HomeCSP Cash Flow and Headroom
Headroom to Self-Fund (TTM Annualized) = FCF − Buybacks − Dividends ($B)
Headroom to Self-Fund (TTM Annualized) = FCF − Buybacks − Dividends ($B)#
The improvement in Google's and Meta's self-funding headroom came from cutting buybacks; Amazon deteriorated to minus $12B and Microsoft sits at zero.Draft, pending review
How to read this chart
Trailing four quarters to smooth seasonality. The gap to free cash flow is the burden of shareholder returns. Microsoft returns about $42B a year to shareholders, which absorbs all of its free cash flow.
Source: FinSight compilation and estimates · Updated 2026-09-03
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