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 Conagra Brands (CAG) spend its free cash flow?

For TTM through Q2 2026, Conagra Brands generated $1.4B of operating cash flow and $979M of free cash flow — a free cash flow margin of 69.8% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Conagra Brands (CAG) return via buybacks and dividends?

The waterfall shows buybacks (share repurchases) and dividends paid as separate steps in the financing section. Together these represent Conagra Brands's shareholder returns for TTM through Q2 2026. You can compare these against free cash flow to assess the capital-return payout ratio.

Conagra Brands (CAG) Cash Flow Waterfall

Operating CF

$1.4B

Capex

-$423M

Free Cash Flow

$979M

FCF Margin

+69.8%

Cash flow waterfall for Conagra Brands (CAG) — TTM through Q2 2026

Free cash flow: $979M

Cash flow breakdown for Conagra Brands (CAG) — TTM through Q2 2026

Line item	Amount	Running total
Operating Cash Flow	$1.4B	$1.4B
Capital Expenditure	-$423M	$979M
Free Cash Flow	$979M	$979M
Acquisitions	$681M	$1.66B
Other Investing	$5.1M	$1.66B
Dividends Paid	-$670M	$995M
Net Debt Change	-$814M	$181M
Other Financing & FX	-$31.4M	$150M
Net Cash Increase	$150M	$150M

Operating Cash Flow$1.4B
Capital Expenditure-$423M
Free Cash Flow$979M
Acquisitions$681M
Other Investing$5.1M
Dividends Paid-$670M
Net Debt Change-$814M
Other Financing & FX-$31.4M
Net Cash Increase$150M

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

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