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 GE HealthCare (GEHC) spend its free cash flow?

For TTM through Q1 2026, GE HealthCare generated $2.03B of operating cash flow and $1.52B of free cash flow — a free cash flow margin of 75% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did GE HealthCare (GEHC) return via buybacks and dividends?

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

GE HealthCare (GEHC) Cash Flow Waterfall

Operating CF

$2.03B

Capex

-$508M

Free Cash Flow

$1.52B

FCF Margin

+75.0%

Cash flow waterfall for GE HealthCare (GEHC) — TTM through Q1 2026

Free cash flow: $1.52B

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

Cash flow breakdown for GE HealthCare (GEHC) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$2.03B	$2.03B
Capital Expenditure	-$508M	$1.52B
Free Cash Flow	$1.52B	$1.52B
Acquisitions	-$109M	$1.41B
Other Investing	-$2.52B	-$1.11B
Share Buybacks	-$200M	-$1.31B
Dividends Paid	-$64M	-$1.38B
Net Debt Change	$1.37B	-$5M
Other Financing & FX	-$184M	-$189M
Net Cash Decrease	-$188M	-$188M

Operating Cash Flow$2.03B
Capital Expenditure-$508M
Free Cash Flow$1.52B
Acquisitions-$109M
Other Investing-$2.52B
Share Buybacks-$200M
Dividends Paid-$64M
Net Debt Change$1.37B
Other Financing & FX-$184M
Net Cash Decrease-$188M

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

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