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American Assets Trust cash flow, quarter by quarter

Latest: Q1 2026 · from the cash-flow statements filed with the SEC

Free cash flow$18.2M in Q1 2026 · $75.1M over twelve months

Operating cash flow$38.6M
Capital spending−$20.4M
Free cash flow+$18.2M

Analysis

In Q1 2026, American Assets Trust generated $38.6M of operating cash flow and spent $20.4M on capital projects, leaving free cash flow of $18.2M. That is $2.3M less than in Q1 2025 ($20.4M).

Over the twelve months to Sep 30, 2026, operating cash flow was $170M; the largest uses were dividends ($106M), capital spending ($95.2M), other investing ($11.4M); the cash balance fell by $49.1M.

Operating cash flow was $38.6M against net income of $6.7M — 5.7× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$32.3M, payables −$3.5M, stock-based pay +$1.7M.

Free cash flow

American Assets Trust: free cash flow by quarterAmerican Assets Trust: free cash flow by quarter$21.5MQ4 2024$20.4MQ1 2025$28.4MQ2 2025$23.1MQ3 2025$23.0MQ4 2025$18.2MQ1 2026
Operating cash flow less capital spending.
American Assets Trust: operating cash flow against capital spendingAmerican Assets Trust: operating cash flow against capital spendingOperating cash flowCapital spending$40.6M$19.2MQ4 2024$36.9M$16.4MQ1 2025$49.2M$20.8MQ2 2025$40.5M$17.4MQ3 2025$40.6M$17.6MQ4 2025$38.6M$20.4MQ1 2026
Latest (Q1 2026): Operating cash flow $38.6M, Capital spending $20.4M.

Capital allocation, year by year

American Assets Trust: where the cash came from (up) and went (down), by fiscal yearAmerican Assets Trust: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingDividendsFY2021: Operating cash flow $168MFY2021: Net borrowing $239MFY2021: Capital spending −$105MFY2021: Dividends −$88.9M$408MFY2021FY2022: Operating cash flow $179MFY2022: Capital spending −$114MFY2022: Dividends −$98.2M$179MFY2022FY2023: Operating cash flow $189MFY2023: Net borrowing $39.0MFY2023: Capital spending −$83.0MFY2023: Dividends −$102M$228MFY2023FY2024: Operating cash flow $207MFY2024: Net borrowing −$100MFY2024: Capital spending −$70.2MFY2024: Dividends −$103M$207MFY2024FY2025: Operating cash flow $167MFY2025: Net borrowing −$325MFY2025: Asset sales $118MFY2025: Capital spending −$72.3MFY2025: Dividends −$105M$285MFY2025
Over these 5 years operating cash flow totalled $910M; the largest uses were dividends ($497M) and capital spending ($444M). Cash-flow statements as filed.

Where the cash came from and went

American Assets Trust: sources (+) and uses (−) of cash, Q1 2026American Assets Trust: sources (+) and uses (−) of cash, Q1 2026Operating cash flow$38.6MDividends−$26.4MCapital spending−$20.4MCash drawn (+) / kept (−)$11.0MOther investing−$2.8M
American Assets Trust: sources (+) and uses (−) of cash, TTM to Q3 2026American Assets Trust: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$170MDividends−$106MCapital spending−$95.2MCash drawn (+) / kept (−)$49.1MOther investing−$11.4MOther financing−$7.4M

From profit to cash

American Assets Trust: net income to operating cash flow, Q1 2026American Assets Trust: net income to operating cash flow, Q1 2026Net income$6.7MDepreciation & amortization$32.3MStock-based pay$1.7MOther non-cash$267KReceivables$470KPayables−$3.5MPrepaid and other assets−$489KOperating cash flow$38.6M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q1 2026$38.6M−$20.4M−$26.4M—$11.0M$18.2M
Q4 2025$40.6M−$17.6M−$26.4M—$9.4M$23.0M
Q3 2025$40.5M−$17.4M−$26.3M—$5.0M$23.1M
Q2 2025$49.2M−$20.8M−$26.3M—$179K$28.4M
Q1 2025$36.9M−$16.4M−$26.3M−$325M$282M$20.4M
Q4 2024$40.6M−$19.2M−$25.9M—$107M$21.5M

American Assets Trust: income statement and cash flow

American Assets Trust, Q1 2026: revenue $111M (+2% year over year), operating margin 23.4%. The chart follows the revenue to costs, profit and cash.

American Assets Trust: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.