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 TKO Group Holdings (TKO) spend its free cash flow?

For TTM through Q1 2026, TKO Group Holdings generated $1.82B of operating cash flow and $1.75B 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 TKO Group Holdings (TKO) return via buybacks and dividends?

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

TKO Group Holdings (TKO) Cash Flow Waterfall

Operating CF

$1.82B

Capex

-$71M

Free Cash Flow

$1.75B

FCF Margin

+96.1%

Cash flow waterfall for TKO Group Holdings (TKO) — TTM through Q1 2026

Free cash flow: $1.75B

Cash flow breakdown for TKO Group Holdings (TKO) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$1.82B	$1.82B
Capital Expenditure	-$71M	$1.75B
Free Cash Flow	$1.75B	$1.75B
Acquisitions	$112M	$1.86B
Other Investing	-$55.8M	$1.81B
Share Buybacks	-$1.71B	$101M
Dividends Paid	-$715M	-$614M
Net Debt Change	$1.86B	$1.24B
Other Financing & FX	-$147M	$1.1B
Net Cash Increase	$1.1B	$1.1B

Operating Cash Flow$1.82B
Capital Expenditure-$71M
Free Cash Flow$1.75B
Acquisitions$112M
Other Investing-$55.8M
Share Buybacks-$1.71B
Dividends Paid-$715M
Net Debt Change$1.86B
Other Financing & FX-$147M
Net Cash Increase$1.1B

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

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