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 Alerus Financial (ALRS) spend its free cash flow?

For TTM through Q1 2026, Alerus Financial generated $87.6M of operating cash flow and $86.6M of free cash flow — a free cash flow margin of 98.8% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Alerus Financial (ALRS) return via buybacks and dividends?

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

Alerus Financial (ALRS) Cash Flow Waterfall

Operating CF

$87.6M

Capex

-$1.02M

Free Cash Flow

$86.6M

FCF Margin

+98.8%

Cash flow waterfall for Alerus Financial (ALRS) — TTM through Q1 2026

Free cash flow: $86.6M

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

Cash flow breakdown for Alerus Financial (ALRS) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$87.6M	$87.6M
Capital Expenditure	-$1.02M	$86.6M
Free Cash Flow	$86.6M	$86.6M
Other Investing	$125M	$211M
Share Buybacks	-$7.15M	$204M
Dividends Paid	-$20.8M	$183M
Other Financing & FX	-$137M	$45.8M
Net Cash Increase	$45.8M	$45.8M

Operating Cash Flow$87.6M
Capital Expenditure-$1.02M
Free Cash Flow$86.6M
Other Investing$125M
Share Buybacks-$7.15M
Dividends Paid-$20.8M
Other Financing & FX-$137M
Net Cash Increase$45.8M

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

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