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 Arthur J. Gallagher & (AJG) spend its free cash flow?

For TTM through Q1 2026, Arthur J. Gallagher & generated $2.02B of operating cash flow and $1.86B of free cash flow — a free cash flow margin of 92.4% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Arthur J. Gallagher & (AJG) return via buybacks and dividends?

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

Arthur J. Gallagher & (AJG) Cash Flow Waterfall

Operating CF

$2.02B

Capex

-$153M

Free Cash Flow

$1.86B

FCF Margin

+92.4%

Cash flow waterfall for Arthur J. Gallagher & (AJG) — TTM through Q1 2026

Free cash flow: $1.86B

Cash flow breakdown for Arthur J. Gallagher & (AJG) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$2.02B	$2.02B
Capital Expenditure	-$153M	$1.86B
Free Cash Flow	$1.86B	$1.86B
Acquisitions	-$15.7B	-$13.8B
Other Investing	$17.2M	-$13.8B
Share Buybacks	-$310M	-$14.1B
Dividends Paid	-$681M	-$14.8B
Net Debt Change	-$240M	-$15.1B
Other Financing & FX	$1.1B	-$14B
Net Cash Decrease	-$14B	-$14B

Operating Cash Flow$2.02B
Capital Expenditure-$153M
Free Cash Flow$1.86B
Acquisitions-$15.7B
Other Investing$17.2M
Share Buybacks-$310M
Dividends Paid-$681M
Net Debt Change-$240M
Other Financing & FX$1.1B
Net Cash Decrease-$14B

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

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