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 Northwest Natural Holding (NWN) spend its free cash flow?

For TTM through Q1 2026, Northwest Natural Holding generated $206M of operating cash flow and -$273M of free cash flow — a free cash flow margin of -132.6% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Northwest Natural Holding (NWN) return via buybacks and dividends?

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

Northwest Natural Holding (NWN) Cash Flow Waterfall

Operating CF

$206M

Capex

-$478M

Free Cash Flow

-$273M

FCF Margin

-132.6%

Cash flow waterfall for Northwest Natural Holding (NWN) — TTM through Q1 2026

Free cash flow: -$273M

Cash flow breakdown for Northwest Natural Holding (NWN) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$206M	$206M
Capital Expenditure	-$478M	-$273M
Free Cash Flow	-$273M	-$273M
Acquisitions	-$66.6M	-$339M
Other Investing	-$4.98M	-$344M
Dividends Paid	-$78M	-$422M
Net Debt Change	$293M	-$129M
Other Financing & FX	$62.3M	-$66.6M
Net Cash Decrease	-$66.6M	-$66.6M

Operating Cash Flow$206M
Capital Expenditure-$478M
Free Cash Flow-$273M
Acquisitions-$66.6M
Other Investing-$4.98M
Dividends Paid-$78M
Net Debt Change$293M
Other Financing & FX$62.3M
Net Cash Decrease-$66.6M

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

Frequently asked questions

Data & methodology

Northwest Natural Holding (NWN) Key Financials

Charts, filings, and peer comparison for every metric

Explore more

Deep-dives across the income statement, cash flow, capital return, and valuation

Overview

NWN Overview

Counters

Income Statement

Cash Flow

Capital Return

How this company returns cash to shareholders — buybacks, dividends, and stock splits.

Forecast & Valuation