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 Wabtec (WAB) spend its free cash flow?

For TTM through Q2 2026, Wabtec generated $1.76B of operating cash flow and $1.72B of free cash flow — a free cash flow margin of 97.8% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Wabtec (WAB) return via buybacks and dividends?

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

Wabtec (WAB) Cash Flow Waterfall

Operating CF

$1.76B

Capex

-$39M

Free Cash Flow

$1.72B

FCF Margin

+97.8%

Cash flow waterfall for Wabtec (WAB) — TTM through Q2 2026

Free cash flow: $1.72B

Cash flow breakdown for Wabtec (WAB) — TTM through Q2 2026

Line item	Amount	Running total
Operating Cash Flow	$1.76B	$1.76B
Capital Expenditure	-$39M	$1.72B
Free Cash Flow	$1.72B	$1.72B
Acquisitions	-$2.5B	-$782M
Other Investing	-$1.27B	-$2.05B
Share Buybacks	$73M	-$1.98B
Dividends Paid	-$192M	-$2.17B
Net Debt Change	$1.76B	-$412M
Other Financing & FX	-$412M	-$824M
Net Cash Decrease	-$824M	-$824M

Operating Cash Flow$1.76B
Capital Expenditure-$39M
Free Cash Flow$1.72B
Acquisitions-$2.5B
Other Investing-$1.27B
Share Buybacks$73M
Dividends Paid-$192M
Net Debt Change$1.76B
Other Financing & FX-$412M
Net Cash Decrease-$824M

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

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