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 Arrow Financial (AROW) spend its free cash flow?

For TTM through Q1 2026, Arrow Financial generated $46.5M of operating cash flow and $41.3M of free cash flow — a free cash flow margin of 89% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Arrow Financial (AROW) return via buybacks and dividends?

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

Arrow Financial (AROW) Cash Flow Waterfall

Operating CF

$46.5M

Capex

-$5.12M

Free Cash Flow

$41.3M

FCF Margin

+89.0%

Cash flow waterfall for Arrow Financial (AROW) — TTM through Q1 2026

Free cash flow: $41.3M

Note: Other Investing is large — driven mainly by acquisitions and investment activity.

Cash flow breakdown for Arrow Financial (AROW) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$46.5M	$46.5M
Capital Expenditure	-$5.12M	$41.3M
Free Cash Flow	$41.3M	$41.3M
Other Investing	-$76.5M	-$35.2M
Share Buybacks	-$6.87M	-$42.1M
Dividends Paid	-$19.2M	-$61.2M
Net Debt Change	-$4.41M	-$65.6M
Other Financing & FX	$49.8M	-$15.8M
Net Cash Decrease	-$15.8M	-$15.8M

Operating Cash Flow$46.5M
Capital Expenditure-$5.12M
Free Cash Flow$41.3M
Other Investing-$76.5M
Share Buybacks-$6.87M
Dividends Paid-$19.2M
Net Debt Change-$4.41M
Other Financing & FX$49.8M
Net Cash Decrease-$15.8M

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

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