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 Federal Agricultural Mortgage (AGM) spend its free cash flow?

For TTM through Q1 2026, Federal Agricultural Mortgage generated $222M of operating cash flow and $222M of free cash flow — a free cash flow margin of 100% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Federal Agricultural Mortgage (AGM) return via buybacks and dividends?

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

Federal Agricultural Mortgage (AGM) Cash Flow Waterfall

Operating CF

$222M

Capex

$0.00

Free Cash Flow

$222M

FCF Margin

+100.0%

Cash flow waterfall for Federal Agricultural Mortgage (AGM) — TTM through Q1 2026

Free cash flow: $222M

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

Cash flow breakdown for Federal Agricultural Mortgage (AGM) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$222M	$222M
Capital Expenditure	$0.00	$222M
Free Cash Flow	$222M	$222M
Other Investing	-$5.04B	-$4.81B
Share Buybacks	-$7.11M	-$4.82B
Dividends Paid	-$91.7M	-$4.91B
Net Debt Change	$909M	-$4B
Other Financing & FX	$3.73B	-$274M
Net Cash Decrease	-$274M	-$274M

Operating Cash Flow$222M
Capital Expenditure$0.00
Free Cash Flow$222M
Other Investing-$5.04B
Share Buybacks-$7.11M
Dividends Paid-$91.7M
Net Debt Change$909M
Other Financing & FX$3.73B
Net Cash Decrease-$274M

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

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