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 NNN REIT (NNN) spend its free cash flow?

For TTM through Q1 2026, NNN REIT generated $651M of operating cash flow and $651M of free cash flow — a free cash flow margin of 100% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did NNN REIT (NNN) return via buybacks and dividends?

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

NNN REIT (NNN) Cash Flow Waterfall

Operating CF

$651M

Capex

$0.00

Free Cash Flow

$651M

FCF Margin

+100.0%

Cash flow waterfall for NNN REIT (NNN) — TTM through Q1 2026

Free cash flow: $651M

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

Cash flow breakdown for NNN REIT (NNN) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$651M	$651M
Capital Expenditure	$0.00	$651M
Free Cash Flow	$651M	$651M
Other Investing	-$639M	$11.8M
Dividends Paid	-$448M	-$437M
Net Debt Change	$359M	-$77.1M
Other Financing & FX	$77M	-$127K
Net Cash Decrease	-$127K	-$127K

Operating Cash Flow$651M
Capital Expenditure$0.00
Free Cash Flow$651M
Other Investing-$639M
Dividends Paid-$448M
Net Debt Change$359M
Other Financing & FX$77M
Net Cash Decrease-$127K

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

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NNN REIT (NNN) Key Financials

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Income Statement

Balance Sheet

Profitability

Operating Margin63.1%

Cash Flow

Capital Return

Forecast & Valuation

Operations

Employees100.0

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