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 Apollo Global Management (APO) spend its free cash flow?

For TTM through Q1 2026, Apollo Global Management generated $6B of operating cash flow and $6B of free cash flow — a free cash flow margin of 100% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Apollo Global Management (APO) return via buybacks and dividends?

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

Apollo Global Management (APO) Cash Flow Waterfall

Operating CF

$6B

Capex

$0.00

Free Cash Flow

$6B

FCF Margin

+100.0%

Cash flow waterfall for Apollo Global Management (APO) — TTM through Q1 2026

Free cash flow: $6B

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

Cash flow breakdown for Apollo Global Management (APO) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$6B	$6B
Capital Expenditure	$0.00	$6B
Free Cash Flow	$6B	$6B
Acquisitions	$2.65B	$8.65B
Other Investing	-$55.5B	-$46.8B
Share Buybacks	-$1.21B	-$48B
Dividends Paid	-$1.33B	-$49.4B
Net Debt Change	$4.83B	-$44.5B
Other Financing & FX	$52.8B	$8.24B
Net Cash Increase	$8.24B	$8.24B

Operating Cash Flow$6B
Capital Expenditure$0.00
Free Cash Flow$6B
Acquisitions$2.65B
Other Investing-$55.5B
Share Buybacks-$1.21B
Dividends Paid-$1.33B
Net Debt Change$4.83B
Other Financing & FX$52.8B
Net Cash Increase$8.24B

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

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