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 EQT (EQT) spend its free cash flow?

For TTM through Q2 2026, EQT generated $6.25B of operating cash flow and $3.77B of free cash flow — a free cash flow margin of 60.3% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did EQT (EQT) return via buybacks and dividends?

The waterfall shows buybacks (share repurchases) and dividends paid as separate steps in the financing section. Together these represent EQT's shareholder returns for TTM through Q2 2026. You can compare these against free cash flow to assess the capital-return payout ratio.

EQT (EQT) Cash Flow Waterfall

Operating CF

$6.25B

Capex

-$2.48B

Free Cash Flow

$3.77B

FCF Margin

+60.3%

Cash flow waterfall for EQT (EQT) — TTM through Q2 2026

Free cash flow: $3.77B

Cash flow breakdown for EQT (EQT) — TTM through Q2 2026

Line item	Amount	Running total
Operating Cash Flow	$6.25B	$6.25B
Capital Expenditure	-$2.48B	$3.77B
Free Cash Flow	$3.77B	$3.77B
Acquisitions	-$331M	$3.44B
Other Investing	-$360M	$3.08B
Dividends Paid	-$408M	$2.67B
Net Debt Change	-$2.77B	-$97.5M
Other Financing & FX	-$345M	-$443M
Net Cash Decrease	-$443M	-$443M

Operating Cash Flow$6.25B
Capital Expenditure-$2.48B
Free Cash Flow$3.77B
Acquisitions-$331M
Other Investing-$360M
Dividends Paid-$408M
Net Debt Change-$2.77B
Other Financing & FX-$345M
Net Cash Decrease-$443M

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

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