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 AGCO (AGCO) spend its free cash flow?

For TTM through Q1 2026, AGCO generated $790M of operating cash flow and $546M of free cash flow — a free cash flow margin of 69.1% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did AGCO (AGCO) return via buybacks and dividends?

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

AGCO (AGCO) Cash Flow Waterfall

Operating CF

$790M

Capex

-$244M

Free Cash Flow

$546M

FCF Margin

+69.1%

Cash flow waterfall for AGCO (AGCO) — TTM through Q1 2026

Free cash flow: $546M

Note: Other Investing is large — driven mainly by acquisitions and investment activity.

Cash flow breakdown for AGCO (AGCO) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$790M	$790M
Capital Expenditure	-$244M	$546M
Free Cash Flow	$546M	$546M
Other Investing	$202M	$747M
Share Buybacks	-$254M	$493M
Dividends Paid	-$85.9M	$407M
Net Debt Change	-$458M	-$50.8M
Other Financing & FX	$3.1M	-$47.7M
Net Cash Decrease	-$47.7M	-$47.7M

Operating Cash Flow$790M
Capital Expenditure-$244M
Free Cash Flow$546M
Other Investing$202M
Share Buybacks-$254M
Dividends Paid-$85.9M
Net Debt Change-$458M
Other Financing & FX$3.1M
Net Cash Decrease-$47.7M

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

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