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 Carrier Global (CARR) spend its free cash flow?

For TTM through Q1 2026, Carrier Global generated $2.08B of operating cash flow and $1.66B of free cash flow — a free cash flow margin of 79.7% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Carrier Global (CARR) return via buybacks and dividends?

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

Carrier Global (CARR) Cash Flow Waterfall

Operating CF

$2.08B

Capex

-$423M

Free Cash Flow

$1.66B

FCF Margin

+79.7%

Cash flow waterfall for Carrier Global (CARR) — TTM through Q1 2026

Free cash flow: $1.66B

Cash flow breakdown for Carrier Global (CARR) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$2.08B	$2.08B
Capital Expenditure	-$423M	$1.66B
Free Cash Flow	$1.66B	$1.66B
Acquisitions	-$103M	$1.56B
Other Investing	$176M	$1.73B
Share Buybacks	-$1.91B	-$178M
Dividends Paid	-$775M	-$953M
Net Debt Change	$733M	-$220M
Other Financing & FX	-$108M	-$328M
Net Cash Decrease	-$328M	-$328M

Operating Cash Flow$2.08B
Capital Expenditure-$423M
Free Cash Flow$1.66B
Acquisitions-$103M
Other Investing$176M
Share Buybacks-$1.91B
Dividends Paid-$775M
Net Debt Change$733M
Other Financing & FX-$108M
Net Cash Decrease-$328M

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

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