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 AptarGroup (ATR) spend its free cash flow?

For TTM through Q1 2026, AptarGroup generated $606M of operating cash flow and $325M of free cash flow — a free cash flow margin of 53.7% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did AptarGroup (ATR) return via buybacks and dividends?

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

AptarGroup (ATR) Cash Flow Waterfall

Operating CF

$606M

Capex

-$280M

Free Cash Flow

$325M

FCF Margin

+53.7%

Cash flow waterfall for AptarGroup (ATR) — TTM through Q1 2026

Free cash flow: $325M

Cash flow breakdown for AptarGroup (ATR) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$606M	$606M
Capital Expenditure	-$280M	$325M
Free Cash Flow	$325M	$325M
Acquisitions	-$51.3M	$274M
Other Investing	-$7.3M	$267M
Share Buybacks	-$385M	-$118M
Dividends Paid	-$122M	-$240M
Net Debt Change	$294M	$53.8M
Other Financing & FX	$42.8M	$96.7M
Net Cash Increase	$96.7M	$96.7M

Operating Cash Flow$606M
Capital Expenditure-$280M
Free Cash Flow$325M
Acquisitions-$51.3M
Other Investing-$7.3M
Share Buybacks-$385M
Dividends Paid-$122M
Net Debt Change$294M
Other Financing & FX$42.8M
Net Cash Increase$96.7M

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

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