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 Uber (UBER) spend its free cash flow?

For TTM through Q1 2026, Uber generated $10.1B of operating cash flow and $9.8B of free cash flow — a free cash flow margin of 96.8% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Uber (UBER) return via buybacks and dividends?

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

Uber (UBER) Cash Flow Waterfall

Operating CF

$10.1B

Capex

-$327M

Free Cash Flow

$9.8B

FCF Margin

+96.8%

Cash flow waterfall for Uber (UBER) — TTM through Q1 2026

Free cash flow: $9.8B

Cash flow breakdown for Uber (UBER) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$10.1B	$10.1B
Capital Expenditure	-$327M	$9.8B
Free Cash Flow	$9.8B	$9.8B
Acquisitions	-$930M	$8.87B
Other Investing	-$2.65B	$6.22B
Share Buybacks	-$7.75B	-$1.53B
Net Debt Change	$859M	-$668M
Other Financing	$57M	-$611M
Forex Effect	$784M	$173M
Net Cash Increase	$173M	$173M

Operating Cash Flow$10.1B
Capital Expenditure-$327M
Free Cash Flow$9.8B
Acquisitions-$930M
Other Investing-$2.65B
Share Buybacks-$7.75B
Net Debt Change$859M
Other Financing$57M
Forex Effect$784M
Net Cash Increase$173M

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

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Buybacks5.25% TTM

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