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 Amphenol (APH) spend its free cash flow?

For TTM through Q1 2026, Amphenol generated $5.73B of operating cash flow and $4.63B of free cash flow — a free cash flow margin of 80.8% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Amphenol (APH) return via buybacks and dividends?

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

Amphenol (APH) Cash Flow Waterfall

Operating CF

$5.73B

Capex

-$1.1B

Free Cash Flow

$4.63B

FCF Margin

+80.8%

Cash flow waterfall for Amphenol (APH) — TTM through Q1 2026

Free cash flow: $4.63B

Cash flow breakdown for Amphenol (APH) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$5.73B	$5.73B
Capital Expenditure	-$1.1B	$4.63B
Free Cash Flow	$4.63B	$4.63B
Acquisitions	-$12.2B	-$7.61B
Other Investing	-$423M	-$8.03B
Share Buybacks	-$168M	-$8.2B
Dividends Paid	-$909M	-$9.11B
Net Debt Change	$11.5B	$2.38B
Other Financing	$5.3M	$2.38B
Forex Effect	$89.7M	$2.47B
Net Cash Increase	$2.47B	$2.47B

Operating Cash Flow$5.73B
Capital Expenditure-$1.1B
Free Cash Flow$4.63B
Acquisitions-$12.2B
Other Investing-$423M
Share Buybacks-$168M
Dividends Paid-$909M
Net Debt Change$11.5B
Other Financing$5.3M
Forex Effect$89.7M
Net Cash Increase$2.47B

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

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