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 Unity Software (U) spend its free cash flow?

For TTM through Q1 2026, Unity Software generated $481M of operating cash flow and $463M of free cash flow — a free cash flow margin of 96.2% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Unity Software (U) return via buybacks and dividends?

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

Unity Software (U) Cash Flow Waterfall

Operating CF

$481M

Capex

-$18.1M

Free Cash Flow

$463M

FCF Margin

+96.2%

Cash flow waterfall for Unity Software (U) — TTM through Q1 2026

Free cash flow: $463M

Cash flow breakdown for Unity Software (U) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$481M	$481M
Capital Expenditure	-$18.1M	$463M
Free Cash Flow	$463M	$463M
Other Investing	-$5M	$458M
Other Financing	$109M	$568M
Forex Effect	$30.1M	$598M
Net Cash Increase	$598M	$598M

Operating Cash Flow$481M
Capital Expenditure-$18.1M
Free Cash Flow$463M
Other Investing-$5M
Other Financing$109M
Forex Effect$30.1M
Net Cash Increase$598M

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

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