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 EMCOR Group (EME) spend its free cash flow?

For TTM through Q1 2026, EMCOR Group generated $1.19B of operating cash flow and $1.08B of free cash flow — a free cash flow margin of 90.3% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did EMCOR Group (EME) return via buybacks and dividends?

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

EMCOR Group (EME) Cash Flow Waterfall

Operating CF

$1.19B

Capex

-$115M

Free Cash Flow

$1.08B

FCF Margin

+90.3%

Cash flow waterfall for EMCOR Group (EME) — TTM through Q1 2026

Free cash flow: $1.08B

Cash flow breakdown for EMCOR Group (EME) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$1.19B	$1.19B
Capital Expenditure	-$115M	$1.08B
Free Cash Flow	$1.08B	$1.08B
Acquisitions	-$215M	$864M
Other Investing	$261M	$1.12B
Dividends Paid	-$51.4M	$1.07B
Net Debt Change	-$253M	$820M
Other Financing & FX	-$481M	$339M
Net Cash Increase	$339M	$339M

Operating Cash Flow$1.19B
Capital Expenditure-$115M
Free Cash Flow$1.08B
Acquisitions-$215M
Other Investing$261M
Dividends Paid-$51.4M
Net Debt Change-$253M
Other Financing & FX-$481M
Net Cash Increase$339M

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

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