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 Consolidated Edison (ED) spend its free cash flow?

For TTM through Q1 2026, Consolidated Edison generated $4.14B of operating cash flow and $2.82B of free cash flow — a free cash flow margin of 68% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Consolidated Edison (ED) return via buybacks and dividends?

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

Consolidated Edison (ED) Cash Flow Waterfall

Operating CF

$4.14B

Capex

-$1.32B

Free Cash Flow

$2.82B

FCF Margin

+68.0%

Cash flow waterfall for Consolidated Edison (ED) — TTM through Q1 2026

Free cash flow: $2.82B

Note: Other Investing is large — driven mainly by acquisitions and investment activity.

Cash flow breakdown for Consolidated Edison (ED) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$4.14B	$4.14B
Capital Expenditure	-$1.32B	$2.82B
Free Cash Flow	$2.82B	$2.82B
Other Investing	-$3.63B	-$817M
Dividends Paid	-$1.19B	-$2.01B
Net Debt Change	$957M	-$1.05B
Other Financing & FX	$838M	-$214M
Net Cash Decrease	-$214M	-$214M

Operating Cash Flow$4.14B
Capital Expenditure-$1.32B
Free Cash Flow$2.82B
Other Investing-$3.63B
Dividends Paid-$1.19B
Net Debt Change$957M
Other Financing & FX$838M
Net Cash Decrease-$214M

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

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