Abstract. Consider a group G and an epimorphism u 0 : G → Z inducing a splitting of G as a semidirect product ker(u 0 ) ϕ Z with ker(u 0 ) a finitely generated free group and ϕ ∈ Out(ker(u 0 )) representable by an expanding irreducible train track map. Building on our earlier work [DKL], in which we realized G as π 1 (X) for an Eilenberg-Maclane 2-complex X equipped with a semiflow ψ, and inspired by McMullen's Teichmüller polynomial for fibered hyperbolic 3-manifolds, we construct a polynomial invariant m ∈ Z[H 1 (G; Z)/torsion] for (X, ψ) and investigate its properties.Specifically, m determines a convex polyhedral cone C X ⊂ H 1 (G; R), a convex, real-analytic function H : C X → R, and specializes to give an integral Laurent polynomial mu(ζ) for each integral u ∈ C X . We show that C X is equal to the "cone of sections" of (X, ψ) (the convex hull of all cohomology classes dual to sections of of ψ), and that for each (compatible) cross section Θu ⊂ X with first return map fu : Θu → Θu, the specialization mu(ζ) encodes the characteristic polynomial of the transition matrix of fu. More generally, for every class u ∈ C X there exists a geodesic metric du and a codimension-1 foliation Ωu of X defined by a "closed 1-form" representing u transverse to ψ so that after reparametrizing the flow ψ u s maps leaves of Ωu to leaves via a local e sH(u) -homothety.Among other things, we additionally prove that C X is equal to (the cone over) the component of the BNSinvariant Σ(G) containing u 0 and, consequently, that each primitive integral u ∈ C X induces a splitting of G as an ascending HNN-extension G = Qu * φu with Qu a finite-rank free group and φu : Qu → Qu injective. For any such splitting, we show that the stretch factor of φu is exactly given by e H(u) . In particular, we see that C X and H depend only on the group G and epimorphism u 0 .