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 Roku (ROKU) spend its free cash flow?

For TTM through Q1 2026, Roku generated $659M of operating cash flow and $653M of free cash flow — a free cash flow margin of 99% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Roku (ROKU) return via buybacks and dividends?

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

Roku (ROKU) Cash Flow Waterfall

Operating CF

$659M

Capex

-$6.48M

Free Cash Flow

$653M

FCF Margin

+99.0%

Cash flow waterfall for Roku (ROKU) — TTM through Q1 2026

Free cash flow: $653M

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

Cash flow breakdown for Roku (ROKU) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$659M	$659M
Capital Expenditure	-$6.48M	$653M
Free Cash Flow	$653M	$653M
Other Investing	-$752M	-$99M
Share Buybacks	-$250M	-$349M
Other Financing & FX	-$258M	-$607M
Net Cash Decrease	-$607M	-$607M

Operating Cash Flow$659M
Capital Expenditure-$6.48M
Free Cash Flow$653M
Other Investing-$752M
Share Buybacks-$250M
Other Financing & FX-$258M
Net Cash Decrease-$607M

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

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Buybacks1.79% TTM

How this company returns cash to shareholders — buybacks, dividends, and stock splits.

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