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 Enphase Energy (ENPH) spend its free cash flow?

For TTM through Q1 2026, Enphase Energy generated $191M of operating cash flow and $145M of free cash flow — a free cash flow margin of 76% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Enphase Energy (ENPH) return via buybacks and dividends?

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

Enphase Energy (ENPH) Cash Flow Waterfall

Operating CF

$191M

Capex

-$45.9M

Free Cash Flow

$145M

FCF Margin

+76.0%

Cash flow waterfall for Enphase Energy (ENPH) — TTM through Q1 2026

Free cash flow: $145M

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

Cash flow breakdown for Enphase Energy (ENPH) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$191M	$191M
Capital Expenditure	-$45.9M	$145M
Free Cash Flow	$145M	$145M
Other Investing	$616M	$761M
Share Buybacks	-$50.4M	$711M
Net Debt Change	-$633M	$78.3M
Other Financing & FX	$4.2M	$82.5M
Net Cash Increase	$82.5M	$82.5M

Operating Cash Flow$191M
Capital Expenditure-$45.9M
Free Cash Flow$145M
Other Investing$616M
Share Buybacks-$50.4M
Net Debt Change-$633M
Other Financing & FX$4.2M
Net Cash Increase$82.5M

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

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Buybacks1.01% TTM

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