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 Tennant (TNC) spend its free cash flow?

For TTM through Q1 2026, Tennant generated $34.2M of operating cash flow and $16M of free cash flow — a free cash flow margin of 46.8% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Tennant (TNC) return via buybacks and dividends?

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

Tennant (TNC) Cash Flow Waterfall

Operating CF

$34.2M

Capex

-$18.2M

Free Cash Flow

$16M

FCF Margin

+46.8%

Cash flow waterfall for Tennant (TNC) — TTM through Q1 2026

Free cash flow: $16M

Cash flow breakdown for Tennant (TNC) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$34.2M	$34.2M
Capital Expenditure	-$18.2M	$16M
Free Cash Flow	$16M	$16M
Acquisitions	-$10.4M	$5.6M
Other Investing	$2.5M	$8.1M
Share Buybacks	-$128M	-$120M
Dividends Paid	-$21.8M	-$142M
Net Debt Change	$70.8M	-$71.2M
Other Financing	$71.5M	$300K
Forex Effect	$2.8M	$3.1M
Net Cash Increase	$3.1M	$3.1M

Operating Cash Flow$34.2M
Capital Expenditure-$18.2M
Free Cash Flow$16M
Acquisitions-$10.4M
Other Investing$2.5M
Share Buybacks-$128M
Dividends Paid-$21.8M
Net Debt Change$70.8M
Other Financing$71.5M
Forex Effect$2.8M
Net Cash Increase$3.1M

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

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