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 Regeneron Pharmaceuticals (REGN) spend its free cash flow?

For TTM through Q1 2026, Regeneron Pharmaceuticals generated $5.01B of operating cash flow and $4.16B of free cash flow — a free cash flow margin of 82.9% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Regeneron Pharmaceuticals (REGN) return via buybacks and dividends?

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

Regeneron Pharmaceuticals (REGN) Cash Flow Waterfall

Operating CF

$5.01B

Capex

-$858M

Free Cash Flow

$4.16B

FCF Margin

+82.9%

Cash flow waterfall for Regeneron Pharmaceuticals (REGN) — TTM through Q1 2026

Free cash flow: $4.16B

Cash flow breakdown for Regeneron Pharmaceuticals (REGN) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$5.01B	$5.01B
Capital Expenditure	-$858M	$4.16B
Free Cash Flow	$4.16B	$4.16B
Other Investing	-$848M	$3.31B
Share Buybacks	-$3.19B	$116M
Dividends Paid	-$374M	-$259M
Other Financing & FX	$136M	-$122M
Net Cash Decrease	-$122M	-$122M

Operating Cash Flow$5.01B
Capital Expenditure-$858M
Free Cash Flow$4.16B
Other Investing-$848M
Share Buybacks-$3.19B
Dividends Paid-$374M
Other Financing & FX$136M
Net Cash Decrease-$122M

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

Frequently asked questions

Data & methodology

Regeneron Pharmaceuticals (REGN) Key Financials

Charts, filings, and peer comparison for every metric

Explore more

Deep-dives across the income statement, cash flow, capital return, and valuation

Overview

REGN Overview

Counters

Income Statement

Cash Flow

Capital Return

How this company returns cash to shareholders — buybacks, dividends, and stock splits.

Forecast & Valuation