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 Dover (DOV) spend its free cash flow?

For TTM through Q1 2026, Dover generated $1.37B of operating cash flow and $1.14B of free cash flow — a free cash flow margin of 83.1% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Dover (DOV) return via buybacks and dividends?

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

Dover (DOV) Cash Flow Waterfall

Operating CF

$1.37B

Capex

-$232M

Free Cash Flow

$1.14B

FCF Margin

+83.1%

Cash flow waterfall for Dover (DOV) — TTM through Q1 2026

Free cash flow: $1.14B

Cash flow breakdown for Dover (DOV) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$1.37B	$1.37B
Capital Expenditure	-$232M	$1.14B
Free Cash Flow	$1.14B	$1.14B
Acquisitions	-$635M	$503M
Other Investing	-$17.3M	$486M
Share Buybacks	-$554M	-$68.3M
Dividends Paid	-$282M	-$350M
Net Debt Change	$231M	-$120M
Other Financing & FX	-$42M	-$162M
Net Cash Decrease	-$163M	-$163M

Operating Cash Flow$1.37B
Capital Expenditure-$232M
Free Cash Flow$1.14B
Acquisitions-$635M
Other Investing-$17.3M
Share Buybacks-$554M
Dividends Paid-$282M
Net Debt Change$231M
Other Financing & FX-$42M
Net Cash Decrease-$163M

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

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