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 Cincinnati Financial (CINF) spend its free cash flow?

For TTM through Q1 2026, Cincinnati Financial generated $3.46B of operating cash flow and $3.45B of free cash flow — a free cash flow margin of 99.7% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Cincinnati Financial (CINF) return via buybacks and dividends?

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

Cincinnati Financial (CINF) Cash Flow Waterfall

Operating CF

$3.46B

Capex

-$9M

Free Cash Flow

$3.45B

FCF Margin

+99.7%

Cash flow waterfall for Cincinnati Financial (CINF) — TTM through Q1 2026

Free cash flow: $3.45B

Note: Other Investing is large — driven mainly by purchases or sales of investments.

Cash flow breakdown for Cincinnati Financial (CINF) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$3.46B	$3.46B
Capital Expenditure	-$9M	$3.45B
Free Cash Flow	$3.45B	$3.45B
Other Investing	-$2.12B	$1.33B
Share Buybacks	-$240M	$1.09B
Dividends Paid	-$533M	$559M
Other Financing & FX	-$359M	$200M
Net Cash Increase	$200M	$200M

Operating Cash Flow$3.46B
Capital Expenditure-$9M
Free Cash Flow$3.45B
Other Investing-$2.12B
Share Buybacks-$240M
Dividends Paid-$533M
Other Financing & FX-$359M
Net Cash Increase$200M

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

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