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 ONEOK (OKE) spend its free cash flow?

For TTM through Q1 2026, ONEOK generated $5.63B of operating cash flow and $2.24B of free cash flow — a free cash flow margin of 39.8% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did ONEOK (OKE) return via buybacks and dividends?

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

ONEOK (OKE) Cash Flow Waterfall

Operating CF

$5.63B

Capex

-$3.39B

Free Cash Flow

$2.24B

FCF Margin

+39.8%

Cash flow waterfall for ONEOK (OKE) — TTM through Q1 2026

Free cash flow: $2.24B

Cash flow breakdown for ONEOK (OKE) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$5.63B	$5.63B
Capital Expenditure	-$3.39B	$2.24B
Free Cash Flow	$2.24B	$2.24B
Acquisitions	-$565M	$1.68B
Other Investing	-$112M	$1.57B
Dividends Paid	-$2.61B	-$1.05B
Net Debt Change	$1.71B	$658M
Other Financing & FX	-$627M	$31M
Net Cash Increase	$31M	$31M

Operating Cash Flow$5.63B
Capital Expenditure-$3.39B
Free Cash Flow$2.24B
Acquisitions-$565M
Other Investing-$112M
Dividends Paid-$2.61B
Net Debt Change$1.71B
Other Financing & FX-$627M
Net Cash Increase$31M

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

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