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 Tapestry (TPR) spend its free cash flow?

For TTM through Q1 2026, Tapestry generated $1.9B of operating cash flow and $1.76B of free cash flow — a free cash flow margin of 92.2% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Tapestry (TPR) return via buybacks and dividends?

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

Tapestry (TPR) Cash Flow Waterfall

Operating CF

$1.9B

Capex

-$148M

Free Cash Flow

$1.76B

FCF Margin

+92.2%

Cash flow waterfall for Tapestry (TPR) — TTM through Q1 2026

Free cash flow: $1.76B

Cash flow breakdown for Tapestry (TPR) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$1.9B	$1.9B
Capital Expenditure	-$148M	$1.76B
Free Cash Flow	$1.76B	$1.76B
Other Investing	$104M	$1.86B
Share Buybacks	-$1.26B	$603M
Dividends Paid	-$318M	$285M
Net Debt Change	-$319M	-$34.6M
Other Financing & FX	$43.4M	$8.8M
Net Cash Increase	$8.8M	$8.8M

Operating Cash Flow$1.9B
Capital Expenditure-$148M
Free Cash Flow$1.76B
Other Investing$104M
Share Buybacks-$1.26B
Dividends Paid-$318M
Net Debt Change-$319M
Other Financing & FX$43.4M
Net Cash Increase$8.8M

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

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