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American Healthcare REIT cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$167M in Q3 2026 · $422M over twelve months

Operating cash flow$167M
Free cash flow+$167M
Cash / net income5.3×

Analysis

In Q3 2026, American Healthcare REIT generated $167M of operating cash flow. That is $59.7M more than in Q3 2025 ($107M).

Over the twelve months to Sep 30, 2026, operating cash flow was $422M; the largest uses were real estate bought ($2.5B), other investing ($475M), dividends ($186M); besides operations, cash came from shares issued ($3.0B), other financing ($44.4M); the cash balance rose by $74.3M.

Operating cash flow was $167M against net income of $31.5M — 5.3× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$90.9M, payables +$28.6M, stock-based pay +$9.3M.

Free cash flow

American Healthcare REIT: free cash flow by quarterAmerican Healthcare REIT: free cash flow by quarter$59.5MQ4 2024$60.6MQ1 2025$71.5MQ2 2025$107MQ3 2025$55.2MQ4 2025$81.1MQ1 2026$119MQ2 2026$167MQ3 2026
Operating cash flow less capital spending.
American Healthcare REIT: operating cash flow against capital spendingAmerican Healthcare REIT: operating cash flow against capital spendingOperating cash flowCapital spending$59.5M$0Q4 2024$60.6M$0Q1 2025$71.5M$0Q2 2025$107M$0Q3 2025$55.2M$0Q4 2025$81.1M$0Q1 2026$119M$0Q2 2026$167M$0Q3 2026
Latest (Q3 2026): Operating cash flow $167M, Capital spending $0.

Capital allocation, year by year

American Healthcare REIT: where the cash came from (up) and went (down), by fiscal yearAmerican Healthcare REIT: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow $17.9MFY2021: Net borrowing −$141MFY2021: Asset sales $4.5MFY2021: Buybacks −$382KFY2021: Dividends −$22.8M$22.4MFY2021FY2022: Operating cash flow $148MFY2022: Net borrowing −$69.5MFY2022: Asset sales $48.3MFY2022: Capital spending −$7.5MFY2022: Buybacks −$20.7MFY2022: Dividends −$51.1M$196MFY2022FY2023: Operating cash flow $98.5MFY2023: Net borrowing −$159MFY2023: Asset sales $185MFY2023: Buybacks −$469KFY2023: Dividends −$76.3M$283MFY2023FY2024: Operating cash flow $176MFY2024: Net borrowing −$1.1BFY2024: Shares issued $1.4BFY2024: Asset sales $141MFY2024: Buybacks −$14KFY2024: Dividends −$121M$1.7BFY2024FY2025: Operating cash flow $294MFY2025: Net borrowing −$188MFY2025: Shares issued $1.2BFY2025: Asset sales $50.2MFY2025: Dividends −$164M$1.5BFY2025
Over these 5 years operating cash flow totalled $735M; the largest uses were net borrowing ($1.6B) and dividends ($435M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$223M
Debtnone
Net cash$223M
Due within a year$160M

American Healthcare REIT funds itself: free cash flow was $422M over the last twelve months, with $223M of cash and investments and no debt on the balance sheet ($160M due within a year, 1.4× covered by cash).

American Healthcare REIT: debt maturities by year (FY2025)American Healthcare REIT: debt maturities by year (FY2025)$160MYear 1$56.2MYear 2$140MYear 3$17.0MYear 4$44.7MYear 5$568MAfter year 5
Principal due in each year as disclosed in the annual report, against $223M of cash and investments now.

Where the cash came from and went

American Healthcare REIT: sources (+) and uses (−) of cash, Q3 2026American Healthcare REIT: sources (+) and uses (−) of cash, Q3 2026Shares issued$1.9BReal estate bought−$1.6BOther investing−$214MOperating cash flow$167MCash drawn (+) / kept (−)−$67.0MNet borrowing (+) / repaid (−)−$59.3MDividends−$48.8MOther financing−$15.0MTaxes on employees’ shares−$5.0MPartners−$718KExchange rates−$2K
American Healthcare REIT: sources (+) and uses (−) of cash, TTM to Q3 2026American Healthcare REIT: sources (+) and uses (−) of cash, TTM to Q3 2026Shares issued$3.0BReal estate bought−$2.5BOther investing−$475MOperating cash flow$422MDividends−$186MNet borrowing (+) / repaid (−)−$160MCash drawn (+) / kept (−)−$74.3MPartners−$69.4MOther financing$44.4MTaxes on employees’ shares−$16.0MAsset & business sales$10.9MExchange rates−$44K

From profit to cash

American Healthcare REIT: net income to operating cash flow, Q3 2026American Healthcare REIT: net income to operating cash flow, Q3 2026Net income$31.5MDepreciation & amortization$90.9MStock-based pay$9.3MDeferred taxes−$294KReceivables$1.1MPayables$28.6MPrepaid and other assets−$1.6MOperating cash flow$167M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$167M−$48.8M−$59.3M$1.9B−$67.0M$167M
Q2 2026$119M−$47.6M−$90.0M$229M−$34.7M$119M
Q1 2026$81.1M−$46.8M−$5.5M$192M−$5.1M$81.1M
Q4 2025$55.2M−$42.9M−$5.5M$677M$32.6M$55.2M
Q3 2025$107M−$41.2M−$13.0M$243M−$14.4M$107M
Q2 2025$71.5M−$39.9M−$112M$189M−$42.5M$71.5M
Q1 2025$60.6M−$39.5M−$57.5M$47.7M−$4.2M$60.6M
Q4 2024$59.5M−$38.3M−$212M$120M−$6.6M$59.5M

American Healthcare REIT: income statement and cash flow

American Healthcare REIT, Q3 2026: revenue $742M (+30% year over year), operating margin 22.2%. The chart follows the revenue to costs, profit and cash.

American Healthcare REIT: 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.