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 Pinnacle West Capital (PNW) spend its free cash flow?

For TTM through Q1 2026, Pinnacle West Capital generated $1.64B of operating cash flow and -$992M of free cash flow — a free cash flow margin of -60.5% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Pinnacle West Capital (PNW) return via buybacks and dividends?

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

Pinnacle West Capital (PNW) Cash Flow Waterfall

Operating CF

$1.64B

Capex

-$2.63B

Free Cash Flow

-$992M

FCF Margin

-60.5%

Cash flow waterfall for Pinnacle West Capital (PNW) — TTM through Q1 2026

Free cash flow: -$992M

Cash flow breakdown for Pinnacle West Capital (PNW) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$1.64B	$1.64B
Capital Expenditure	-$2.63B	-$992M
Free Cash Flow	-$992M	-$992M
Acquisitions	-$199M	-$1.19B
Other Investing	$286M	-$904M
Dividends Paid	-$426M	-$1.33B
Net Debt Change	$1.26B	-$69.2M
Other Financing & FX	$65.5M	-$3.64M
Net Cash Decrease	-$3.64M	-$3.64M

Operating Cash Flow$1.64B
Capital Expenditure-$2.63B
Free Cash Flow-$992M
Acquisitions-$199M
Other Investing$286M
Dividends Paid-$426M
Net Debt Change$1.26B
Other Financing & FX$65.5M
Net Cash Decrease-$3.64M

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

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