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 Enbridge (ENB) spend its free cash flow?

For TTM through Q1 2026, Enbridge generated 15B CAD of operating cash flow and 2.21B CAD of free cash flow — a free cash flow margin of 14.7% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Enbridge (ENB) return via buybacks and dividends?

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

Enbridge (ENB) Cash Flow Waterfall

Operating CF

15B CAD

Capex

-12.8B CAD

Free Cash Flow

2.21B CAD

FCF Margin

+14.7%

Cash flow waterfall for Enbridge (ENB) — TTM through Q1 2026

Free cash flow: 2.21B CAD

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

Cash flow breakdown for Enbridge (ENB) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	15B CAD	15B CAD
Capital Expenditure	-12.8B CAD	2.21B CAD
Free Cash Flow	2.21B CAD	2.21B CAD
Acquisitions	-559M CAD	1.65B CAD
Other Investing	-1.75B CAD	-91.2M CAD
Dividends Paid	-11.2B CAD	-11.3B CAD
Net Debt Change	3.14B CAD	-8.14B CAD
Other Financing	8.02B CAD	-120M CAD
Forex Effect	438M CAD	318M CAD
Net Cash Increase	318M CAD	318M CAD

Operating Cash Flow15B CAD
Capital Expenditure-12.8B CAD
Free Cash Flow2.21B CAD
Acquisitions-559M CAD
Other Investing-1.75B CAD
Dividends Paid-11.2B CAD
Net Debt Change3.14B CAD
Other Financing8.02B CAD
Forex Effect438M CAD
Net Cash Increase318M CAD

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

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