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 Workday (WDAY) spend its free cash flow?

For TTM through Q2 2026, Workday generated $3.18B of operating cash flow and $2.97B of free cash flow — a free cash flow margin of 93.5% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Workday (WDAY) return via buybacks and dividends?

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

Workday (WDAY) Cash Flow Waterfall

Operating CF

$3.18B

Capex

-$206M

Free Cash Flow

$2.97B

FCF Margin

+93.5%

Cash flow waterfall for Workday (WDAY) — TTM through Q2 2026

Free cash flow: $2.97B

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

Cash flow breakdown for Workday (WDAY) — TTM through Q2 2026

Line item	Amount	Running total
Operating Cash Flow	$3.18B	$3.18B
Capital Expenditure	-$206M	$2.97B
Free Cash Flow	$2.97B	$2.97B
Acquisitions	-$2.08B	$892M
Other Investing	$3.24B	$4.13B
Share Buybacks	-$4.19B	-$62M
Other Financing & FX	-$358M	-$420M
Net Cash Decrease	-$420M	-$420M

Operating Cash Flow$3.18B
Capital Expenditure-$206M
Free Cash Flow$2.97B
Acquisitions-$2.08B
Other Investing$3.24B
Share Buybacks-$4.19B
Other Financing & FX-$358M
Net Cash Decrease-$420M

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

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Capital Return

Buybacks13.49% TTM

How this company returns cash to shareholders — buybacks, dividends, and stock splits.

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