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 Otis Worldwide (OTIS) spend its free cash flow?

For TTM through Q2 2026, Otis Worldwide generated $1.91B of operating cash flow and $1.75B of free cash flow — a free cash flow margin of 91.7% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Otis Worldwide (OTIS) return via buybacks and dividends?

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

Otis Worldwide (OTIS) Cash Flow Waterfall

Operating CF

$1.91B

Capex

-$159M

Free Cash Flow

$1.75B

FCF Margin

+91.7%

Cash flow waterfall for Otis Worldwide (OTIS) — TTM through Q2 2026

Free cash flow: $1.75B

Cash flow breakdown for Otis Worldwide (OTIS) — TTM through Q2 2026

Line item	Amount	Running total
Operating Cash Flow	$1.91B	$1.91B
Capital Expenditure	-$159M	$1.75B
Free Cash Flow	$1.75B	$1.75B
Acquisitions	-$64M	$1.68B
Other Investing	-$179M	$1.51B
Share Buybacks	-$1.06B	$450M
Dividends Paid	-$658M	-$208M
Net Debt Change	$58M	-$150M
Other Financing & FX	-$88M	-$238M
Net Cash Decrease	-$238M	-$238M

Operating Cash Flow$1.91B
Capital Expenditure-$159M
Free Cash Flow$1.75B
Acquisitions-$64M
Other Investing-$179M
Share Buybacks-$1.06B
Dividends Paid-$658M
Net Debt Change$58M
Other Financing & FX-$88M
Net Cash Decrease-$238M

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

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