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 MDU Resources Group (MDU) spend its free cash flow?

For TTM through Q1 2026, MDU Resources Group generated $405M of operating cash flow and -$386M of free cash flow — a free cash flow margin of -95.3% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did MDU Resources Group (MDU) return via buybacks and dividends?

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

MDU Resources Group (MDU) Cash Flow Waterfall

Operating CF

$405M

Capex

-$791M

Free Cash Flow

-$386M

FCF Margin

-95.3%

Cash flow waterfall for MDU Resources Group (MDU) — TTM through Q1 2026

Free cash flow: -$386M

Cash flow breakdown for MDU Resources Group (MDU) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$405M	$405M
Capital Expenditure	-$791M	-$386M
Free Cash Flow	-$386M	-$386M
Other Investing	$14M	-$372M
Dividends Paid	-$110M	-$483M
Net Debt Change	$400M	-$82.7M
Other Financing & FX	$76.4M	-$6.23M
Net Cash Decrease	-$6.24M	-$6.24M

Operating Cash Flow$405M
Capital Expenditure-$791M
Free Cash Flow-$386M
Other Investing$14M
Dividends Paid-$110M
Net Debt Change$400M
Other Financing & FX$76.4M
Net Cash Decrease-$6.24M

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

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