We present a decomposition of the temporal growth rate ω i which characterises the evolution of wave-like disturbances in linear stability theory for compressible flows. The decomposition is based on the disturbance energy balance by Chu (Acta Mech., vol. 1 (3), 1965, pp. 215-234) and provides terms for production, dissipation and flux of energy as components of ω i . The inclusion of flux terms makes our formulation applicable to unconfined flows and flows with permeable or vibrating boundaries. The decomposition sheds light on the fundamental mechanisms determining temporal growth or decay of disturbances. The additional insights gained by the proposed approach are demonstrated by an investigation of two model flows, namely compressible Couette flow and a plane compressible jet.