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 NVR (NVR) spend its free cash flow?

For TTM through Q1 2026, NVR generated $1.25B of operating cash flow and $1.23B of free cash flow — a free cash flow margin of 98.2% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did NVR (NVR) return via buybacks and dividends?

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

NVR (NVR) Cash Flow Waterfall

Operating CF

$1.25B

Capex

-$22.3M

Free Cash Flow

$1.23B

FCF Margin

+98.2%

Cash flow waterfall for NVR (NVR) — TTM through Q1 2026

Free cash flow: $1.23B

Cash flow breakdown for NVR (NVR) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$1.25B	$1.25B
Capital Expenditure	-$22.3M	$1.23B
Free Cash Flow	$1.23B	$1.23B
Other Investing	-$21.4M	$1.21B
Share Buybacks	-$1.88B	-$672M
Other Financing & FX	$114M	-$558M
Net Cash Decrease	-$558M	-$558M

Operating Cash Flow$1.25B
Capital Expenditure-$22.3M
Free Cash Flow$1.23B
Other Investing-$21.4M
Share Buybacks-$1.88B
Other Financing & FX$114M
Net Cash Decrease-$558M

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

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