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 Nebius Group (NBIS) spend its free cash flow?

For TTM through Q1 2026, Nebius Group generated $3.01B of operating cash flow and -$2.47B of free cash flow — a free cash flow margin of -82.1% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Nebius Group (NBIS) return via buybacks and dividends?

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

Nebius Group (NBIS) Cash Flow Waterfall

Operating CF

$3.01B

Capex

-$5.48B

Free Cash Flow

-$2.47B

FCF Margin

-82.1%

Cash flow waterfall for Nebius Group (NBIS) — TTM through Q1 2026

Free cash flow: -$2.47B

Cash flow breakdown for Nebius Group (NBIS) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$3.01B	$3.01B
Capital Expenditure	-$5.48B	-$2.47B
Free Cash Flow	-$2.47B	-$2.47B
Acquisitions	-$170M	-$2.64B
Other Investing	-$71.5M	-$2.71B
Net Debt Change	$7.5B	$4.79B
Other Financing	$3.1B	$7.89B
Forex Effect	-$74.2M	$7.81B
Net Cash Increase	$7.81B	$7.81B

Operating Cash Flow$3.01B
Capital Expenditure-$5.48B
Free Cash Flow-$2.47B
Acquisitions-$170M
Other Investing-$71.5M
Net Debt Change$7.5B
Other Financing$3.1B
Forex Effect-$74.2M
Net Cash Increase$7.81B

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

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