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 Allegion (ALLE) spend its free cash flow?

For TTM through Q1 2026, Allegion generated $805M of operating cash flow and $704M of free cash flow — a free cash flow margin of 87.4% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Allegion (ALLE) return via buybacks and dividends?

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

Allegion (ALLE) Cash Flow Waterfall

Operating CF

$805M

Capex

-$101M

Free Cash Flow

$704M

FCF Margin

+87.4%

Cash flow waterfall for Allegion (ALLE) — TTM through Q1 2026

Free cash flow: $704M

Cash flow breakdown for Allegion (ALLE) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$805M	$805M
Capital Expenditure	-$101M	$704M
Free Cash Flow	$704M	$704M
Acquisitions	-$676M	$28.1M
Other Investing	$1.15M	$29.3M
Share Buybacks	-$83.1M	-$53.8M
Dividends Paid	-$185M	-$238M
Net Debt Change	$25.4M	-$213M
Other Financing	$9.88M	-$203M
Forex Effect	$17.6M	-$186M
Net Cash Decrease	-$186M	-$186M

Operating Cash Flow$805M
Capital Expenditure-$101M
Free Cash Flow$704M
Acquisitions-$676M
Other Investing$1.15M
Share Buybacks-$83.1M
Dividends Paid-$185M
Net Debt Change$25.4M
Other Financing$9.88M
Forex Effect$17.6M
Net Cash Decrease-$186M

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

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