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 Texas Pacific Land (TPL) spend its free cash flow?

For TTM through Q1 2026, Texas Pacific Land generated $551M of operating cash flow and $493M of free cash flow — a free cash flow margin of 89.5% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Texas Pacific Land (TPL) return via buybacks and dividends?

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

Texas Pacific Land (TPL) Cash Flow Waterfall

Operating CF

$551M

Capex

-$57.9M

Free Cash Flow

$493M

FCF Margin

+89.5%

Cash flow waterfall for Texas Pacific Land (TPL) — TTM through Q1 2026

Free cash flow: $493M

Note: Other Investing is large — driven mainly by purchases or sales of investments.

Cash flow breakdown for Texas Pacific Land (TPL) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$551M	$551M
Capital Expenditure	-$57.9M	$493M
Free Cash Flow	$493M	$493M
Other Investing	-$534M	-$40.5M
Share Buybacks	-$17.4M	-$57.9M
Dividends Paid	-$152M	-$210M
Other Financing & FX	-$4.51M	-$215M
Net Cash Decrease	-$215M	-$215M

Operating Cash Flow$551M
Capital Expenditure-$57.9M
Free Cash Flow$493M
Other Investing-$534M
Share Buybacks-$17.4M
Dividends Paid-$152M
Other Financing & FX-$4.51M
Net Cash Decrease-$215M

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

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