Excel Waterfall Charts with Multiple Series Explained

No—not as separate, independent series in Excel’s built-in Waterfall chart. In Microsoft 365 for Windows, a native waterfall chart represents one sequence of changes; to compare multiple series, use separate charts, reshape the data into one meaningful sequence, or build a custom chart with a different chart type.

Why Excel’s Waterfall chart uses one series

A waterfall chart shows how a starting amount changes through a chain of increases and decreases to reach an ending amount. Each category is a step in that chain: for example, opening cash, customer receipts, payroll, rent, and closing cash. The chart positions each change against the running balance from the steps before it.

In Excel, a series is a set of values plotted together, usually supplied by one row or one column in the source data. The built-in Waterfall chart is designed to interpret one value at each successive category as the next change in a single calculation. It does not provide the standard multi-series layout in which two or more separate series appear side by side for every category.

That limitation is about how the chart is designed, not necessarily about your data. If you select a table containing several value columns, Excel will not turn them into several independent, correctly calculated waterfalls. For a clean comparison, choose a layout that preserves what each number means and how each balance is calculated.

What a single-series waterfall can show

One series can still contain a lot of useful detail. For example, a profit bridge can show revenue as the opening value, then add or subtract discounts, costs, and other adjustments before showing profit as the closing value. Each row is a step, not a separate scenario. This is often exactly the right view when the goal is to explain how one total was reached.

A typical source table has a category column and one values column. Positive values raise the running total; negative values lower it. The first and last bars often represent opening and closing totals. In Excel, you can identify a bar as a total so that it starts from the chart’s baseline rather than being treated as another change. Right-click the relevant data point and choose Set as Total. Depending on the chart and Excel build, you may need to select the individual bar rather than the whole series first.

For example, a bridge starting at 100, adding 40, subtracting 25, and subtracting 10 ends at 105. The three middle bars float between successive balances, while the opening and closing bars show totals. This is a single series even though the chart includes several kinds of bars.

Prepare a simple waterfall in Microsoft 365

For a basic bridge on Windows, put category labels in one column and values in the next. Use positive numbers for increases and negative numbers for decreases. Select the labels and values, then choose Insert > Insert Waterfall, Funnel, Stock, Surface or Radar Chart > Waterfall. Excel creates a chart from the selected data.

Arrange the categories in the order that the balance changes. A waterfall is a sequence, so sorting alphabetically can make the story incorrect.
Enter an opening amount, each change, and an ending amount in the values column. The ending amount can be calculated separately from the changes.
Insert the Waterfall chart and inspect the bars. If Excel has treated the opening or ending amount as a change, right-click that point and choose Set as Total.
Add a chart title and, if needed, data labels. Use descriptive category names so a reader can tell what each increase or decrease represents.

Here is a small worksheet example. The labels are in A2:A6, the opening amount is 100 in B2, and the changes are 40, -25, and -10 in B3:B5. The closing row is in A6. With that layout, enter this in C2 to start a running-balance check: =B2. It returns 100. With the same layout, enter this in C3 and fill it down through C5: =C2+B3. The filled formulas produce 140, 115, and 105, respectively. To calculate the ending value in B6, with the running balance in C5, use =C5; it returns 105. Select A2:B6 for the chart, then set the opening and closing points as totals.

The extra running-balance column is a check, not an additional chart series. Keeping it separate helps catch arithmetic mistakes without confusing the chart’s input. These steps describe Excel for Microsoft 365 on Windows. On Mac, chart commands and context menus can be arranged differently; the exact options depend on the installed Excel build.

Choose the right way to compare multiple series

The best workaround depends on what “multiple series” means in your workbook. Two scenarios that each have their own starting balance need a different comparison from two departments whose contributions combine into one final result. Decide whether your reader needs to compare complete bridges, compare individual changes, or understand one combined total.

Separate waterfalls: Use one chart per scenario or business unit when each has its own meaningful opening-to-closing calculation. This preserves the native waterfall behavior and makes each bridge easy to read.
One continuous bridge: If the values are components of the same calculation, arrange them as one ordered list of changes. Use clear labels to identify which team or category contributed each step.
Side-by-side category comparison: If the main question is how two values compare in each category, use a clustered column or bar chart. It is usually clearer than forcing a waterfall to do a job it was not designed for.
Custom floating columns: If a single view of several bridges is essential, construct helper series and use a stacked column chart. This takes more setup and careful checking than a native waterfall.

