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 Texas Instruments (TXN) spend its free cash flow?

For TTM through Q2 2026, Texas Instruments generated $8.67B of operating cash flow and $5.36B of free cash flow — a free cash flow margin of 61.8% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Texas Instruments (TXN) return via buybacks and dividends?

The waterfall shows buybacks (share repurchases) and dividends paid as separate steps in the financing section. Together these represent Texas Instruments's shareholder returns for TTM through Q2 2026. You can compare these against free cash flow to assess the capital-return payout ratio.

Texas Instruments (TXN) Cash Flow Waterfall

Operating CF

$8.67B

Capex

-$3.31B

Free Cash Flow

$5.36B

FCF Margin

+61.8%

Cash flow waterfall for Texas Instruments (TXN) — TTM through Q2 2026

Free cash flow: $5.36B

Cash flow breakdown for Texas Instruments (TXN) — TTM through Q2 2026

Line item	Amount	Running total
Operating Cash Flow	$8.67B	$8.67B
Capital Expenditure	-$3.31B	$5.36B
Free Cash Flow	$5.36B	$5.36B
Other Investing	$206M	$5.56B
Share Buybacks	-$680M	$4.88B
Dividends Paid	-$5.11B	-$231M
Other Financing & FX	$847M	$616M
Net Cash Increase	$616M	$616M

Operating Cash Flow$8.67B
Capital Expenditure-$3.31B
Free Cash Flow$5.36B
Other Investing$206M
Share Buybacks-$680M
Dividends Paid-$5.11B
Other Financing & FX$847M
Net Cash Increase$616M

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

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