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 PNC Financial Services Group (PNC) spend its free cash flow?

For TTM through Q1 2026, PNC Financial Services Group generated $6.82B of operating cash flow and $6.82B 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 PNC Financial Services Group (PNC) return via buybacks and dividends?

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

PNC Financial Services Group (PNC) Cash Flow Waterfall

Operating CF

$6.82B

Capex

$0.00

Free Cash Flow

$6.82B

FCF Margin

+100.0%

Cash flow waterfall for PNC Financial Services Group (PNC) — TTM through Q1 2026

Free cash flow: $6.82B

Note: Other Investing is large — driven mainly by acquisitions and investment activity.

Cash flow breakdown for PNC Financial Services Group (PNC) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$6.82B	$6.82B
Capital Expenditure	$0.00	$6.82B
Free Cash Flow	$6.82B	$6.82B
Other Investing	-$25.2B	-$18.4B
Share Buybacks	-$1.87B	-$20.3B
Dividends Paid	-$3B	-$23.3B
Net Debt Change	$4.33B	-$18.9B
Other Financing & FX	$12.2B	-$6.7B
Net Cash Decrease	-$6.7B	-$6.7B

Operating Cash Flow$6.82B
Capital Expenditure$0.00
Free Cash Flow$6.82B
Other Investing-$25.2B
Share Buybacks-$1.87B
Dividends Paid-$3B
Net Debt Change$4.33B
Other Financing & FX$12.2B
Net Cash Decrease-$6.7B

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

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