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 Old Republic International (ORI) spend its free cash flow?

For TTM through Q1 2026, Old Republic International generated $1.21B of operating cash flow and $1.21B of free cash flow — a free cash flow margin of 100% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Old Republic International (ORI) return via buybacks and dividends?

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

Old Republic International (ORI) Cash Flow Waterfall

Operating CF

$1.21B

Capex

$0.00

Free Cash Flow

$1.21B

FCF Margin

+100.0%

Cash flow waterfall for Old Republic International (ORI) — TTM through Q1 2026

Free cash flow: $1.21B

Cash flow breakdown for Old Republic International (ORI) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$1.21B	$1.21B
Capital Expenditure	$0.00	$1.21B
Free Cash Flow	$1.21B	$1.21B
Other Investing	-$87.4M	$1.13B
Share Buybacks	-$258M	$868M
Dividends Paid	-$909M	-$40.2M
Other Financing & FX	-$21.3M	-$61.5M
Net Cash Decrease	-$61.6M	-$61.6M

Operating Cash Flow$1.21B
Capital Expenditure$0.00
Free Cash Flow$1.21B
Other Investing-$87.4M
Share Buybacks-$258M
Dividends Paid-$909M
Other Financing & FX-$21.3M
Net Cash Decrease-$61.6M

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

Frequently asked questions

Data & methodology

Old Republic International (ORI) Key Financials

Charts, filings, and peer comparison for every metric

Income Statement

Balance Sheet

Profitability

Cash Flow

Capital Return

Forecast & Valuation

Operations

Employees9.5K

Explore more

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

Overview

ORI Overview

Counters