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 Erie Indemnity (ERIE) spend its free cash flow?

For TTM through Q1 2026, Erie Indemnity generated $660M of operating cash flow and $537M of free cash flow — a free cash flow margin of 81.3% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Erie Indemnity (ERIE) return via buybacks and dividends?

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

Erie Indemnity (ERIE) Cash Flow Waterfall

Operating CF

$660M

Capex

-$123M

Free Cash Flow

$537M

FCF Margin

+81.3%

Cash flow waterfall for Erie Indemnity (ERIE) — TTM through Q1 2026

Free cash flow: $537M

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

Cash flow breakdown for Erie Indemnity (ERIE) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$660M	$660M
Capital Expenditure	-$123M	$537M
Free Cash Flow	$537M	$537M
Other Investing	-$307M	$230M
Dividends Paid	-$259M	-$28.7M
Other Financing & FX	$36.9M	$8.24M
Net Cash Increase	$8.24M	$8.24M

Operating Cash Flow$660M
Capital Expenditure-$123M
Free Cash Flow$537M
Other Investing-$307M
Dividends Paid-$259M
Other Financing & FX$36.9M
Net Cash Increase$8.24M

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

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