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 Expand Energy (EXE) spend its free cash flow?

For TTM through Q1 2026, Expand Energy generated $5.87B of operating cash flow and $2.86B of free cash flow — a free cash flow margin of 48.8% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Expand Energy (EXE) return via buybacks and dividends?

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

Expand Energy (EXE) Cash Flow Waterfall

Operating CF

$5.87B

Capex

-$3.01B

Free Cash Flow

$2.86B

FCF Margin

+48.8%

Cash flow waterfall for Expand Energy (EXE) — TTM through Q1 2026

Free cash flow: $2.86B

Cash flow breakdown for Expand Energy (EXE) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$5.87B	$5.87B
Capital Expenditure	-$3.01B	$2.86B
Free Cash Flow	$2.86B	$2.86B
Other Investing	$153M	$3.02B
Share Buybacks	-$166M	$2.85B
Dividends Paid	-$764M	$2.09B
Net Debt Change	-$227M	$1.86B
Other Financing & FX	$18M	$1.88B
Net Cash Increase	$1.88B	$1.88B

Operating Cash Flow$5.87B
Capital Expenditure-$3.01B
Free Cash Flow$2.86B
Other Investing$153M
Share Buybacks-$166M
Dividends Paid-$764M
Net Debt Change-$227M
Other Financing & FX$18M
Net Cash Increase$1.88B

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

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