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 Molson Coors Beverage (TAP) spend its free cash flow?

For TTM through Q1 2026, Molson Coors Beverage generated $1.88B of operating cash flow and $1.17B of free cash flow — a free cash flow margin of 62.1% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Molson Coors Beverage (TAP) return via buybacks and dividends?

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

Molson Coors Beverage (TAP) Cash Flow Waterfall

Operating CF

$1.88B

Capex

-$711M

Free Cash Flow

$1.17B

FCF Margin

+62.1%

Cash flow waterfall for Molson Coors Beverage (TAP) — TTM through Q1 2026

Free cash flow: $1.17B

Cash flow breakdown for Molson Coors Beverage (TAP) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$1.88B	$1.88B
Capital Expenditure	-$711M	$1.17B
Free Cash Flow	$1.17B	$1.17B
Other Investing	$100K	$1.17B
Share Buybacks	-$757M	$410M
Dividends Paid	-$371M	$39.2M
Net Debt Change	-$36.4M	$2.8M
Other Financing & FX	-$32.9M	-$30.1M
Net Cash Decrease	-$30.1M	-$30.1M

Operating Cash Flow$1.88B
Capital Expenditure-$711M
Free Cash Flow$1.17B
Other Investing$100K
Share Buybacks-$757M
Dividends Paid-$371M
Net Debt Change-$36.4M
Other Financing & FX-$32.9M
Net Cash Decrease-$30.1M

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

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