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 Viatris (VTRS) spend its free cash flow?

For TTM through Q1 2026, Viatris generated $2.17B of operating cash flow and $1.71B of free cash flow — a free cash flow margin of 78.8% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Viatris (VTRS) return via buybacks and dividends?

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

Viatris (VTRS) Cash Flow Waterfall

Operating CF

$2.17B

Capex

-$459M

Free Cash Flow

$1.71B

FCF Margin

+78.8%

Cash flow waterfall for Viatris (VTRS) — TTM through Q1 2026

Free cash flow: $1.71B

Cash flow breakdown for Viatris (VTRS) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$2.17B	$2.17B
Capital Expenditure	-$459M	$1.71B
Free Cash Flow	$1.71B	$1.71B
Other Investing	$374M	$2.08B
Share Buybacks	-$325M	$1.76B
Dividends Paid	-$558M	$1.2B
Other Financing & FX	-$152M	$1.05B
Net Cash Increase	$1.05B	$1.05B

Operating Cash Flow$2.17B
Capital Expenditure-$459M
Free Cash Flow$1.71B
Other Investing$374M
Share Buybacks-$325M
Dividends Paid-$558M
Other Financing & FX-$152M
Net Cash Increase$1.05B

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

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