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 Alnylam Pharmaceuticals (ALNY) spend its free cash flow?

For TTM through Q1 2026, Alnylam Pharmaceuticals generated $713M of operating cash flow and $641M of free cash flow — a free cash flow margin of 90% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Alnylam Pharmaceuticals (ALNY) return via buybacks and dividends?

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

Alnylam Pharmaceuticals (ALNY) Cash Flow Waterfall

Operating CF

$713M

Capex

-$71.6M

Free Cash Flow

$641M

FCF Margin

+90.0%

Cash flow waterfall for Alnylam Pharmaceuticals (ALNY) — TTM through Q1 2026

Free cash flow: $641M

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

Cash flow breakdown for Alnylam Pharmaceuticals (ALNY) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$713M	$713M
Capital Expenditure	-$71.6M	$641M
Free Cash Flow	$641M	$641M
Other Investing	$369M	$1.01B
Net Debt Change	-$553M	$457M
Other Financing	$219M	$676M
Forex Effect	$13.8M	$690M
Net Cash Increase	$690M	$690M

Operating Cash Flow$713M
Capital Expenditure-$71.6M
Free Cash Flow$641M
Other Investing$369M
Net Debt Change-$553M
Other Financing$219M
Forex Effect$13.8M
Net Cash Increase$690M

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

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