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 Exelon (EXC) spend its free cash flow?

For TTM through Q1 2026, Exelon generated $6.78B of operating cash flow and -$2.16B of free cash flow — a free cash flow margin of -31.9% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Exelon (EXC) return via buybacks and dividends?

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

Exelon (EXC) Cash Flow Waterfall

Operating CF

$6.78B

Capex

-$8.94B

Free Cash Flow

-$2.16B

FCF Margin

-31.9%

Cash flow waterfall for Exelon (EXC) — TTM through Q1 2026

Free cash flow: -$2.16B

Cash flow breakdown for Exelon (EXC) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$6.78B	$6.78B
Capital Expenditure	-$8.94B	-$2.16B
Free Cash Flow	-$2.16B	-$2.16B
Other Investing	$2M	-$2.16B
Dividends Paid	-$1.64B	-$3.81B
Net Debt Change	$3.04B	-$765M
Other Financing & FX	$480M	-$285M
Net Cash Decrease	-$285M	-$285M

Operating Cash Flow$6.78B
Capital Expenditure-$8.94B
Free Cash Flow-$2.16B
Other Investing$2M
Dividends Paid-$1.64B
Net Debt Change$3.04B
Other Financing & FX$480M
Net Cash Decrease-$285M

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

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