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 Universal Corporation (UVV) spend its free cash flow?

For TTM through Q1 2026, Universal Corporation generated $129M of operating cash flow and $80.3M of free cash flow — a free cash flow margin of 62.2% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Universal Corporation (UVV) return via buybacks and dividends?

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

Universal Corporation (UVV) Cash Flow Waterfall

Operating CF

$129M

Capex

-$48.8M

Free Cash Flow

$80.3M

FCF Margin

+62.2%

Cash flow waterfall for Universal Corporation (UVV) — TTM through Q1 2026

Free cash flow: $80.3M

Cash flow breakdown for Universal Corporation (UVV) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$129M	$129M
Capital Expenditure	-$48.8M	$80.3M
Free Cash Flow	$80.3M	$80.3M
Other Investing	$5.87M	$86.1M
Dividends Paid	-$66.9M	$19.3M
Net Debt Change	-$170M	-$151M
Other Financing & FX	-$47.2M	-$198M
Net Cash Decrease	-$198M	-$198M

Operating Cash Flow$129M
Capital Expenditure-$48.8M
Free Cash Flow$80.3M
Other Investing$5.87M
Dividends Paid-$66.9M
Net Debt Change-$170M
Other Financing & FX-$47.2M
Net Cash Decrease-$198M

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

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