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Apple Hospitality REIT cash flow, quarter by quarter

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

Free cash flow$118M in Q3 2026 · $299M over twelve months

Operating cash flow$136M
Capital spending−$18.0M
Free cash flow+$118M
Cash / net income2.2×

Analysis

In Q3 2026, Apple Hospitality REIT generated $136M of operating cash flow and spent $18.0M on capital projects, leaving free cash flow of $118M. That is $8.6M more than in Q3 2025 ($109M).

Over the twelve months to Sep 30, 2026, operating cash flow was $395M; the largest uses were dividends ($227M), real estate bought ($97.8M), capital spending ($96.4M); besides operations, cash came from asset & business sales ($44.5M), other investing ($1.3M); the cash balance fell by $34.2M.

Operating cash flow was $136M against net income of $60.5M — 2.2× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$49.8M, payables +$10.5M, other non-cash +$1.7M.

Free cash flow

Apple Hospitality REIT: free cash flow by quarterApple Hospitality REIT: free cash flow by quarter$64.6MQ4 2024$21.9MQ1 2025$94.5MQ2 2025$109MQ3 2025$47.2MQ4 2025$13.1MQ1 2026$111MQ2 2026$118MQ3 2026
Operating cash flow less capital spending.
Apple Hospitality REIT: operating cash flow against capital spendingApple Hospitality REIT: operating cash flow against capital spendingOperating cash flowCapital spending$95.2M$30.6MQ4 2024$49.1M$27.3MQ1 2025$109M$14.3MQ2 2025$126M$17.4MQ3 2025$85.8M$38.6MQ4 2025$48.9M$35.8MQ1 2026$125M$14.2MQ2 2026$136M$18.0MQ3 2026
Latest (Q3 2026): Operating cash flow $136M, Capital spending $18.0M.

Capital allocation, year by year

Apple Hospitality REIT: where the cash came from (up) and went (down), by fiscal yearApple Hospitality REIT: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow $218MFY2021: Net borrowing −$125MFY2021: Shares issued $75.0MFY2021: Asset sales $231MFY2021: Capital spending −$18.3MFY2021: Dividends −$6.8M$524MFY2021FY2022: Operating cash flow $368MFY2022: Net borrowing −$70.0MFY2022: Shares issued −$265KFY2022: Asset sales $8.3MFY2022: Capital spending −$59.4MFY2022: Buybacks −$2.7MFY2022: Dividends −$139M$377MFY2022FY2023: Operating cash flow $399MFY2023: Net borrowing $3.4MFY2023: Shares issued $216MFY2023: Capital spending −$76.8MFY2023: Buybacks −$6.9MFY2023: Dividends −$238M$618MFY2023FY2024: Operating cash flow $405MFY2024: Net borrowing $98.3MFY2024: Shares issued −$483KFY2024: Asset sales $62.3MFY2024: Capital spending −$80.3MFY2024: Buybacks −$34.7MFY2024: Dividends −$244M$566MFY2024FY2025: Operating cash flow $370MFY2025: Net borrowing $59.5MFY2025: Shares issued −$504KFY2025: Asset sales $72.1MFY2025: Capital spending −$88.2MFY2025: Buybacks −$58.3MFY2025: Dividends −$240M$502MFY2025
Over these 5 years operating cash flow totalled $1.8B; the largest uses were dividends ($869M) and capital spending ($323M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$42.7M
Debt$1.5B
Net debt$1.4B
Due within a year$266M

Apple Hospitality REIT funds itself: free cash flow was $299M over the last twelve months, and $42.7M of cash and investments stands against $1.5B of debt ($266M due within a year, 0.2× covered by cash).

Apple Hospitality REIT: debt maturities by year (FY2025)Apple Hospitality REIT: debt maturities by year (FY2025)$266MYear 1$279MYear 2$334MYear 3$162MYear 4$460MYear 5$44.6MAfter year 5
Principal due in each year as disclosed in the annual report, against $42.7M of cash and investments now.

Where the cash came from and went

Apple Hospitality REIT: sources (+) and uses (−) of cash, Q3 2026Apple Hospitality REIT: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$136MDividends−$56.6MNet borrowing (+) / repaid (−)−$47.7MCash drawn (+) / kept (−)−$32.2MCapital spending−$18.0MOther financing$17.5MOther investing$1.3MShares issued$38K
Apple Hospitality REIT: sources (+) and uses (−) of cash, TTM to Q3 2026Apple Hospitality REIT: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$395MDividends−$227MReal estate bought−$97.8MCapital spending−$96.4MAsset & business sales$44.5MCash drawn (+) / kept (−)$34.2MNet borrowing (+) / repaid (−)−$25.8MBuybacks−$13.1MOther financing−$12.4MTaxes on employees’ shares−$3.2MOther investing$1.3MShares issued$95K

From profit to cash

Apple Hospitality REIT: net income to operating cash flow, Q3 2026Apple Hospitality REIT: net income to operating cash flow, Q3 2026Net income$60.5MDepreciation & amortization$49.8MOther non-cash$1.7MPayables$10.5MPrepaid and other assets$49KOperating cash flow$136M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$136M−$18.0M—−$56.6M−$47.7M$38K−$32.2M$118M
Q2 2026$125M−$14.2M—−$56.6M−$64.2M−$72K$1.8M$111M
Q1 2026$48.9M−$35.8M—−$56.6M$26.3M$211K$18.6M$13.1M
Q4 2025$85.8M−$38.6M−$13.1M−$56.9M$29.8M−$82K$45.9M$47.2M
Q3 2025$126M−$17.4M−$2.0M−$56.8M−$175M−$49K−$43.5M$109M
Q2 2025$109M−$14.3M−$16.9M−$57.1M−$10.2M−$231K$8.3M$94.5M
Q1 2025$49.1M−$27.3M−$26.3M−$69.6M$63.3M−$142K−$6.0M$21.9M
Q4 2024$95.2M−$30.6M—−$57.8M−$30.4M—−$5.3M$64.6M

Apple Hospitality REIT: income statement and cash flow

Apple Hospitality REIT, Q3 2026: revenue $398M (+6% year over year), operating margin 20.6%. The chart follows the revenue to costs, profit and cash.

Apple Hospitality 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.