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 Invesco (IVZ) spend its free cash flow?

For TTM through Q1 2026, Invesco generated $1.82B of operating cash flow and $1.79B of free cash flow — a free cash flow margin of 98.1% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Invesco (IVZ) return via buybacks and dividends?

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

Invesco (IVZ) Cash Flow Waterfall

Operating CF

$1.82B

Capex

-$34.2M

Free Cash Flow

$1.79B

FCF Margin

+98.1%

Cash flow waterfall for Invesco (IVZ) — TTM through Q1 2026

Free cash flow: $1.79B

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

Cash flow breakdown for Invesco (IVZ) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$1.82B	$1.82B
Capital Expenditure	-$34.2M	$1.79B
Free Cash Flow	$1.79B	$1.79B
Other Investing	-$1.58B	$207M
Share Buybacks	-$150M	$57.2M
Dividends Paid	-$564M	-$507M
Net Debt Change	$802M	$296M
Other Financing	-$497M	-$201M
Forex Effect	-$866M	-$1.07B
Net Cash Decrease	-$1.07B	-$1.07B

Operating Cash Flow$1.82B
Capital Expenditure-$34.2M
Free Cash Flow$1.79B
Other Investing-$1.58B
Share Buybacks-$150M
Dividends Paid-$564M
Net Debt Change$802M
Other Financing-$497M
Forex Effect-$866M
Net Cash Decrease-$1.07B

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

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