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 Constellation Energy (CEG) spend its free cash flow?

For TTM through Q1 2026, Constellation Energy generated $4.56B of operating cash flow and $1.14B of free cash flow — a free cash flow margin of 25% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Constellation Energy (CEG) return via buybacks and dividends?

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

Constellation Energy (CEG) Cash Flow Waterfall

Operating CF

$4.56B

Capex

-$3.42B

Free Cash Flow

$1.14B

FCF Margin

+25.0%

Cash flow waterfall for Constellation Energy (CEG) — TTM through Q1 2026

Free cash flow: $1.14B

Cash flow breakdown for Constellation Energy (CEG) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$4.56B	$4.56B
Capital Expenditure	-$3.42B	$1.14B
Free Cash Flow	$1.14B	$1.14B
Acquisitions	-$2.55B	-$1.41B
Other Investing	-$80M	-$1.49B
Share Buybacks	-$400M	-$1.89B
Dividends Paid	-$519M	-$2.41B
Net Debt Change	$1.6B	-$804M
Other Financing & FX	$33M	-$771M
Net Cash Decrease	-$771M	-$771M

Operating Cash Flow$4.56B
Capital Expenditure-$3.42B
Free Cash Flow$1.14B
Acquisitions-$2.55B
Other Investing-$80M
Share Buybacks-$400M
Dividends Paid-$519M
Net Debt Change$1.6B
Other Financing & FX$33M
Net Cash Decrease-$771M

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

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