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 Tractor Supply (TSCO) spend its free cash flow?

For TTM through Q1 2026, Tractor Supply generated $1.51B of operating cash flow and $554M of free cash flow — a free cash flow margin of 36.7% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Tractor Supply (TSCO) return via buybacks and dividends?

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

Tractor Supply (TSCO) Cash Flow Waterfall

Operating CF

$1.51B

Capex

-$956M

Free Cash Flow

$554M

FCF Margin

+36.7%

Cash flow waterfall for Tractor Supply (TSCO) — TTM through Q1 2026

Free cash flow: $554M

Note: Other Investing is large — driven mainly by acquisitions and investment activity.

Cash flow breakdown for Tractor Supply (TSCO) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$1.51B	$1.51B
Capital Expenditure	-$956M	$554M
Free Cash Flow	$554M	$554M
Other Investing	$267M	$821M
Share Buybacks	-$370M	$451M
Dividends Paid	-$492M	-$41.1M
Net Debt Change	$111M	$69.9M
Other Financing & FX	-$77.4M	-$7.45M
Net Cash Decrease	-$7.45M	-$7.45M

Operating Cash Flow$1.51B
Capital Expenditure-$956M
Free Cash Flow$554M
Other Investing$267M
Share Buybacks-$370M
Dividends Paid-$492M
Net Debt Change$111M
Other Financing & FX-$77.4M
Net Cash Decrease-$7.45M

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

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