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 Algonquin Power & Utilities (AQN) spend its free cash flow?

For TTM through Q1 2026, Algonquin Power & Utilities generated $579M of operating cash flow and -$110M of free cash flow — a free cash flow margin of -19% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Algonquin Power & Utilities (AQN) return via buybacks and dividends?

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

Algonquin Power & Utilities (AQN) Cash Flow Waterfall

Operating CF

$579M

Capex

-$690M

Free Cash Flow

-$110M

FCF Margin

-19.0%

Cash flow waterfall for Algonquin Power & Utilities (AQN) — TTM through Q1 2026

Free cash flow: -$110M

Cash flow breakdown for Algonquin Power & Utilities (AQN) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$579M	$579M
Capital Expenditure	-$690M	-$110M
Free Cash Flow	-$110M	-$110M
Acquisitions	-$30.1M	-$140M
Other Investing	-$28.8M	-$169M
Dividends Paid	-$213M	-$382M
Net Debt Change	$379M	-$2.96M
Other Financing	$8.77M	$5.81M
Forex Effect	-$25.9M	-$20.1M
Net Cash Decrease	-$20.1M	-$20.1M

Operating Cash Flow$579M
Capital Expenditure-$690M
Free Cash Flow-$110M
Acquisitions-$30.1M
Other Investing-$28.8M
Dividends Paid-$213M
Net Debt Change$379M
Other Financing$8.77M
Forex Effect-$25.9M
Net Cash Decrease-$20.1M

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

Frequently asked questions

Data & methodology

Algonquin Power & Utilities (AQN) Key Financials

Charts, filings, and peer comparison for every metric

Explore more

Deep-dives across the income statement, cash flow, capital return, and valuation

Overview

AQN Overview

Counters

Income Statement

Cash Flow

Capital Return

How this company returns cash to shareholders — buybacks, dividends, and stock splits.

Forecast & Valuation