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 Amgen (AMGN) spend its free cash flow?

For TTM through Q1 2026, Amgen generated $10.8B of operating cash flow and $8.6B of free cash flow — a free cash flow margin of 79.9% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Amgen (AMGN) return via buybacks and dividends?

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

Amgen (AMGN) Cash Flow Waterfall

Operating CF

$10.8B

Capex

-$2.16B

Free Cash Flow

$8.6B

FCF Margin

+79.9%

Cash flow waterfall for Amgen (AMGN) — TTM through Q1 2026

Free cash flow: $8.6B

Cash flow breakdown for Amgen (AMGN) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$10.8B	$10.8B
Capital Expenditure	-$2.16B	$8.6B
Free Cash Flow	$8.6B	$8.6B
Other Investing	-$53M	$8.54B
Dividends Paid	-$5.2B	$3.34B
Other Financing & FX	-$113M	$3.23B
Net Cash Increase	$3.23B	$3.23B

Operating Cash Flow$10.8B
Capital Expenditure-$2.16B
Free Cash Flow$8.6B
Other Investing-$53M
Dividends Paid-$5.2B
Other Financing & FX-$113M
Net Cash Increase$3.23B

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

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