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 Direxion Daily XOM Bull 2X ETF (XOMX) spend its free cash flow?

For TTM through Q1 2026, Direxion Daily XOM Bull 2X ETF generated $47.72B of operating cash flow and $18.79B of free cash flow — a free cash flow margin of 39.4% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Direxion Daily XOM Bull 2X ETF (XOMX) return via buybacks and dividends?

The waterfall shows buybacks (share repurchases) and dividends paid as separate steps in the financing section. Together these represent Direxion Daily XOM Bull 2X ETF's shareholder returns for TTM through Q1 2026. You can compare these against free cash flow to assess the capital-return payout ratio.

Direxion Daily XOM Bull 2X ETF (XOMX) Cash Flow Waterfall

Operating CF

$47.72B

Capex

−$28.93B

Free Cash Flow

$18.79B

FCF Margin

+39.4%

Cash flow waterfall for Direxion Daily XOM Bull 2X ETF (XOMX) — TTM through Q1 2026

Free cash flow: $18.79B

Cash flow breakdown for Direxion Daily XOM Bull 2X ETF (XOMX) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$47.72B	$47.72B
Capital Expenditure	−$28.93B	$18.79B
Free Cash Flow	$18.79B	$18.79B
Other Investing	$1.13B	$19.92B
Share Buybacks	−$20.34B	−$413.00M
Dividends Paid	−$17.23B	−$17.64B
Other Financing & FX	$7.57B	−$10.08B
Net Cash Decrease	−$35.69B	−$35.69B

Operating Cash Flow$47.72B
Capital Expenditure−$28.93B
Free Cash Flow$18.79B
Other Investing$1.13B
Share Buybacks−$20.34B
Dividends Paid−$17.23B
Other Financing & FX$7.57B
Net Cash Decrease−$35.69B

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

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