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 Assurant (AIZ) spend its free cash flow?

For TTM through Q1 2026, Assurant generated $1.68B of operating cash flow and $1.45B of free cash flow — a free cash flow margin of 86.3% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Assurant (AIZ) return via buybacks and dividends?

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

Assurant (AIZ) Cash Flow Waterfall

Operating CF

$1.68B

Capex

-$230M

Free Cash Flow

$1.45B

FCF Margin

+86.3%

Cash flow waterfall for Assurant (AIZ) — TTM through Q1 2026

Free cash flow: $1.45B

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

Cash flow breakdown for Assurant (AIZ) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$1.68B	$1.68B
Capital Expenditure	-$230M	$1.45B
Free Cash Flow	$1.45B	$1.45B
Acquisitions	-$36.2M	$1.42B
Other Investing	-$1.05B	$363M
Share Buybacks	-$364M	-$300K
Dividends Paid	-$172M	-$172M
Net Debt Change	$122M	-$50.1M
Other Financing & FX	-$27.8M	-$77.9M
Net Cash Decrease	-$77.9M	-$77.9M

Operating Cash Flow$1.68B
Capital Expenditure-$230M
Free Cash Flow$1.45B
Acquisitions-$36.2M
Other Investing-$1.05B
Share Buybacks-$364M
Dividends Paid-$172M
Net Debt Change$122M
Other Financing & FX-$27.8M
Net Cash Decrease-$77.9M

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

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