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 Targa Resources (TRGP) spend its free cash flow?

For TTM through Q1 2026, Targa Resources generated $3.7B of operating cash flow and $262M of free cash flow — a free cash flow margin of 7.1% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Targa Resources (TRGP) return via buybacks and dividends?

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

Targa Resources (TRGP) Cash Flow Waterfall

Operating CF

$3.7B

Capex

-$3.44B

Free Cash Flow

$262M

FCF Margin

+7.1%

Cash flow waterfall for Targa Resources (TRGP) — TTM through Q1 2026

Free cash flow: $262M

Cash flow breakdown for Targa Resources (TRGP) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$3.7B	$3.7B
Capital Expenditure	-$3.44B	$262M
Free Cash Flow	$262M	$262M
Acquisitions	-$1.57B	-$1.31B
Other Investing	$25.7M	-$1.29B
Share Buybacks	-$572M	-$1.86B
Dividends Paid	-$870M	-$2.73B
Net Debt Change	$2.77B	$43.1M
Other Financing & FX	-$94.4M	-$51.3M
Net Cash Decrease	-$51.3M	-$51.3M

Operating Cash Flow$3.7B
Capital Expenditure-$3.44B
Free Cash Flow$262M
Acquisitions-$1.57B
Other Investing$25.7M
Share Buybacks-$572M
Dividends Paid-$870M
Net Debt Change$2.77B
Other Financing & FX-$94.4M
Net Cash Decrease-$51.3M

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

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