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 Okta (OKTA) spend its free cash flow?

For TTM through Q2 2026, Okta generated $920M of operating cash flow and $901M of free cash flow — a free cash flow margin of 97.9% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Okta (OKTA) return via buybacks and dividends?

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

Okta (OKTA) Cash Flow Waterfall

Operating CF

$920M

Capex

-$19M

Free Cash Flow

$901M

FCF Margin

+97.9%

Cash flow waterfall for Okta (OKTA) — TTM through Q2 2026

Free cash flow: $901M

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

Cash flow breakdown for Okta (OKTA) — TTM through Q2 2026

Line item	Amount	Running total
Operating Cash Flow	$920M	$920M
Capital Expenditure	-$19M	$901M
Free Cash Flow	$901M	$901M
Acquisitions	-$53M	$848M
Other Investing	$385M	$1.23B
Share Buybacks	-$248M	$985M
Net Debt Change	-$508M	$477M
Other Financing & FX	-$209M	$268M
Net Cash Increase	$268M	$268M

Operating Cash Flow$920M
Capital Expenditure-$19M
Free Cash Flow$901M
Acquisitions-$53M
Other Investing$385M
Share Buybacks-$248M
Net Debt Change-$508M
Other Financing & FX-$209M
Net Cash Increase$268M

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

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Buybacks1.91% TTM

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