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 W. R. Berkley (WRB) spend its free cash flow?

For TTM through Q1 2026, W. R. Berkley generated $3.52B of operating cash flow and $3.37B of free cash flow — a free cash flow margin of 95.6% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did W. R. Berkley (WRB) return via buybacks and dividends?

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

W. R. Berkley (WRB) Cash Flow Waterfall

Operating CF

$3.52B

Capex

-$154M

Free Cash Flow

$3.37B

FCF Margin

+95.6%

Cash flow waterfall for W. R. Berkley (WRB) — TTM through Q1 2026

Free cash flow: $3.37B

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

Cash flow breakdown for W. R. Berkley (WRB) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$3.52B	$3.52B
Capital Expenditure	-$154M	$3.37B
Free Cash Flow	$3.37B	$3.37B
Other Investing	-$1.54B	$1.83B
Share Buybacks	-$523M	$1.31B
Dividends Paid	-$704M	$603M
Other Financing & FX	-$42.7M	$561M
Net Cash Increase	$561M	$561M

Operating Cash Flow$3.52B
Capital Expenditure-$154M
Free Cash Flow$3.37B
Other Investing-$1.54B
Share Buybacks-$523M
Dividends Paid-$704M
Other Financing & FX-$42.7M
Net Cash Increase$561M

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

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