Excel Waterfall Chart With Two Series: What Works

No: Excel’s built-in Waterfall chart plots one data series at a time, so it cannot show two independent series as parallel waterfall paths in a single native chart. To compare two, use separate waterfall charts or build a custom stacked-column chart with helper data; the best choice depends on whether you need exact waterfall behavior or a compact visual comparison.

What “two series” means in a waterfall chart

A waterfall chart shows how a starting value changes through a sequence of increases and decreases before reaching an ending value. Its categories are the steps—such as opening balance, sales, expenses, and closing balance—and its single value series supplies the amount for each step. The bars float between cumulative values rather than all beginning at zero.

In Excel chart terminology, a series is a set of values to plot. Two columns of values, such as “Plan” and “Actual,” are two series in many chart types. In a waterfall, however, the values are interpreted as one ordered sequence of changes. Excel does not provide a second independent cumulative path in the built-in Waterfall chart.

This distinction matters because two values for the same category are not just two bars with different colors. Each scenario has its own running balance. If Plan starts at 100 and changes by +30 and then −20, it ends at 110. If Actual starts at 80 and changes by +10 and then +25, it ends at 115. Each path needs its own cumulative start and end for every step.

Why Excel’s native chart has this limitation

Excel’s Waterfall chart is designed to explain the composition of one changing total. Each point is treated as a change to the preceding cumulative result, unless you identify a point as a total. That is different from a clustered or stacked chart, where each series can be plotted against a common category axis.

Adding another numeric column to the source table does not create a reliable second waterfall path. The chart type does not offer the usual multi-series layout for independent cumulative calculations. A common misconception is that setting a different color for a second series will solve the problem; color formatting cannot create a second series the chart type does not support.

Excel does let you designate a bar as a total. This is useful for showing a subtotal or ending balance, but it does not turn the total into another data series. The chart still represents one sequence of movements.

Choose a comparison method

Before building anything, decide what the reader needs to compare. If the key point is how two scenarios arrive at their final totals, side-by-side native charts are usually clearest. If each category needs two adjacent floating bars in one visual, a custom chart may be worth the setup. If you only need to compare the change amounts, a clustered column chart is simpler and more faithful to that question.

Two separate Waterfall charts: Best for comparing two complete cumulative paths while retaining Excel’s built-in total handling.
Custom stacked-column chart: Useful when both paths must appear in one chart area, with two bars per step.
Clustered column chart: Best when the comparison is about the size of each category’s change, not the running balance.
Line chart of closing balances: A good option when the trend in cumulative values matters more than the individual floating steps.

Also check whether the two series use the same starting point and scale. A comparison can be misleading if one chart’s vertical axis is much narrower than the other’s, or if the two scenarios begin at different balances that are not clearly shown.

Option 1: Make two native Waterfall charts

This is the most straightforward way to preserve native waterfall behavior. Prepare one category column and one value column for each scenario. For each chart, select the category labels and that scenario’s values, then choose Insert > Insert Waterfall, Funnel, Stock, Surface or Radar Chart > Waterfall in Excel for Microsoft 365 on Windows. Repeat for the second scenario.

For example, use the same categories in both tables: Opening balance, New customers, Cancellations, Price changes, and Ending balance. The Plan values might be 100, 30, −12, 5, and 123; Actual might be 100, 24, −18, 9, and 115. The intermediate values are changes, while the first and last bars represent balance totals. After creating each chart, right-click the opening and ending bars and choose Set as Total. Do the same for any intermediate subtotal that should start at zero rather than continue the running calculation.

Place the charts beside each other, keep their category order and vertical-axis bounds consistent, and use matching colors for equivalent steps. A shared legend or brief labels such as Plan and Actual can identify the charts. If you want them to behave like one aligned comparison, set the plot areas to the same size and make the chart titles and axis labels consistent.

The main drawback is that the bars are not interleaved in a single plot. Readers compare the two charts by looking across them. This is usually easier to interpret than a crowded custom chart, especially when there are many steps or long category names. It also avoids maintaining formulas and helper series.

Option 2: Build a custom two-path chart

If both paths must share one chart area, a stacked-column chart can imitate floating waterfall bars. It is not a native Waterfall chart, so totals and formatting require more manual work, but it can place two bars beside one another for each category.

Start with a helper table containing one row for each scenario-step combination. Include the category, scenario, starting balance, change, ending balance, invisible base, increase height, and decrease height. For each step, calculate the ending balance by adding the change to the starting balance. The invisible base is the lower of the start and end balances; the visible bar’s height is the absolute difference between them. Put the height in the Increase column for an increase or in the Decrease column for a decrease, leaving the other height as zero.

For example, if a Plan step moves from 100 to 130, the base is 100 and the increase height is 30. If the next step moves from 130 to 110, the base is 110 and the decrease height is 20. In both cases, the visible column occupies the vertical interval between the two cumulative balances. Use a total row with a base of zero and a bar height equal to the balance when you need a full-height total.

