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 Toast (TOST) spend its free cash flow?

For TTM through Q1 2026, Toast generated $714.00M of operating cash flow and $654.00M of free cash flow — a free cash flow margin of 91.6% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Toast (TOST) return via buybacks and dividends?

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

Toast (TOST) Cash Flow Waterfall

Operating CF

$714.00M

Capex

−$60.00M

Free Cash Flow

$654.00M

FCF Margin

+91.6%

Cash flow waterfall for Toast (TOST) — TTM through Q1 2026

Free cash flow: $654.00M

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

Cash flow breakdown for Toast (TOST) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$714.00M	$714.00M
Capital Expenditure	−$60.00M	$654.00M
Free Cash Flow	$654.00M	$654.00M
Other Investing	−$209.00M	$445.00M
Share Buybacks	−$413.00M	$32.00M
Net Debt Change	$67.00M	$99.00M
Other Financing	$53.00M	$152.00M
Forex Effect	−$59.00M	$93.00M
Net Cash Increase	$93.00M	$93.00M

Operating Cash Flow$714.00M
Capital Expenditure−$60.00M
Free Cash Flow$654.00M
Other Investing−$209.00M
Share Buybacks−$413.00M
Net Debt Change$67.00M
Other Financing$53.00M
Forex Effect−$59.00M
Net Cash Increase$93.00M

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

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