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 Marvell Technology (MRVL) spend its free cash flow?

For TTM through Q2 2026, Marvell Technology generated $2.06B of operating cash flow and $1.66B of free cash flow — a free cash flow margin of 80.9% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Marvell Technology (MRVL) return via buybacks and dividends?

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

Marvell Technology (MRVL) Cash Flow Waterfall

Operating CF

$2.06B

Capex

-$392M

Free Cash Flow

$1.66B

FCF Margin

+80.9%

Cash flow waterfall for Marvell Technology (MRVL) — TTM through Q2 2026

Free cash flow: $1.66B

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

Cash flow breakdown for Marvell Technology (MRVL) — TTM through Q2 2026

Line item	Amount	Running total
Operating Cash Flow	$2.06B	$2.06B
Capital Expenditure	-$392M	$1.66B
Free Cash Flow	$1.66B	$1.66B
Acquisitions	-$1.27B	$393M
Other Investing	$2.43B	$2.83B
Share Buybacks	-$1.9B	$927M
Dividends Paid	-$207M	$720M
Net Debt Change	$768M	$1.49B
Other Financing & FX	$1.47B	$2.96B
Net Cash Increase	$2.96B	$2.96B

Operating Cash Flow$2.06B
Capital Expenditure-$392M
Free Cash Flow$1.66B
Acquisitions-$1.27B
Other Investing$2.43B
Share Buybacks-$1.9B
Dividends Paid-$207M
Net Debt Change$768M
Other Financing & FX$1.47B
Net Cash Increase$2.96B

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

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