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Copt Defense Properties cash flow, quarter by quarter

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

Free cash flow$47.8M in Q3 2026 · $163M over twelve months

Operating cash flow$86.4M
Capital spending−$38.5M
Free cash flow+$47.8M
Cash / net income1.7×

Analysis

In Q3 2026, Copt Defense Properties generated $86.4M of operating cash flow and spent $38.5M on capital projects, leaving free cash flow of $47.8M. That is $16.8M more than in Q3 2025 ($31.1M).

Over the twelve months to Sep 30, 2026, operating cash flow was $355M; the largest uses were capital spending ($192M), other financing ($168M), other investing ($161M); besides operations, cash came from net borrowing (+) / repaid (−) ($280M), asset & business sales ($27.0M); the cash balance fell by $528K.

Operating cash flow was $86.4M against net income of $49.8M — 1.7× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$43.4M, stock-based pay +$3.5M, other non-cash −$2.0M.

Free cash flow

Copt Defense Properties: free cash flow by quarterCopt Defense Properties: free cash flow by quarter$66.8MQ4 2024$37.2MQ1 2025$29.6MQ2 2025$31.1MQ3 2025$36.0MQ4 2025$35.6MQ1 2026$44.0MQ2 2026$47.8MQ3 2026
Operating cash flow less capital spending.
Copt Defense Properties: operating cash flow against capital spendingCopt Defense Properties: operating cash flow against capital spendingOperating cash flowCapital spending$101M$34.3MQ4 2024$72.1M$34.9MQ1 2025$87.9M$58.3MQ2 2025$68.6M$37.6MQ3 2025$81.3M$45.4MQ4 2025$96.4M$60.8MQ1 2026$91.1M$47.1MQ2 2026$86.4M$38.5MQ3 2026
Latest (Q3 2026): Operating cash flow $86.4M, Capital spending $38.5M.

Capital allocation, year by year

Copt Defense Properties: where the cash came from (up) and went (down), by fiscal yearCopt Defense Properties: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingDividendsFY2021: Operating cash flow $249MFY2021: Net borrowing $416MFY2021: Asset sales $143MFY2021: Capital spending −$268MFY2021: Dividends −$124M$808MFY2021FY2022: Operating cash flow $266MFY2022: Net borrowing $135MFY2022: Asset sales $281MFY2022: Capital spending −$283MFY2022: Dividends −$124M$682MFY2022FY2023: Operating cash flow $276MFY2023: Net borrowing $200MFY2023: Asset sales $190MFY2023: Capital spending −$265MFY2023: Dividends −$127M$666MFY2023FY2024: Operating cash flow $331MFY2024: Net borrowing −$24KFY2024: Capital spending −$164MFY2024: Dividends −$132M$331MFY2024FY2025: Operating cash flow $310MFY2025: Net borrowing $299MFY2025: Asset sales $5.0MFY2025: Capital spending −$176MFY2025: Dividends −$137M$614MFY2025
Over these 5 years operating cash flow totalled $1.4B; the largest uses were capital spending ($1.2B) and dividends ($643M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$24.3M
Debt$2.6B
Net debt$2.6B
Due within a year$446M

Copt Defense Properties funds itself: free cash flow was $163M over the last twelve months, and $24.3M of cash and investments stands against $2.6B of debt ($446M due within a year, 0.1× covered by cash).

Copt Defense Properties: debt maturities by year (FY2025)Copt Defense Properties: debt maturities by year (FY2025)$446MYear 1$50.0MYear 2$345MYear 3$550MYear 4$400MYear 5$1.0BAfter year 5
Principal due in each year as disclosed in the annual report, against $24.3M of cash and investments now.

Where the cash came from and went

Copt Defense Properties: sources (+) and uses (−) of cash, Q3 2026Copt Defense Properties: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$86.4MCapital spending−$38.5MDividends−$36.3MAsset & business sales$18.3MOther investing−$13.4MOther financing−$12.2MNet borrowing (+) / repaid (−)−$4.2MCash drawn (+) / kept (−)−$105K
Copt Defense Properties: sources (+) and uses (−) of cash, TTM to Q3 2026Copt Defense Properties: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$355MNet borrowing (+) / repaid (−)$280MCapital spending−$192MOther financing−$168MOther investing−$161MDividends−$142MAsset & business sales$27.0MCash drawn (+) / kept (−)$528K

From profit to cash

Copt Defense Properties: net income to operating cash flow, Q3 2026Copt Defense Properties: net income to operating cash flow, Q3 2026Net income$49.8MDepreciation & amortization$43.4MStock-based pay$3.5MOther non-cash−$2.0MReceivables$158KOperating cash flow$86.4M
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
Q3 2026$86.4M−$38.5M−$36.3M−$4.2M−$105K$47.8M
Q2 2026$91.1M−$47.1M−$36.3M$113M$6.2M$44.0M
Q1 2026$96.4M−$60.8M−$34.6M−$222M$246M$35.6M
Q4 2025$81.3M−$45.4M−$34.4M$26.0M−$252M$36.0M
Q3 2025$68.6M−$37.6M−$34.4M$4.0M−$1.4M$31.1M
Q2 2025$87.9M−$58.3M−$34.4M$25.0M$2.7M$29.6M
Q1 2025$72.1M−$34.9M−$33.3M$20.0M$13.7M$37.2M
Q4 2024$101M−$34.3M−$33.3M−$6K−$4.0M$66.8M

Copt Defense Properties: income statement and cash flow

Copt Defense Properties, Q3 2026: revenue $209M (+11% year over year), operating margin 30.3%. The chart follows the revenue to costs, profit and cash.

Copt Defense Properties: 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.