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Easterly Government Properties cash flow, quarter by quarter

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

Free cash flow$47.4M in Q3 2026 · $161M over twelve months

Operating cash flow$47.4M
Free cash flow+$47.4M
Cash / net income8.3×

Analysis

In Q3 2026, Easterly Government Properties generated $47.4M of operating cash flow. That is $108M less than in Q3 2025 ($155M).

Over the twelve months to Sep 30, 2026, operating cash flow was $161M; the largest uses were net borrowing (+) / repaid (−) ($165M), other investing ($129M), dividends ($87.6M); besides operations, cash came from other financing ($198M), shares issued ($21.2M); the cash balance fell by $2.4M.

Operating cash flow was $47.4M against net income of $5.7M — 8.3× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$31.0M, deferred revenue +$3.9M, payables +$3.7M.

Free cash flow

Easterly Government Properties: free cash flow by quarterEasterly Government Properties: free cash flow by quarter$24.6MQ4 2024$24.2MQ1 2025$38.1MQ2 2025$155MQ3 2025$41.9MQ4 2025$27.3MQ1 2026$44.6MQ2 2026$47.4MQ3 2026
Operating cash flow less capital spending.
Easterly Government Properties: operating cash flow against capital spendingEasterly Government Properties: operating cash flow against capital spendingOperating cash flowCapital spending$24.6M$0Q4 2024$24.2M$0Q1 2025$38.1M$0Q2 2025$155M$0Q3 2025$41.9M$0Q4 2025$27.3M$0Q1 2026$44.6M$0Q2 2026$47.4M$0Q3 2026
Latest (Q3 2026): Operating cash flow $47.4M, Capital spending $0.

Capital allocation, year by year

Easterly Government Properties: where the cash came from (up) and went (down), by fiscal yearEasterly Government Properties: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesDividendsFY2021: Operating cash flow $118MFY2021: Net borrowing $181MFY2021: Shares issued $176MFY2021: Asset sales $7.3MFY2021: Dividends −$100M$483MFY2021FY2022: Operating cash flow $126MFY2022: Net borrowing $40.1MFY2022: Shares issued $9.5MFY2022: Asset sales $202MFY2022: Dividends −$109M$378MFY2022FY2023: Operating cash flow $114MFY2023: Net borrowing −$6.5MFY2023: Shares issued $86.5MFY2023: Dividends −$112M$201MFY2023FY2024: Operating cash flow $163MFY2024: Net borrowing $331MFY2024: Shares issued $71.8MFY2024: Asset sales $2.2MFY2024: Dividends −$116M$568MFY2024FY2025: Operating cash flow $259MFY2025: Net borrowing $44.9MFY2025: Shares issued $63.6MFY2025: Asset sales $3.5MFY2025: Dividends −$94.6M$371MFY2025
Over these 5 years operating cash flow totalled $781M; the largest uses were dividends ($532M) and net borrowing ($6.5M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.9M
Debt$1.7B
Net debt$1.7B
Due within a year$10.1M

Easterly Government Properties funds itself: free cash flow was $161M over the last twelve months, and $2.9M of cash and investments stands against $1.7B of debt ($10.1M due within a year, 0.3× covered by cash).

Easterly Government Properties: debt maturities by year (FY2025)Easterly Government Properties: debt maturities by year (FY2025)$10.1MYear 1$231MYear 2$550MYear 3$136MYear 4$226MYear 5$523MAfter year 5
Principal due in each year as disclosed in the annual report, against $2.9M of cash and investments now.

Where the cash came from and went

Easterly Government Properties: sources (+) and uses (−) of cash, Q3 2026Easterly Government Properties: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$47.4MNet borrowing (+) / repaid (−)−$34.0MDividends−$22.2MOther investing$7.4MCash drawn (+) / kept (−)$1.9MOther financing−$409K
Easterly Government Properties: sources (+) and uses (−) of cash, TTM to Q3 2026Easterly Government Properties: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing$198MNet borrowing (+) / repaid (−)−$165MOperating cash flow$161MOther investing−$129MDividends−$87.6MShares issued$21.2MCash drawn (+) / kept (−)$2.4M

From profit to cash

Easterly Government Properties: net income to operating cash flow, Q3 2026Easterly Government Properties: net income to operating cash flow, Q3 2026Net income$5.7MDepreciation & amortization$31.0MStock-based pay$2.0MPayables$3.7MDeferred revenue$3.9MPrepaid and other assets$1.2MOperating cash flow$47.4M
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$47.4M−$22.2M−$34.0M—$1.9M$47.4M
Q2 2026$44.6M−$21.9M−$203M$19.0M−$975K$44.6M
Q1 2026$27.3M−$21.8M$44.8M$2.2M$21.0M$27.3M
Q4 2025$41.9M−$21.7M$27.0M—−$19.4M$41.9M
Q3 2025$155M−$21.3M−$108M$17.0M−$158K$155M
Q2 2025$38.1M−$21.3M$121M$5.4M$3.4M$38.1M
Q1 2025$24.2M−$30.2M—$41.3M$10.3M$24.2M
Q4 2024$24.6M−$29.5M$124M$28.4M$11.4M$24.6M

Easterly Government Properties: income statement and cash flow

Easterly Government Properties, Q3 2026: revenue $93.6M (+9% year over year), operating margin 25.6%. The chart follows the revenue to costs, profit and cash.

Easterly Government 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.