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 Tyler Technologies (TYL) spend its free cash flow?

For TTM through Q1 2026, Tyler Technologies generated $705M of operating cash flow and $688M of free cash flow — a free cash flow margin of 97.6% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Tyler Technologies (TYL) return via buybacks and dividends?

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

Tyler Technologies (TYL) Cash Flow Waterfall

Operating CF

$705M

Capex

-$16.9M

Free Cash Flow

$688M

FCF Margin

+97.6%

Cash flow waterfall for Tyler Technologies (TYL) — TTM through Q1 2026

Free cash flow: $688M

Cash flow breakdown for Tyler Technologies (TYL) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$705M	$705M
Capital Expenditure	-$16.9M	$688M
Free Cash Flow	$688M	$688M
Acquisitions	-$65.6M	$622M
Other Investing	$12.2M	$634M
Share Buybacks	-$250M	$384M
Net Debt Change	-$600M	-$216M
Other Financing & FX	-$174M	-$390M
Net Cash Decrease	-$390M	-$390M

Operating Cash Flow$705M
Capital Expenditure-$16.9M
Free Cash Flow$688M
Acquisitions-$65.6M
Other Investing$12.2M
Share Buybacks-$250M
Net Debt Change-$600M
Other Financing & FX-$174M
Net Cash Decrease-$390M

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

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