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 PACCAR (PCAR) spend its free cash flow?

For TTM through Q1 2026, PACCAR generated $4.48B of operating cash flow and $3.27B of free cash flow — a free cash flow margin of 73% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did PACCAR (PCAR) return via buybacks and dividends?

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

PACCAR (PCAR) Cash Flow Waterfall

Operating CF

$4.48B

Capex

-$1.21B

Free Cash Flow

$3.27B

FCF Margin

+73.0%

Cash flow waterfall for PACCAR (PCAR) — TTM through Q1 2026

Free cash flow: $3.27B

Note: Other Investing is large — driven mainly by purchases or sales of investments.

Cash flow breakdown for PACCAR (PCAR) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$4.48B	$4.48B
Capital Expenditure	-$1.21B	$3.27B
Free Cash Flow	$3.27B	$3.27B
Acquisitions	$328M	$3.6B
Other Investing	-$1.07B	$2.52B
Dividends Paid	-$1.43B	$1.09B
Net Debt Change	-$1.1B	-$1.7M
Other Financing	$26.7M	$25M
Forex Effect	$98.8M	$124M
Net Cash Increase	$124M	$124M

Operating Cash Flow$4.48B
Capital Expenditure-$1.21B
Free Cash Flow$3.27B
Acquisitions$328M
Other Investing-$1.07B
Dividends Paid-$1.43B
Net Debt Change-$1.1B
Other Financing$26.7M
Forex Effect$98.8M
Net Cash Increase$124M

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

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