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 Simon Property Group (SPG) spend its free cash flow?

For TTM through Q1 2026, Simon Property Group generated $4.15B of operating cash flow and $3.26B of free cash flow — a free cash flow margin of 78.6% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Simon Property Group (SPG) return via buybacks and dividends?

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

Simon Property Group (SPG) Cash Flow Waterfall

Operating CF

$4.15B

Capex

-$891M

Free Cash Flow

$3.26B

FCF Margin

+78.6%

Cash flow waterfall for Simon Property Group (SPG) — TTM through Q1 2026

Free cash flow: $3.26B

Cash flow breakdown for Simon Property Group (SPG) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$4.15B	$4.15B
Capital Expenditure	-$891M	$3.26B
Free Cash Flow	$3.26B	$3.26B
Acquisitions	$344M	$3.61B
Other Investing	-$791M	$2.82B
Share Buybacks	-$417M	$2.4B
Dividends Paid	-$3.04B	-$640M
Net Debt Change	$75.3M	-$565M
Other Financing & FX	-$269M	-$834M
Net Cash Decrease	-$837M	-$837M

Operating Cash Flow$4.15B
Capital Expenditure-$891M
Free Cash Flow$3.26B
Acquisitions$344M
Other Investing-$791M
Share Buybacks-$417M
Dividends Paid-$3.04B
Net Debt Change$75.3M
Other Financing & FX-$269M
Net Cash Decrease-$837M

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

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Simon Property Group (SPG) Key Financials

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Income Statement

Balance Sheet

Profitability

Operating Margin48.3%

Cash Flow

Capital Return

Forecast & Valuation

Operations

Employees3.6K

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