Salesforce, Dell and Omnicom rank in Free Cash Flow ETF

Salesforce, Dell Technologies and Omnicom are among the top 10 holdings of the VictoryShares Free Cash Flow ETF (VFLO) after each reported strong fiscal 2026 free cash flow and announced large share repurchase programs.

Salesforce reported $14.4 billion in free cash flow for fiscal 2026, up 16% year over year. The company returned $12.7 billion to shareholders through repurchases and authorized a new $50 billion buyback program. Management described the authorization as reflecting confidence in the company’s long-term cash generation.

Dell generated record annual cash flow from operations of $11.2 billion and $8.6 billion in free cash flow for fiscal 2026. The company returned a record $7.5 billion to shareholders, repurchasing about 54 million shares. Dell authorized a $10 billion increase in repurchase capacity and raised its dividend by 20%.

Omnicom announced a $5 billion buyback program in February 2026. The plan includes approximately $2.5 billion in accelerated share repurchase arrangements.

As of April 30, 2026, Salesforce represented a 2.90% weight in VFLO, Dell 3.56% and Omnicom 3.22%. VFLO tracks the Victory U.S. Large Cap Free Cash Flow Index, which targets large-cap companies with strong expected free cash flow and above-average growth.

The fund’s index calculates expected free cash flow as the average of trailing 12-month free cash flow and next 12-month forward free cash flow. That expected free cash flow is divided by enterprise value to produce a free cash flow yield. The index applies profitability screens, excludes the slowest growers, and is rebalanced and reconstituted quarterly.

Free cash flow is operating cash flow minus capital expenditures. The metric shows the cash a company retains after funding capital needs and is one way to measure the capacity to fund dividends, buybacks or reinvestment without raising outside capital.

Michael Mack, Client Portfolio Manager for VictoryShares and Solutions, described stock repurchases as one use of free cash flow alongside dividends and reinvestment and noted repurchases are part of the fund’s selection focus.

The index provider VettaFi licenses the underlying index to VFLO but is not the ETF’s issuer or sponsor. ETF holdings and sector allocations can change over time. ETFs may trade at a premium or discount to net asset value, and companies with high free cash flow can underperform if market conditions shift or company-specific issues affect cash generation.