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 Raymond James Financial (RJF) spend its free cash flow?

For TTM through Q2 2026, Raymond James Financial generated $1.89B of operating cash flow and $1.75B of free cash flow — a free cash flow margin of 92.8% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Raymond James Financial (RJF) return via buybacks and dividends?

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

Raymond James Financial (RJF) Cash Flow Waterfall

Operating CF

$1.89B

Capex

-$135M

Free Cash Flow

$1.75B

FCF Margin

+92.8%

Cash flow waterfall for Raymond James Financial (RJF) — TTM through Q2 2026

Free cash flow: $1.75B

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

Cash flow breakdown for Raymond James Financial (RJF) — TTM through Q2 2026

Line item	Amount	Running total
Operating Cash Flow	$1.89B	$1.89B
Capital Expenditure	-$135M	$1.75B
Free Cash Flow	$1.75B	$1.75B
Acquisitions	-$92M	$1.66B
Other Investing	-$4.39B	-$2.73B
Share Buybacks	-$1.27B	-$4.01B
Dividends Paid	-$323M	-$4.33B
Net Debt Change	$1.33B	-$3B
Other Financing	$5.11B	$2.12B
Forex Effect	-$112M	$2B
Net Cash Increase	$2B	$2B

Operating Cash Flow$1.89B
Capital Expenditure-$135M
Free Cash Flow$1.75B
Acquisitions-$92M
Other Investing-$4.39B
Share Buybacks-$1.27B
Dividends Paid-$323M
Net Debt Change$1.33B
Other Financing$5.11B
Forex Effect-$112M
Net Cash Increase$2B

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

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