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Diversified Healthcare Trust cash flow, quarter by quarter

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

Free cash flow$521K in Q3 2026 · −$64.6M over twelve months

Operating cash flow$27.4M
Capital spending−$26.9M
Free cash flow+$521K

Analysis

In Q3 2026, Diversified Healthcare Trust generated $27.4M of operating cash flow and spent $26.9M on capital projects, leaving free cash flow of $521K. That is $90.4M more than in Q3 2025 (−$89.8M).

Over the twelve months to Sep 30, 2026, operating cash flow was $54.0M; the largest uses were other financing ($276M), capital spending ($119M), dividends ($9.7M); besides operations, cash came from asset & business sales ($262M), other investing ($12.5M); the cash balance fell by $78.7M.

Operating cash flow was $27.4M against net income of −$50.2M. The largest differences: depreciation & amortization +$62.9M, impairments +$14.5M, other liabilities +$6.8M.

Free cash flow

Diversified Healthcare Trust: free cash flow by quarterDiversified Healthcare Trust: free cash flow by quarter−$48.5MQ4 2024−$42.9MQ1 2025$18.8MQ2 2025−$89.8MQ3 2025−$52.5MQ4 2025−$26.8MQ1 2026$14.2MQ2 2026$521KQ3 2026
Operating cash flow less capital spending.
Diversified Healthcare Trust: operating cash flow against capital spendingDiversified Healthcare Trust: operating cash flow against capital spendingOperating cash flowCapital spending$18.2M$66.7MQ4 2024−$3.2M$39.6MQ1 2025$53.0M$34.2MQ2 2025−$49.3M$40.6MQ3 2025−$20.1M$32.4MQ4 2025$8.3M$35.2MQ1 2026$38.4M$24.2MQ2 2026$27.4M$26.9MQ3 2026
Latest (Q3 2026): Operating cash flow $27.4M, Capital spending $26.9M.

Capital allocation, year by year

Diversified Healthcare Trust: where the cash came from (up) and went (down), by fiscal yearDiversified Healthcare Trust: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow −$63.3MFY2021: Net borrowing $500MFY2021: Asset sales $103MFY2021: Capital spending −$228MFY2021: Buybacks −$383KFY2021: Dividends −$9.5M$603MFY2021FY2022: Operating cash flow −$40.4MFY2022: Net borrowing −$736MFY2022: Asset sales $822KFY2022: Capital spending −$299MFY2022: Buybacks −$171KFY2022: Dividends −$9.6M$822KFY2022FY2023: Operating cash flow $10.5MFY2023: Net borrowing −$915MFY2023: Asset sales $18.4MFY2023: Capital spending −$235MFY2023: Buybacks −$393KFY2023: Dividends −$9.6M$28.8MFY2023FY2024: Operating cash flow $112MFY2024: Net borrowing −$120MFY2024: Asset sales $34.2MFY2024: Capital spending −$202MFY2024: Buybacks −$904KFY2024: Dividends −$9.6M$146MFY2024FY2025: Operating cash flow −$19.6MFY2025: Net borrowing −$951MFY2025: Asset sales $589MFY2025: Capital spending −$147MFY2025: Buybacks −$1.1MFY2025: Dividends −$9.7M$589MFY2025
Over these 5 years operating cash flow totalled −$588K; the largest uses were net borrowing ($2.7B) and capital spending ($1.1B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$111M
Debt$2.4B
Net debt$2.3B
Due within a year$1.9M

Diversified Healthcare Trust's operations bring cash in ($54.0M over twelve months), and it spends more than that on capital projects: a gap of $64.6M funded from its $111M of cash and investments and from borrowing ($2.4B of debt, $1.9M due within a year). That is a choice to invest, not a cash runway running down.

Diversified Healthcare Trust: debt maturities by year (FY2025)Diversified Healthcare Trust: debt maturities by year (FY2025)$1.9MYear 1$2.3MYear 2$641MYear 3$1.9MYear 4$435MYear 5$1.4BAfter year 5
Principal due in each year as disclosed in the annual report, against $111M of cash and investments now.

Where the cash came from and went

Diversified Healthcare Trust: sources (+) and uses (−) of cash, Q3 2026Diversified Healthcare Trust: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$27.4MCapital spending−$26.9MCash drawn (+) / kept (−)$5.2MBuybacks−$2.6MDividends−$2.4MOther financing−$789K
Diversified Healthcare Trust: sources (+) and uses (−) of cash, TTM to Q3 2026Diversified Healthcare Trust: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing−$276MAsset & business sales$262MCapital spending−$119MCash drawn (+) / kept (−)$78.7MOperating cash flow$54.0MOther investing$12.5MDividends−$9.7MBuybacks−$2.8M

From profit to cash

Diversified Healthcare Trust: net income to operating cash flow, