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Saul Centers cash flow, quarter by quarter

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

Free cash flow$8.6M in Q3 2026 · $82.8M over twelve months

Operating cash flow$14.0M
Capital spending−$5.4M
Free cash flow+$8.6M
Cash / net income1.1×

Analysis

In Q3 2026, Saul Centers generated $14.0M of operating cash flow and spent $5.4M on capital projects, leaving free cash flow of $8.6M. That is $5.6M more than in Q3 2025 ($3.0M).

Over the twelve months to Sep 30, 2026, operating cash flow was $96.2M; the largest uses were dividends ($57.5M), real estate bought ($43.4M), partners ($26.4M); besides operations, cash came from other financing ($38.3M), shares issued ($5.7M); the cash balance rose by $3.9M.

Operating cash flow was $14.0M against net income of $12.6M — 1.1× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$16.1M, prepaid and other assets −$11.9M, stock-based pay +$690K.

Free cash flow

Saul Centers: free cash flow by quarterSaul Centers: free cash flow by quarter$1.5MQ4 2024$14.7MQ1 2025$7.3MQ2 2025$3.0MQ3 2025$22.0MQ4 2025$25.6MQ1 2026$26.6MQ2 2026$8.6MQ3 2026
Operating cash flow less capital spending.
Saul Centers: operating cash flow against capital spendingSaul Centers: operating cash flow against capital spendingOperating cash flowCapital spending$28.8M$27.3MQ4 2024$30.4M$15.7MQ1 2025$26.6M$19.3MQ2 2025$20.6M$17.7MQ3 2025$22.2M$165KQ4 2025$29.3M$3.7MQ1 2026$30.8M$4.2MQ2 2026$14.0M$5.4MQ3 2026
Latest (Q3 2026): Operating cash flow $14.0M, Capital spending $5.4M.

Capital allocation, year by year

Saul Centers: where the cash came from (up) and went (down), by fiscal yearSaul Centers: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingDividendsFY2021: Operating cash flow $118MFY2021: Net borrowing −$41.1MFY2021: Shares issued $14.4MFY2021: Capital spending −$55.9MFY2021: Dividends −$51.0M$133MFY2021FY2022: Operating cash flow $121MFY2022: Net borrowing −$71.3MFY2022: Shares issued $8.2MFY2022: Capital spending −$117MFY2022: Dividends −$55.5M$129MFY2022FY2023: Operating cash flow $118MFY2023: Net borrowing $85.0MFY2023: Shares issued $2.2MFY2023: Capital spending −$177MFY2023: Dividends −$56.7M$205MFY2023FY2024: Operating cash flow $121MFY2024: Net borrowing $25.4MFY2024: Shares issued $2.4MFY2024: Asset sales $181KFY2024: Capital spending −$152MFY2024: Dividends −$56.9M$149MFY2024FY2025: Operating cash flow $99.8MFY2025: Net borrowing $73.8MFY2025: Shares issued $3.2MFY2025: Asset sales $120KFY2025: Capital spending −$52.8MFY2025: Dividends −$57.1M$177MFY2025
Over these 5 years operating cash flow totalled $578M; the largest uses were capital spending ($555M) and dividends ($277M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$8.5M
Debt$1.6B
Net debt$1.6B
Due within a year$24.2M

Saul Centers funds itself: free cash flow was $82.8M over the last twelve months, and $8.5M of cash and investments stands against $1.6B of debt ($24.2M due within a year, 0.4× covered by cash).

Saul Centers: debt maturities by year (FY2025)Saul Centers: debt maturities by year (FY2025)$24.2MYear 1$35.7MYear 2$36.8MYear 3$37.5MYear 4$37.0MYear 5$297MAfter year 5
Principal due in each year as disclosed in the annual report, against $8.5M of cash and investments now.

Where the cash came from and went

Saul Centers: sources (+) and uses (−) of cash, Q3 2026Saul Centers: sources (+) and uses (−) of cash, Q3 2026Net borrowing (+) / repaid (−)$18.6MDividends−$14.4MOperating cash flow$14.0MReal estate bought−$13.7MPartners−$6.8MCapital spending−$5.4MCash drawn (+) / kept (−)$4.5MOther financing$1.7MShares issued$1.4MAsset & business sales$53K
Saul Centers: sources (+) and uses (−) of cash, TTM to Q3 2026Saul Centers: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$96.2MDividends−$57.5MReal estate bought−$43.4MOther financing$38.3MPartners−$26.4MCapital spending−$13.5MShares issued$5.7MNet borrowing (+) / repaid (−)$4.3MCash drawn (+) / kept (−)−$3.9MAsset & business sales$53K

From profit to cash

Saul Centers: net income to operating cash flow, Q3 2026Saul Centers: net income to operating cash flow, Q3 2026Net income$12.6MDepreciation & amortization$16.1MStock-based pay$690KGains on disposals−$53KPrepaid and other assets−$11.9MOperating cash flow$14.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$14.0M−$5.4M−$14.4M$18.6M$1.4M$4.5M$8.6M
Q2 2026$30.8M−$4.2M−$14.5M−$7.4M$1.6M−$10.9M$26.6M
Q1 2026$29.3M−$3.7M−$14.3M−$7.7M$1.3M−$585K$25.6M
Q4 2025$22.2M−$165K−$14.3M$889K$1.4M$3.0M$22.0M
Q3 2025$20.6M−$17.7M−$14.3M−$20.0M$641K−$6.5M$3.0M
Q2 2025$26.6M−$19.3M−$14.3M−$3.9M$531K$1.2M$7.3M
Q1 2025$30.4M−$15.7M−$14.3M$269K$598K$3.8M$14.7M
Q4 2024$28.8M−$27.3M−$14.3M$38.0M$621K−$3.1M$1.5M

Saul Centers: income statement and cash flow

Saul Centers, Q3 2026: revenue $78.4M (+9% year over year), operating margin 67.6%. The chart follows the revenue to costs, profit and cash.

Saul Centers: 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.