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 New Jersey Resources (NJR) spend its free cash flow?

For TTM through Q1 2026, New Jersey Resources generated $644M of operating cash flow and -$155M of free cash flow — a free cash flow margin of -24.1% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did New Jersey Resources (NJR) return via buybacks and dividends?

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

New Jersey Resources (NJR) Cash Flow Waterfall

Operating CF

$644M

Capex

-$799M

Free Cash Flow

-$155M

FCF Margin

-24.1%

Cash flow waterfall for New Jersey Resources (NJR) — TTM through Q1 2026

Free cash flow: -$155M

Cash flow breakdown for New Jersey Resources (NJR) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$644M	$644M
Capital Expenditure	-$799M	-$155M
Free Cash Flow	-$155M	-$155M
Other Investing	$7.41M	-$148M
Dividends Paid	-$186M	-$334M
Net Debt Change	$371M	$37M
Other Financing & FX	$1.06M	$38.1M
Net Cash Increase	$38.1M	$38.1M

Operating Cash Flow$644M
Capital Expenditure-$799M
Free Cash Flow-$155M
Other Investing$7.41M
Dividends Paid-$186M
Net Debt Change$371M
Other Financing & FX$1.06M
Net Cash Increase$38.1M

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

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