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 RTX (RTX) spend its free cash flow?

For TTM through Q1 2026, RTX generated $11.1B of operating cash flow and $8.36B of free cash flow — a free cash flow margin of 75.2% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did RTX (RTX) return via buybacks and dividends?

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

RTX (RTX) Cash Flow Waterfall

Operating CF

$11.1B

Capex

-$2.76B

Free Cash Flow

$8.36B

FCF Margin

+75.2%

Cash flow waterfall for RTX (RTX) — TTM through Q1 2026

Free cash flow: $8.36B

Cash flow breakdown for RTX (RTX) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$11.1B	$11.1B
Capital Expenditure	-$2.76B	$8.36B
Free Cash Flow	$8.36B	$8.36B
Acquisitions	$1.19B	$9.55B
Other Investing	$375M	$9.92B
Dividends Paid	-$3.65B	$6.27B
Net Debt Change	-$3.95B	$2.33B
Other Financing & FX	-$647M	$1.68B
Net Cash Increase	$1.68B	$1.68B

Operating Cash Flow$11.1B
Capital Expenditure-$2.76B
Free Cash Flow$8.36B
Acquisitions$1.19B
Other Investing$375M
Dividends Paid-$3.65B
Net Debt Change-$3.95B
Other Financing & FX-$647M
Net Cash Increase$1.68B

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

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