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 Arch Capital Group (ACGL) spend its free cash flow?

For TTM through Q1 2026, Arch Capital Group generated $5.9B of operating cash flow and $5.86B of free cash flow — a free cash flow margin of 99.3% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Arch Capital Group (ACGL) return via buybacks and dividends?

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

Arch Capital Group (ACGL) Cash Flow Waterfall

Operating CF

$5.9B

Capex

-$43M

Free Cash Flow

$5.86B

FCF Margin

+99.3%

Cash flow waterfall for Arch Capital Group (ACGL) — TTM through Q1 2026

Free cash flow: $5.86B

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

Cash flow breakdown for Arch Capital Group (ACGL) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$5.9B	$5.9B
Capital Expenditure	-$43M	$5.86B
Free Cash Flow	$5.86B	$5.86B
Other Investing	-$3.62B	$2.24B
Share Buybacks	-$2.47B	-$230M
Other Financing	-$11M	-$241M
Forex Effect	-$830M	-$1.07B
Net Cash Decrease	-$1.07B	-$1.07B

Operating Cash Flow$5.9B
Capital Expenditure-$43M
Free Cash Flow$5.86B
Other Investing-$3.62B
Share Buybacks-$2.47B
Other Financing-$11M
Forex Effect-$830M
Net Cash Decrease-$1.07B

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

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