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 Molina Healthcare (MOH) spend its free cash flow?

For TTM through Q2 2026, Molina Healthcare generated $365M of operating cash flow and $271M of free cash flow — a free cash flow margin of 74.2% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Molina Healthcare (MOH) return via buybacks and dividends?

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

Molina Healthcare (MOH) Cash Flow Waterfall

Operating CF

$365M

Capex

-$94M

Free Cash Flow

$271M

FCF Margin

+74.2%

Cash flow waterfall for Molina Healthcare (MOH) — TTM through Q2 2026

Free cash flow: $271M

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

Cash flow breakdown for Molina Healthcare (MOH) — TTM through Q2 2026

Line item	Amount	Running total
Operating Cash Flow	$365M	$365M
Capital Expenditure	-$94M	$271M
Free Cash Flow	$271M	$271M
Other Investing	$382M	$653M
Share Buybacks	-$500M	$153M
Net Debt Change	$388M	$541M
Other Financing & FX	-$37M	$504M
Net Cash Increase	$504M	$504M

Operating Cash Flow$365M
Capital Expenditure-$94M
Free Cash Flow$271M
Other Investing$382M
Share Buybacks-$500M
Net Debt Change$388M
Other Financing & FX-$37M
Net Cash Increase$504M

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

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