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 Take-Two Interactive Software (TTWO) spend its free cash flow?

For TTM through Q1 2026, Take-Two Interactive Software generated $624M of operating cash flow and $450M 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 Take-Two Interactive Software (TTWO) return via buybacks and dividends?

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

Take-Two Interactive Software (TTWO) Cash Flow Waterfall

Operating CF

$624M

Capex

-$174M

Free Cash Flow

$450M

FCF Margin

+72.1%

Cash flow waterfall for Take-Two Interactive Software (TTWO) — TTM through Q1 2026

Free cash flow: $450M

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

Cash flow breakdown for Take-Two Interactive Software (TTWO) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$624M	$624M
Capital Expenditure	-$174M	$450M
Free Cash Flow	$450M	$450M
Other Investing	-$475M	-$24.9M
Net Debt Change	-$1.15B	-$1.17B
Other Financing & FX	$1.25B	$78.9M
Net Cash Increase	$78.9M	$78.9M

Operating Cash Flow$624M
Capital Expenditure-$174M
Free Cash Flow$450M
Other Investing-$475M
Net Debt Change-$1.15B
Other Financing & FX$1.25B
Net Cash Increase$78.9M

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

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