1.49B
Other Investing	-$190M	$1.3B
Share Buybacks	-$828M	$476M
Net Debt Change	-$52.4M	$424M
Other Financing & FX	-$402M	$21.6M
Net Cash Increase	$21.6M	$21.6M

Operating Cash Flow$2.73B
Capital Expenditure-$996M
Free Cash Flow$1.73B
Acquisitions-$238M
Other Investing-$190M
Share Buybacks-$828M
Net Debt Change-$52.4M
Other Financing & FX-$402M
Net Cash Increase$21.6M

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

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