Mechanistic understanding of carbon and water fluxes is central for our ability to predict consequences and feedbacks of forests to a changing climate. In spite of recent progress, critical unknowns remain. For example, although rates of evapotranspiration (ET) are well quantified, the proportion of transpiration as part of ET is less well constrained. Likewise, the exchange rate of CO 2 uptake to water vapor loss is not well quantified although this exchange is the central link between ecosystem carbon and water fluxes. Furthermore, the rate at which photosynthetic production is converted to biomass, the carbon-use efficiency, is a subject of heated debate. These unknowns make it difficult to predict and manage ecosystem responses, which complicate rational decision-making about the ecosystem services provided by these carbon and water flows. Stable isotopes are frequently used at convergences, where isotopically distinct flows mix, but they are also useful at branchpoints, where isotopically distinct flows split (Kirchner & Allen, 2020). In mixing processes, the isotopic signatures are conserved, e.g., when water derived from melted snow is mixed with summer rainwater as tree roots take up water from the soil. In splitting processes, the isotopic distinction arises from physical or biological processes on one leg of the split. For example, when water evaporates from leaf surfaces, the evaporated water is depleted (contains less) of the heavy isotope than the water that remains behind. Several splitting processes are described by remarkable bodies of theory based on the physics and biology of isotopic discrimination (Busch et al., 2020; Farquhar et al., 1982; Hayes, 2001). At the same time, a new generation of field-portable instruments has increased precision and flexibility of application (Penna et al., 2018; Stangl et al., 2019). Here, we focus primarily on the exchange of water for carbon at the leaf-atmosphere interface and the branchpoints upstream and downstream of that exchange. This exchange, termed the water-use efficiency (WUE), is central to processes ranging from leaves to canopies, ecosystems, and catchments. WUE is the central link of the water cycle to the carbon cycle. It has been acted on by natural selection, generating a complex tapestry of species-specific traits and responses to environmental conditions. But the complexity can be simplified by measuring the integrated exchange over a whole forest using stable isotope ratios. Here, we propose a new conceptual framework where we connect WUE to several branchpoints in a sequence,