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 Wynn Resorts (WYNN) spend its free cash flow?

For TTM through Q1 2026, Wynn Resorts generated $1.37B of operating cash flow and $693M of free cash flow — a free cash flow margin of 50.5% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Wynn Resorts (WYNN) return via buybacks and dividends?

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

Wynn Resorts (WYNN) Cash Flow Waterfall

Operating CF

$1.37B

Capex

-$679M

Free Cash Flow

$693M

FCF Margin

+50.5%

Cash flow waterfall for Wynn Resorts (WYNN) — TTM through Q1 2026

Free cash flow: $693M

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

Cash flow breakdown for Wynn Resorts (WYNN) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$1.37B	$1.37B
Capital Expenditure	-$679M	$693M
Free Cash Flow	$693M	$693M
Acquisitions	-$289M	$404M
Other Investing	-$755M	-$351M
Share Buybacks	-$238M	-$589M
Dividends Paid	-$175M	-$764M
Net Debt Change	-$28M	-$792M
Other Financing & FX	-$90.3M	-$882M
Net Cash Decrease	-$882M	-$882M

Operating Cash Flow$1.37B
Capital Expenditure-$679M
Free Cash Flow$693M
Acquisitions-$289M
Other Investing-$755M
Share Buybacks-$238M
Dividends Paid-$175M
Net Debt Change-$28M
Other Financing & FX-$90.3M
Net Cash Decrease-$882M

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

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