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 Sandisk (SNDK) spend its free cash flow?

For TTM through Q2 2026, Sandisk generated $4.64B of operating cash flow and $4.46B of free cash flow — a free cash flow margin of 96.1% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Sandisk (SNDK) return via buybacks and dividends?

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

Sandisk (SNDK) Cash Flow Waterfall

Operating CF

$4.64B

Capex

-$179M

Free Cash Flow

$4.46B

FCF Margin

+96.1%

Cash flow waterfall for Sandisk (SNDK) — TTM through Q2 2026

Free cash flow: $4.46B

Cash flow breakdown for Sandisk (SNDK) — TTM through Q2 2026

Line item	Amount	Running total
Operating Cash Flow	$4.64B	$4.64B
Capital Expenditure	-$179M	$4.46B
Free Cash Flow	$4.46B	$4.46B
Other Investing	-$101M	$4.36B
Net Debt Change	-$2B	$2.36B
Other Financing & FX	-$131M	$2.23B
Net Cash Increase	$2.23B	$2.23B

Operating Cash Flow$4.64B
Capital Expenditure-$179M
Free Cash Flow$4.46B
Other Investing-$101M
Net Debt Change-$2B
Other Financing & FX-$131M
Net Cash Increase$2.23B

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

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