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 Keurig Dr Pepper (KDP) spend its free cash flow?

For TTM through Q1 2026, Keurig Dr Pepper generated $2.06B of operating cash flow and $1.58B of free cash flow — a free cash flow margin of 76.6% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Keurig Dr Pepper (KDP) return via buybacks and dividends?

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

Keurig Dr Pepper (KDP) Cash Flow Waterfall

Operating CF

$2.06B

Capex

-$482M

Free Cash Flow

$1.58B

FCF Margin

+76.6%

Cash flow waterfall for Keurig Dr Pepper (KDP) — TTM through Q1 2026

Free cash flow: $1.58B

Cash flow breakdown for Keurig Dr Pepper (KDP) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$2.06B	$2.06B
Capital Expenditure	-$482M	$1.58B
Free Cash Flow	$1.58B	$1.58B
Acquisitions	$3.82B	$5.4B
Other Investing	-$2M	$5.4B
Dividends Paid	-$1.25B	$4.15B
Net Debt Change	$8.95B	$13.1B
Other Financing	$5B	$18.1B
Forex Effect	-$131M	$18B
Net Cash Increase	$18B	$18B

Operating Cash Flow$2.06B
Capital Expenditure-$482M
Free Cash Flow$1.58B
Acquisitions$3.82B
Other Investing-$2M
Dividends Paid-$1.25B
Net Debt Change$8.95B
Other Financing$5B
Forex Effect-$131M
Net Cash Increase$18B

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

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