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 Apartment Investment and Management (AIV) spend its free cash flow?

For TTM through Q1 2026, Apartment Investment and Management generated $8.09M of operating cash flow and -$211M of free cash flow — a free cash flow margin of -2607.5% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Apartment Investment and Management (AIV) return via buybacks and dividends?

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

Apartment Investment and Management (AIV) Cash Flow Waterfall

Operating CF

$8.09M

Capex

-$219M

Free Cash Flow

-$211M

FCF Margin

-2,607.5%

Cash flow waterfall for Apartment Investment and Management (AIV) — TTM through Q1 2026

Free cash flow: -$211M

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

Cash flow breakdown for Apartment Investment and Management (AIV) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$8.09M	$8.09M
Capital Expenditure	-$219M	-$211M
Free Cash Flow	-$211M	-$211M
Other Investing	$1.09B	$883M
Share Buybacks	-$798K	$882M
Dividends Paid	-$416M	$467M
Net Debt Change	-$231M	$236M
Other Financing & FX	-$1.81M	$234M
Net Cash Increase	$234M	$234M

Operating Cash Flow$8.09M
Capital Expenditure-$219M
Free Cash Flow-$211M
Other Investing$1.09B
Share Buybacks-$798K
Dividends Paid-$416M
Net Debt Change-$231M
Other Financing & FX-$1.81M
Net Cash Increase$234M

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

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Apartment Investment and Management (AIV) Key Financials

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Income Statement

Balance Sheet

Profitability

Operating Margin-22.6%

Cash Flow

Capital Return

Forecast & Valuation

Operations

Employees100.0

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