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Douglas Emmett cash flow, quarter by quarter

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

Free cash flow$34.8M in Q3 2026 · $152M over twelve months

Operating cash flow$90.8M
Capital spending−$56.0M
Free cash flow+$34.8M

Analysis

In Q3 2026, Douglas Emmett generated $90.8M of operating cash flow and spent $56.0M on capital projects, leaving free cash flow of $34.8M. That is $27.1M less than in Q3 2025 ($61.9M).

Over the twelve months to Sep 30, 2026, operating cash flow was $367M; the largest uses were other investing ($370M), capital spending ($215M), dividends ($127M); besides operations, cash came from net borrowing (+) / repaid (−) ($168M), partners ($97.7M); the cash balance fell by $97.4M.

Operating cash flow was $90.8M against net income of −$21.7M. The largest differences: depreciation & amortization +$101M, payables +$35.4M, prepaid and other assets −$27.3M.

Free cash flow

Douglas Emmett: free cash flow by quarterDouglas Emmett: free cash flow by quarter$35.0MQ4 2024$90.3MQ1 2025$30.2MQ2 2025$61.9MQ3 2025$12.0MQ4 2025$65.2MQ1 2026$39.9MQ2 2026$34.8MQ3 2026
Operating cash flow less capital spending.
Douglas Emmett: operating cash flow against capital spendingDouglas Emmett: operating cash flow against capital spendingOperating cash flowCapital spending$74.1M$39.1MQ4 2024$133M$42.3MQ1 2025$81.3M$51.1MQ2 2025$110M$47.8MQ3 2025$63.2M$51.1MQ4 2025$117M$51.7MQ1 2026$96.1M$56.3MQ2 2026$90.8M$56.0MQ3 2026
Latest (Q3 2026): Operating cash flow $90.8M, Capital spending $56.0M.

Capital allocation, year by year

Douglas Emmett: where the cash came from (up) and went (down), by fiscal yearDouglas Emmett: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingBuybacksDividendsFY2021: Operating cash flow $447MFY2021: Net borrowing $269MFY2021: Capital spending −$108MFY2021: Dividends −$197M$716MFY2021FY2022: Operating cash flow $497MFY2022: Net borrowing $174MFY2022: Capital spending −$162MFY2022: Dividends −$197M$671MFY2022FY2023: Operating cash flow $427MFY2023: Net borrowing $349MFY2023: Capital spending −$189MFY2023: Buybacks −$109MFY2023: Dividends −$130M$776MFY2023FY2024: Operating cash flow $409MFY2024: Net borrowing −$110MFY2024: Capital spending −$167MFY2024: Dividends −$127M$409MFY2024FY2025: Operating cash flow $387MFY2025: Net borrowing −$43.5MFY2025: Capital spending −$192MFY2025: Dividends −$127M$387MFY2025
Over these 5 years operating cash flow totalled $2.2B; the largest uses were capital spending ($820M) and dividends ($778M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$311M
Debt$5.7B
Net debt$5.4B

Douglas Emmett funds itself: free cash flow was $152M over the last twelve months, and $311M of cash and investments stands against $5.7B of debt.

Where the cash came from and went

Douglas Emmett: sources (+) and uses (−) of cash, Q3 2026Douglas Emmett: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$90.8MCapital spending−$56.0MCash drawn (+) / kept (−)$43.8MOther investing−$39.7MDividends−$31.8MPartners−$8.7MNet borrowing (+) / repaid (−)$5.0MOther financing−$3.5M
Douglas Emmett: sources (+) and uses (−) of cash, TTM to Q3 2026Douglas Emmett: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing−$370MOperating cash flow$367MCapital spending−$215MNet borrowing (+) / repaid (−)$168MDividends−$127MPartners$97.7MCash drawn (+) / kept (−)$97.4MOther financing−$17.8M

From profit to cash

Douglas Emmett: net income to operating cash flow, Q3 2026Douglas Emmett: net income to operating cash flow, Q3 2026Net income−$21.7MDepreciation & amortization$101MStock-based pay$2.5MPayables$35.4MPrepaid and other assets−$27.3MOperating cash flow$90.8M
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$90.8M−$56.0M−$31.8M$5.0M$43.8M$34.8M
Q2 2026$96.1M−$56.3M−$31.8M$158M$2.3M$39.9M
Q1 2026$117M−$51.7M−$31.8M$14.2M−$16.5M$65.2M
Q4 2025$63.2M−$51.1M−$31.8M−$9.1M$67.7M$12.0M
Q3 2025$110M−$47.8M−$31.8M$10.1M$18.4M$61.9M
Q2 2025$81.3M−$51.1M−$31.8M−$69.1M$98.8M$30.2M
Q1 2025$133M−$42.3M−$31.8M$24.6M−$81.1M$90.3M
Q4 2024$74.1M−$39.1M−$31.8M−$75.2M$99.6M$35.0M

Douglas Emmett: income statement and cash flow

Douglas Emmett, Q3 2026: revenue $261M (+4% year over year), operating margin 18.2%. The chart follows the revenue to costs, profit and cash.

Douglas Emmett: 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.