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 Ferrari (RACE) spend its free cash flow?

For TTM through Q1 2026, Ferrari generated €4.2B of operating cash flow and €2.77B of free cash flow — a free cash flow margin of 65.9% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Ferrari (RACE) return via buybacks and dividends?

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

Ferrari (RACE) Cash Flow Waterfall

Operating CF

€4.2B

Capex

-€1.43B

Free Cash Flow

€2.77B

FCF Margin

+65.9%

Cash flow waterfall for Ferrari (RACE) — TTM through Q1 2026

Free cash flow: €2.77B

Cash flow breakdown for Ferrari (RACE) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	€4.2B	€4.2B
Capital Expenditure	-€1.43B	€2.77B
Free Cash Flow	€2.77B	€2.77B
Other Investing	-€234M	€2.53B
Share Buybacks	-€1.14B	€1.39B
Dividends Paid	-€1.06B	€324M
Net Debt Change	-€680M	-€357M
Other Financing & FX	-€47.3M	-€404M
Net Cash Decrease	-€404M	-€404M

Operating Cash Flow€4.2B
Capital Expenditure-€1.43B
Free Cash Flow€2.77B
Other Investing-€234M
Share Buybacks-€1.14B
Dividends Paid-€1.06B
Net Debt Change-€680M
Other Financing & FX-€47.3M
Net Cash Decrease-€404M

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

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