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 Quanta Services (PWR) spend its free cash flow?

For TTM through Q1 2026, Quanta Services generated $2.38B of operating cash flow and $1.68B of free cash flow — a free cash flow margin of 70.7% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Quanta Services (PWR) return via buybacks and dividends?

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

Quanta Services (PWR) Cash Flow Waterfall

Operating CF

$2.38B

Capex

-$696M

Free Cash Flow

$1.68B

FCF Margin

+70.7%

Cash flow waterfall for Quanta Services (PWR) — TTM through Q1 2026

Free cash flow: $1.68B

Cash flow breakdown for Quanta Services (PWR) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$2.38B	$2.38B
Capital Expenditure	-$696M	$1.68B
Free Cash Flow	$1.68B	$1.68B
Acquisitions	-$2.77B	-$1.09B
Other Investing	-$63.6M	-$1.15B
Share Buybacks	-$199M	-$1.35B
Dividends Paid	-$62.1M	-$1.41B
Net Debt Change	$1.42B	$4.12M
Other Financing & FX	-$159M	-$155M
Net Cash Decrease	-$155M	-$155M

Operating Cash Flow$2.38B
Capital Expenditure-$696M
Free Cash Flow$1.68B
Acquisitions-$2.77B
Other Investing-$63.6M
Share Buybacks-$199M
Dividends Paid-$62.1M
Net Debt Change$1.42B
Other Financing & FX-$159M
Net Cash Decrease-$155M

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

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