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 UGI (UGI) spend its free cash flow?

For TTM through Q1 2026, UGI generated $1.11B of operating cash flow and $238M of free cash flow — a free cash flow margin of 21.5% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did UGI (UGI) return via buybacks and dividends?

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

UGI (UGI) Cash Flow Waterfall

Operating CF

$1.11B

Capex

-$871M

Free Cash Flow

$238M

FCF Margin

+21.5%

Cash flow waterfall for UGI (UGI) — TTM through Q1 2026

Free cash flow: $238M

Cash flow breakdown for UGI (UGI) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$1.11B	$1.11B
Capital Expenditure	-$871M	$238M
Free Cash Flow	$238M	$238M
Acquisitions	$255M	$493M
Other Investing	-$13M	$480M
Share Buybacks	-$39M	$441M
Dividends Paid	-$322M	$119M
Net Debt Change	-$61M	$58M
Other Financing & FX	$34M	$92M
Net Cash Increase	$92M	$92M

Operating Cash Flow$1.11B
Capital Expenditure-$871M
Free Cash Flow$238M
Acquisitions$255M
Other Investing-$13M
Share Buybacks-$39M
Dividends Paid-$322M
Net Debt Change-$61M
Other Financing & FX$34M
Net Cash Increase$92M

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

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