Arrange rows in category order, with a Plan row and an Actual row for each category. Use clear labels such as “New customers — Plan” and “New customers — Actual” if a multi-level category axis is not convenient.
Select the category labels and helper columns for base, increase, and decrease, then choose Insert > Insert Column or Bar Chart > 2-D Stacked Column.
Format the Base series with no fill and no line so it acts as an invisible offset. Format Increase and Decrease with distinguishable colors, and use a consistent color scheme across scenarios where possible.
Adjust Gap Width and category labels so each Plan/Actual pair reads as a group. Add data labels selectively; labeling every bar can make a long chart hard to read.

This construction works most simply when the cumulative values and the lower ends of the floating bars are nonnegative. Stacked columns treat positive and negative values on separate sides of zero, so a negative cumulative base can disrupt the intended floating effect. If your balances cross below zero, consider separate native charts or use a carefully designed offset approach and verify every bar against the underlying balances before presenting it.

Prepare the data and totals carefully

A waterfall’s source data must distinguish movements from balances. A positive change increases the running total; a negative change reduces it. Opening and closing balances are not ordinary changes. In a native Waterfall chart, mark them as totals so Excel anchors those bars to the axis. Otherwise, Excel may interpret an ending balance as another movement and add it to the cumulative amount.

For a two-scenario comparison, keep the steps aligned. If Plan has a “Hiring” step but Actual does not, include the same category for Actual with a zero change, or explain why the sequences differ. Consistent categories make comparisons fair and prevent a reader from mistaking a missing bar for a missing step.

Use the same unit and time period for both scenarios.
Check that each scenario’s opening balance plus all changes equals its closing balance.
Use a clear sign convention: for example, positive revenue and negative costs.
Label totals explicitly and explain any subtotal or adjustment that is not self-evident.

In the sample Plan sequence of 100, +30, −12, and +5, the ending balance is 123: 100 + 30 − 12 + 5. If the displayed ending total differs, check the source values, total-bar settings, and any omitted categories before adjusting chart formatting.

Common problems and fixes

The chart shows one path, not two. That is expected for the built-in chart type. Create a second chart or use a custom stacked-column construction rather than repeatedly changing colors or selecting additional value columns.

The final bar is too tall or appears to be another change. Right-click the bar and choose Set as Total. Check the opening balance too. A total bar is anchored to zero; a movement bar starts at the cumulative position from the preceding steps.

Decrease bars seem to float from the wrong level. Review the order of the categories and the sign of each change. In a custom chart, make sure the decrease’s invisible base is the ending balance and its visible height is the absolute size of the decrease.

The two charts are hard to compare. Use identical category order, vertical-axis limits, chart dimensions, and color meaning. If Excel automatically chooses different axis bounds, format the vertical axis and set matching minimum and maximum values. Avoid removing the axis entirely if the audience needs to judge the size of differences.

Data labels overlap. Keep labels for major totals and selected steps, or widen the chart and shorten category labels. A waterfall with two scenarios can contain twice as many bars as a single path; showing every number is not always more informative.

When another chart type is better

Choose a clustered column chart if the question is “How large was each change in Plan versus Actual?” It puts the two values for each category next to each other, but it does not show cumulative balances. Choose a line chart if the question is “How did the running balance evolve?” Calculate or provide the cumulative balance at each step for both scenarios, then plot the two balance series as lines.

You can also use a native waterfall for one scenario and show the other scenario’s differences in a separate table or variance column. This keeps the waterfall readable while making deviations explicit. For a presentation where both paths must be visible together, a custom chart may be justified; for routine reporting, two well-aligned native charts are usually easier to update and audit.

Frequently Asked Questions

Can an Excel Waterfall chart have two data series?

No. Excel’s built-in Waterfall chart displays one sequence of changes. Use two separate Waterfall charts or create a custom chart if you need to compare two independent cumulative paths.

Can I compare Plan and Actual in one Excel Waterfall chart?

Not as two native waterfall series. Put Plan and Actual in separate charts with matching categories and axis scales, or use a helper-data stacked-column chart to imitate paired floating bars.

Why does Excel treat my ending balance as another increase?

Excel may be interpreting the ending value as a normal step. Right-click that bar and select Set as Total. Do the same for the opening balance and any other subtotal that should be anchored to zero.

Is a stacked column chart the same as a Waterfall chart?

No. A stacked-column workaround can imitate floating bars using an invisible base and visible movement heights, but it does not have the native Waterfall chart’s total controls. It needs helper data and careful checking.

Can I make two Waterfall charts look like one comparison?

Yes. Align their plot areas, category order, chart size, axis limits, and color conventions, then place them side by side. This keeps the native chart behavior while making differences easier to scan.

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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