- Set up your data
- How to make a waterfall chart in Excel
- The fix almost everyone needs: Set as Total
- Reading and styling the chart
- Can't see the waterfall option?
- Waterfall chart ideas
- Mistakes to avoid
- Adding subtotals in the middle
- When a waterfall chart is the wrong choice
- My verdict
- Frequently asked questions
To make a waterfall chart in Excel, put your labels and values in two columns, select them, and choose Insert, then the Waterfall chart button, then Waterfall. Then right-click your starting and ending columns and choose Set as Total, so they sit on the axis instead of floating.
A waterfall chart shows how you got from one number to another: a starting value, the rises and falls along the way, and where you ended up. Microsoft also calls it a bridge chart. Excel builds one in a couple of clicks, but nearly every first attempt looks wrong for the same reason, and it's a one-click fix.
Set up your data
Use two columns: labels on the left and values on the right. Rises are positive numbers, falls are negative numbers, and the start and end are plain totals.
| Label | Value |
|---|---|
| Subscribers at start of month | A starting total |
| New sign-ups | A positive number |
| Unsubscribes | A negative number |
| Bounced addresses removed | A negative number |
| Subscribers at end of month | The ending total |
If you'd rather Excel worked out the ending total, leave it as a formula that adds up the rows above.
How to make a waterfall chart in Excel
- Select both columns, including the labels.
- Go to the Insert tab.
- Click the Insert Waterfall or Stock chart button in the Charts group.
- Choose Waterfall.
If you can't find the button, choose Insert, then Recommended Charts, then the All Charts tab, and pick Waterfall from the list.
The fix almost everyone needs: Set as Total
When Excel first draws the chart, it treats every value as a step, including your starting and ending totals. So the final column floats in mid-air on top of all the others, which looks strange and reads wrong. Tell Excel which columns are totals:
- Click the starting column once to select all the columns, then click it again to select just that one.
- Right-click it and choose Set as Total.
- Do the same for the ending column, and any subtotal in the middle.
Those columns now start from the horizontal axis, while the rises and falls float between them. Or double-click a column to open Format Data Point and tick Set as total there.
Reading and styling the chart
- Colours: Excel colours increases, decreases and totals differently, and the legend groups them the same way. Click a legend entry to highlight that group.
- Change the colours: click a legend entry, then use Format to pick a fill. Many people use green for increases and red for decreases.
- Hide connector lines: right-click a column, choose Format Data Series and untick Show connector lines for a cleaner look.
- Labels: data labels show each value. Delete any that crowd the chart.
Can't see the waterfall option?
Waterfall is one of the newer built-in chart types. Microsoft's compatibility notes list it as not supported in Excel 2016 to 2019, so on those versions you won't get the one-click option, and the chart may not show correctly if you send the file to someone using one. It's available in current versions of Excel. It also can't be saved in the OpenDocument (.ods) format, so keep the file as .xlsx.
Waterfall chart ideas
- How your email list changed over a month.
- How website visits changed from one week to the next by channel.
- How a project's hours moved from estimate to actual.
- How follower numbers rose and fell across a campaign.
Mistakes to avoid
- Forgetting Set as Total, which leaves your final column floating.
- Entering falls as positive numbers, so they show as rises.
- Too many steps, which make a chart nobody can read. Group small items together.
- Mixing units, like visits and percentages, in one chart.
Adding subtotals in the middle
Longer stories often need a checkpoint, such as the total after the first half of the month. Add a row for it with a formula that sums the rows above, then right-click its column and choose Set as Total, just as you did for the start and end. The subtotal column drops to the axis and the steps after it float from there. It's a small touch, but it helps readers who'd otherwise have to add up the steps in their heads, and it makes the chart much easier to talk through in a meeting.
When a waterfall chart is the wrong choice
A waterfall is for explaining a change between two points. If you want to show a trend over many periods, a line chart is clearer. If you want to compare the size of parts of a whole, use a bar chart. A waterfall works best with a handful of steps that tell a story from start to finish, which is why it suits month-end updates and before-and-after summaries.
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My verdict
Lay out labels and values in two columns, insert a Waterfall chart, then right-click the first and last columns and choose Set as Total. That last step is what turns a confusing chart into one that reads at a glance. Keep negative steps negative, group tiny items, and stick to the .xlsx format so the chart survives sharing. For turning charts into dashboards, see using AI to build dashboards.
Frequently asked questions
Where is the waterfall chart in Excel?
On the Insert tab, under the Insert Waterfall or Stock chart button, or in Recommended Charts, All Charts.
Why is my final column floating in an Excel waterfall chart?
Excel thinks it's a step. Right-click it and choose Set as Total.
What's another name for a waterfall chart?
Microsoft also calls it a bridge chart.
Why can't I find the waterfall chart?
Older versions don't have it. It's in current versions of Excel.
How do I show a decrease in a waterfall chart?
Enter it as a negative number.
Can I change the colours of increases and decreases?
Yes. Click the legend entry and change its fill colour.
