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 T. Rowe Price (TROW) spend its free cash flow?

For TTM through Q1 2026, T. Rowe Price generated $2.45B of operating cash flow and $2.34B of free cash flow — a free cash flow margin of 95.5% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did T. Rowe Price (TROW) return via buybacks and dividends?

The waterfall shows buybacks (share repurchases) and dividends paid as separate steps in the financing section. Together these represent T. Rowe Price's shareholder returns for TTM through Q1 2026. You can compare these against free cash flow to assess the capital-return payout ratio.

T. Rowe Price (TROW) Cash Flow Waterfall

Operating CF

$2.45B

Capex

-$110M

Free Cash Flow

$2.34B

FCF Margin

+95.5%

Cash flow waterfall for T. Rowe Price (TROW) — TTM through Q1 2026

Free cash flow: $2.34B

Cash flow breakdown for T. Rowe Price (TROW) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$2.45B	$2.45B
Capital Expenditure	-$110M	$2.34B
Free Cash Flow	$2.34B	$2.34B
Other Investing	$390M	$2.73B
Share Buybacks	-$739M	$1.99B
Dividends Paid	-$1.14B	$846M
Other Financing & FX	$85.3M	$931M
Net Cash Increase	$931M	$931M

Operating Cash Flow$2.45B
Capital Expenditure-$110M
Free Cash Flow$2.34B
Other Investing$390M
Share Buybacks-$739M
Dividends Paid-$1.14B
Other Financing & FX$85.3M
Net Cash Increase$931M

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

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