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 Agnico Eagle Mines (AEM) spend its free cash flow?

For TTM through Q1 2026, Agnico Eagle Mines generated $7.15B of operating cash flow and $4.54B of free cash flow — a free cash flow margin of 63.6% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Agnico Eagle Mines (AEM) return via buybacks and dividends?

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

Agnico Eagle Mines (AEM) Cash Flow Waterfall

Operating CF

$7.15B

Capex

-$2.6B

Free Cash Flow

$4.54B

FCF Margin

+63.6%

Cash flow waterfall for Agnico Eagle Mines (AEM) — TTM through Q1 2026

Free cash flow: $4.54B

Cash flow breakdown for Agnico Eagle Mines (AEM) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$7.15B	$7.15B
Capital Expenditure	-$2.6B	$4.54B
Free Cash Flow	$4.54B	$4.54B
Other Investing	-$110M	$4.43B
Share Buybacks	-$792M	$3.64B
Dividends Paid	-$757M	$2.89B
Net Debt Change	-$983M	$1.9B
Other Financing & FX	$68.5M	$1.97B
Net Cash Increase	$1.97B	$1.97B

Operating Cash Flow$7.15B
Capital Expenditure-$2.6B
Free Cash Flow$4.54B
Other Investing-$110M
Share Buybacks-$792M
Dividends Paid-$757M
Net Debt Change-$983M
Other Financing & FX$68.5M
Net Cash Increase$1.97B

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

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