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 ON Semiconductor (ON) spend its free cash flow?

For TTM through Q2 2026, ON Semiconductor generated $1.4B of operating cash flow and $1.45B of free cash flow — a free cash flow margin of 104.1% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did ON Semiconductor (ON) return via buybacks and dividends?

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

ON Semiconductor (ON) Cash Flow Waterfall

Operating CF

$1.4B

Capex

$56.6M

Free Cash Flow

$1.45B

FCF Margin

+104.1%

Cash flow waterfall for ON Semiconductor (ON) — TTM through Q2 2026

Free cash flow: $1.45B

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

Cash flow breakdown for ON Semiconductor (ON) — TTM through Q2 2026

Line item	Amount	Running total
Operating Cash Flow	$1.4B	$1.4B
Capital Expenditure	$56.6M	$1.45B
Free Cash Flow	$1.45B	$1.45B
Acquisitions	$118M	$1.57B
Other Investing	-$515M	$1.06B
Share Buybacks	-$1.42B	-$367M
Net Debt Change	-$376M	-$743M
Other Financing & FX	-$16.8M	-$760M
Net Cash Decrease	-$760M	-$760M

Operating Cash Flow$1.4B
Capital Expenditure$56.6M
Free Cash Flow$1.45B
Acquisitions$118M
Other Investing-$515M
Share Buybacks-$1.42B
Net Debt Change-$376M
Other Financing & FX-$16.8M
Net Cash Decrease-$760M

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

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