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 Ferrovial (FER) spend its free cash flow?

For TTM through Q4 2025, Ferrovial generated €1.93B of operating cash flow and €1.27B of free cash flow — a free cash flow margin of 66.1% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Ferrovial (FER) return via buybacks and dividends?

The waterfall shows buybacks (share repurchases) and dividends paid as separate steps in the financing section. Together these represent Ferrovial's shareholder returns for TTM through Q4 2025. You can compare these against free cash flow to assess the capital-return payout ratio.

Ferrovial (FER) Cash Flow Waterfall

Operating CF

€1.93B

Capex

-€653M

Free Cash Flow

€1.27B

FCF Margin

+66.1%

Cash flow waterfall for Ferrovial (FER) — TTM through Q4 2025

Free cash flow: €1.27B

Cash flow breakdown for Ferrovial (FER) — TTM through Q4 2025

Line item	Amount	Running total
Operating Cash Flow	€1.93B	€1.93B
Capital Expenditure	-€653M	€1.27B
Free Cash Flow	€1.27B	€1.27B
Other Investing	-€238M	€1.04B
Share Buybacks	-€501M	€534M
Dividends Paid	-€156M	€378M
Other Financing	-€826M	-€448M
Forex Effect	-€99M	-€547M
Net Cash Increase	€0.00	€0.00

Operating Cash Flow€1.93B
Capital Expenditure-€653M
Free Cash Flow€1.27B
Other Investing-€238M
Share Buybacks-€501M
Dividends Paid-€156M
Other Financing-€826M
Forex Effect-€99M
Net Cash Increase€0.00

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

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