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 Veeva Systems (VEEV) spend its free cash flow?

For TTM through Q2 2026, Veeva Systems generated $1.67B of operating cash flow and $1.64B of free cash flow — a free cash flow margin of 98.7% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Veeva Systems (VEEV) return via buybacks and dividends?

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

Veeva Systems (VEEV) Cash Flow Waterfall

Operating CF

$1.67B

Capex

-$21.4M

Free Cash Flow

$1.64B

FCF Margin

+98.7%

Cash flow waterfall for Veeva Systems (VEEV) — TTM through Q2 2026

Free cash flow: $1.64B

Note: Other Investing is large — driven mainly by purchases or sales of investments.

Cash flow breakdown for Veeva Systems (VEEV) — TTM through Q2 2026

Line item	Amount	Running total
Operating Cash Flow	$1.67B	$1.67B
Capital Expenditure	-$21.4M	$1.64B
Free Cash Flow	$1.64B	$1.64B
Acquisitions	-$75.5M	$1.57B
Other Investing	-$1.34B	$224M
Share Buybacks	-$397M	-$173M
Other Financing & FX	$104M	-$68.4M
Net Cash Decrease	-$68.4M	-$68.4M

Operating Cash Flow$1.67B
Capital Expenditure-$21.4M
Free Cash Flow$1.64B
Acquisitions-$75.5M
Other Investing-$1.34B
Share Buybacks-$397M
Other Financing & FX$104M
Net Cash Decrease-$68.4M

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

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Buybacks1.56% TTM

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