For example, imagine comparing monthly cash movements for two branches. If the branches begin with different cash balances, placing both branches’ changes in one long waterfall would imply that the second branch’s first change follows the first branch’s ending balance. That is misleading. Two aligned charts, with the same scale and category order, communicate the comparison more honestly.

When a custom stacked-column chart helps

A custom waterfall is made by plotting invisible or unfilled base values beneath visible increase and decrease segments. For each step, the base positions the visible segment at the prior or new balance. Separate helper values can be created for positive changes, negative changes, and total bars, then plotted together in a stacked column chart. The base series is formatted with no fill and no border so only the floating segments appear.

For multiple scenarios, each scenario needs its own helper values, and the category layout must make clear which bars belong together. This is not a one-click conversion: stacked columns use series and category positions differently from the native waterfall chart. You may need blank helper cells or carefully designed categories to leave gaps and group the bars. A change to the input data can also require checking that the helper values and chart ranges still line up.

This approach is useful when a report requires several bridges in one visual and the chart owner is comfortable maintaining the helper table. It is less suitable for a workbook that must be edited casually by many people. A custom chart can look like several waterfalls, but it does not automatically gain the native chart’s waterfall-specific behavior, such as marking individual bars as totals. Document the helper layout and test positive changes, negative changes, zero values, and totals before relying on it.

Common problems and how to avoid them

The ending bar does not match the expected balance: Check that every movement has the correct sign and that the ending value is marked as a total rather than plotted as another change.
A bar appears to float from the wrong level: Confirm the category order and the running calculation. A waterfall depends on sequence; rearranging the steps changes the balance path.
Excel displays an unexpected chart from several value columns: The native Waterfall chart is not a general-purpose multi-series comparison chart. Simplify the selected data to one intended sequence or choose another chart design.
The chart has confusing categories: Avoid duplicate or vague labels such as “Other” when multiple departments or scenarios are involved. Add a concise identifier to each label or separate the scenarios into different charts.
A zero or blank behaves unexpectedly: Decide whether the row is a genuine zero change, a missing observation, or a spacer. Those meanings are not interchangeable, especially in a custom helper table.

Also check the vertical axis and number format. A truncated axis can exaggerate small differences, while inconsistent currency or percentage formats can make the bridge difficult to interpret. If readers need to distinguish increases, decreases, and totals, use consistent colors and include labels or a note; do not rely on color alone.

Waterfall versus other chart choices

Choose a waterfall when the central message is how a starting value changes step by step into an ending value. Choose a clustered column chart when the question is which of several series is larger in each category. Choose a line chart when the order is time-based and the emphasis is on trends. A stacked column chart can show how parts contribute to a total, but it is not automatically a substitute for a waterfall: its segments are stacked by category, not calculated as successive changes from a prior balance.

Small multiples—several similarly formatted charts arranged together—are often a strong option for scenario comparisons. Give each chart the same scale, order, and visual styling. Readers can then compare the shape of the bridges without implying that the scenarios share one running balance. If the comparison must fit into a single visual, a custom chart may be justified, but make the scenario grouping unmistakable.

Frequently Asked Questions

Can an Excel Waterfall chart have two data series?
No. The built-in Waterfall chart is intended for one sequence of changes. Use separate charts, combine values only when they truly form one bridge, or create a custom chart with helper data.

Can I compare two scenarios in one waterfall?
Not as two independent native waterfall series. Place the scenarios in separate charts for a straightforward comparison, or build a custom stacked-column design if a single carefully controlled visual is required.

How do I make the first or last bar a total?
Click the relevant point in the chart, right-click it, and select Set as Total. Check that the bar now begins at the baseline and represents the intended opening or ending balance.

Can I show department names as well as change types?
Yes, by including the department or source in the category labels, such as “Marketing — spend” or “Sales — revenue.” If separate departments have independent balances, use separate waterfalls rather than combining them into one running sequence.

What should I use if I only need to compare values by category?
A clustered column or bar chart is usually clearer. It places series side by side for each category and is designed for direct comparison, unlike a waterfall, which explains a cumulative path.

Try it: the Percentage Formula Generator: percent of, percent change, increase and decrease, with the formula.

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Sources: Function behaviour and menu paths: Microsoft Support documentation for Excel. Method & sources

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