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 Travelers Companies (TRV) spend its free cash flow?

For TTM through Q2 2026, Travelers Companies generated $11B of operating cash flow and $11B of free cash flow — a free cash flow margin of 100% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Travelers Companies (TRV) return via buybacks and dividends?

The waterfall shows buybacks (share repurchases) and dividends paid as separate steps in the financing section. Together these represent Travelers Companies's shareholder returns for TTM through Q2 2026. You can compare these against free cash flow to assess the capital-return payout ratio.

Travelers Companies (TRV) Cash Flow Waterfall

Operating CF

$11B

Capex

$0.00

Free Cash Flow

$11B

FCF Margin

+100.0%

Cash flow waterfall for Travelers Companies (TRV) — TTM through Q2 2026

Free cash flow: $11B

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

Cash flow breakdown for Travelers Companies (TRV) — TTM through Q2 2026

Line item	Amount	Running total
Operating Cash Flow	$11B	$11B
Capital Expenditure	$0.00	$11B
Free Cash Flow	$11B	$11B
Other Investing	-$5.63B	$5.4B
Share Buybacks	-$5.36B	$38M
Dividends Paid	-$989M	-$951M
Net Debt Change	-$200M	-$1.15B
Other Financing	$1.3B	$144M
Forex Effect	-$182M	-$38M
Net Cash Decrease	-$38M	-$38M

Operating Cash Flow$11B
Capital Expenditure$0.00
Free Cash Flow$11B
Other Investing-$5.63B
Share Buybacks-$5.36B
Dividends Paid-$989M
Net Debt Change-$200M
Other Financing$1.3B
Forex Effect-$182M
Net Cash Decrease-$38M

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

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