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 Procter & Gamble (PG) spend its free cash flow?

For TTM through Q1 2026, Procter & Gamble generated $19.4B of operating cash flow and $15B of free cash flow — a free cash flow margin of 77.4% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Procter & Gamble (PG) return via buybacks and dividends?

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

Procter & Gamble (PG) Cash Flow Waterfall

Operating CF

$19.4B

Capex

-$4.38B

Free Cash Flow

$15B

FCF Margin

+77.4%

Cash flow waterfall for Procter & Gamble (PG) — TTM through Q1 2026

Free cash flow: $15B

Cash flow breakdown for Procter & Gamble (PG) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$19.4B	$19.4B
Capital Expenditure	-$4.38B	$15B
Free Cash Flow	$15B	$15B
Other Investing	-$109M	$14.9B
Share Buybacks	-$4.85B	$10.1B
Dividends Paid	-$10.2B	-$110M
Net Debt Change	$2.28B	$2.17B
Other Financing & FX	$1.02B	$3.19B
Net Cash Increase	$3.19B	$3.19B

Operating Cash Flow$19.4B
Capital Expenditure-$4.38B
Free Cash Flow$15B
Other Investing-$109M
Share Buybacks-$4.85B
Dividends Paid-$10.2B
Net Debt Change$2.28B
Other Financing & FX$1.02B
Net Cash Increase$3.19B

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

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