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 Snap (SNAP) spend its free cash flow?

For TTM through Q1 2026, Snap generated $831M of operating cash flow and $609M of free cash flow — a free cash flow margin of 73.2% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Snap (SNAP) return via buybacks and dividends?

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

Snap (SNAP) Cash Flow Waterfall

Operating CF

$831M

Capex

-$223M

Free Cash Flow

$609M

FCF Margin

+73.2%

Cash flow waterfall for Snap (SNAP) — TTM through Q1 2026

Free cash flow: $609M

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

Cash flow breakdown for Snap (SNAP) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$831M	$831M
Capital Expenditure	-$223M	$609M
Free Cash Flow	$609M	$609M
Acquisitions	-$74.9M	$534M
Other Investing	$525M	$1.06B
Share Buybacks	$600M	$1.66B
Net Debt Change	-$1.51B	$145M
Other Financing & FX	$3.32M	$149M
Net Cash Increase	$149M	$149M

Operating Cash Flow$831M
Capital Expenditure-$223M
Free Cash Flow$609M
Acquisitions-$74.9M
Other Investing$525M
Share Buybacks$600M
Net Debt Change-$1.51B
Other Financing & FX$3.32M
Net Cash Increase$149M

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

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Buybacks29.48% TTM

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

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