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 J. M. Smucker (SJM) spend its free cash flow?

For TTM through Q2 2026, J. M. Smucker generated $1.47B of operating cash flow and $1.16B of free cash flow — a free cash flow margin of 78.5% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did J. M. Smucker (SJM) return via buybacks and dividends?

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

J. M. Smucker (SJM) Cash Flow Waterfall

Operating CF

$1.47B

Capex

-$317M

Free Cash Flow

$1.16B

FCF Margin

+78.5%

Cash flow waterfall for J. M. Smucker (SJM) — TTM through Q2 2026

Free cash flow: $1.16B

Cash flow breakdown for J. M. Smucker (SJM) — TTM through Q2 2026

Line item	Amount	Running total
Operating Cash Flow	$1.47B	$1.47B
Capital Expenditure	-$317M	$1.16B
Free Cash Flow	$1.16B	$1.16B
Other Investing	$58.6M	$1.21B
Dividends Paid	-$465M	$750M
Net Debt Change	-$751M	-$1.4M
Other Financing & FX	-$9.9M	-$11.3M
Net Cash Decrease	-$11.3M	-$11.3M

Operating Cash Flow$1.47B
Capital Expenditure-$317M
Free Cash Flow$1.16B
Other Investing$58.6M
Dividends Paid-$465M
Net Debt Change-$751M
Other Financing & FX-$9.9M
Net Cash Decrease-$11.3M

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

Frequently asked questions

Data & methodology

J. M. Smucker (SJM) Key Financials

Charts, filings, and peer comparison for every metric

Explore more

Deep-dives across the income statement, cash flow, capital return, and valuation

Overview

SJM Overview

Counters

Income Statement

Cash Flow

Capital Return

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

Forecast & Valuation