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 Amcor (AMCR) spend its free cash flow?

For TTM through Q1 2026, Amcor generated $1.69B of operating cash flow and $1.22B of free cash flow — a free cash flow margin of 71.9% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Amcor (AMCR) return via buybacks and dividends?

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

Amcor (AMCR) Cash Flow Waterfall

Operating CF

$1.69B

Capex

-$475M

Free Cash Flow

$1.22B

FCF Margin

+71.9%

Cash flow waterfall for Amcor (AMCR) — TTM through Q1 2026

Free cash flow: $1.22B

Cash flow breakdown for Amcor (AMCR) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$1.69B	$1.69B
Capital Expenditure	-$475M	$1.22B
Free Cash Flow	$1.22B	$1.22B
Acquisitions	-$1.65B	-$431M
Other Investing	-$350M	-$781M
Share Buybacks	-$128M	-$910M
Dividends Paid	-$1.23B	-$2.14B
Net Debt Change	$1.69B	-$447M
Other Financing & FX	-$11.5M	-$459M
Net Cash Decrease	-$458M	-$458M

Operating Cash Flow$1.69B
Capital Expenditure-$475M
Free Cash Flow$1.22B
Acquisitions-$1.65B
Other Investing-$350M
Share Buybacks-$128M
Dividends Paid-$1.23B
Net Debt Change$1.69B
Other Financing & FX-$11.5M
Net Cash Decrease-$458M

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

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