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 Paramount Skydance (PSKY) spend its free cash flow?

For TTM through Q2 2026, Paramount Skydance generated $490M of operating cash flow and $296M of free cash flow — a free cash flow margin of 60.4% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Paramount Skydance (PSKY) return via buybacks and dividends?

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

Paramount Skydance (PSKY) Cash Flow Waterfall

Operating CF

$490M

Capex

-$194M

Free Cash Flow

$296M

FCF Margin

+60.4%

Cash flow waterfall for Paramount Skydance (PSKY) — TTM through Q2 2026

Free cash flow: $296M

Cash flow breakdown for Paramount Skydance (PSKY) — TTM through Q2 2026

Line item	Amount	Running total
Operating Cash Flow	$490M	$490M
Capital Expenditure	-$194M	$296M
Free Cash Flow	$296M	$296M
Acquisitions	-$2.83B	-$2.54B
Other Investing	$37M	-$2.5B
Share Buybacks	-$92M	-$2.59B
Dividends Paid	-$115M	-$2.71B
Net Debt Change	$1.08B	-$1.62B
Other Financing	-$241M	-$1.87B
Forex Effect	$21M	-$1.84B
Net Cash Decrease	-$1.84B	-$1.84B

Operating Cash Flow$490M
Capital Expenditure-$194M
Free Cash Flow$296M
Acquisitions-$2.83B
Other Investing$37M
Share Buybacks-$92M
Dividends Paid-$115M
Net Debt Change$1.08B
Other Financing-$241M
Forex Effect$21M
Net Cash Decrease-$1.84B

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

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