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 EOG Resources (EOG) spend its free cash flow?

For TTM through Q1 2026, EOG Resources generated $10.7B of operating cash flow and $4.08B of free cash flow — a free cash flow margin of 38% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did EOG Resources (EOG) return via buybacks and dividends?

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

EOG Resources (EOG) Cash Flow Waterfall

Operating CF

$10.7B

Capex

-$6.64B

Free Cash Flow

$4.08B

FCF Margin

+38.0%

Cash flow waterfall for EOG Resources (EOG) — TTM through Q1 2026

Free cash flow: $4.08B

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

Cash flow breakdown for EOG Resources (EOG) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$10.7B	$10.7B
Capital Expenditure	-$6.64B	$4.08B
Free Cash Flow	$4.08B	$4.08B
Other Investing	-$4.41B	-$330M
Share Buybacks	-$2.16B	-$2.49B
Dividends Paid	-$2.17B	-$4.66B
Net Debt Change	$1.9B	-$2.76B
Other Financing & FX	$12M	-$2.75B
Net Cash Decrease	-$2.75B	-$2.75B

Operating Cash Flow$10.7B
Capital Expenditure-$6.64B
Free Cash Flow$4.08B
Other Investing-$4.41B
Share Buybacks-$2.16B
Dividends Paid-$2.17B
Net Debt Change$1.9B
Other Financing & FX$12M
Net Cash Decrease-$2.75B

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

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