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 TJX Companies (TJX) spend its free cash flow?

For TTM through Q2 2026, TJX Companies generated $7.6B of operating cash flow and $5.48B of free cash flow — a free cash flow margin of 72.1% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did TJX Companies (TJX) return via buybacks and dividends?

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

TJX Companies (TJX) Cash Flow Waterfall

Operating CF

$7.6B

Capex

-$2.12B

Free Cash Flow

$5.48B

FCF Margin

+72.1%

Cash flow waterfall for TJX Companies (TJX) — TTM through Q2 2026

Free cash flow: $5.48B

Cash flow breakdown for TJX Companies (TJX) — TTM through Q2 2026

Line item	Amount	Running total
Operating Cash Flow	$7.6B	$7.6B
Capital Expenditure	-$2.12B	$5.48B
Free Cash Flow	$5.48B	$5.48B
Other Investing	-$29M	$5.45B
Share Buybacks	-$2.51B	$2.94B
Dividends Paid	-$1.89B	$1.04B
Other Financing & FX	$282M	$1.33B
Net Cash Increase	$1.33B	$1.33B

Operating Cash Flow$7.6B
Capital Expenditure-$2.12B
Free Cash Flow$5.48B
Other Investing-$29M
Share Buybacks-$2.51B
Dividends Paid-$1.89B
Other Financing & FX$282M
Net Cash Increase$1.33B

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

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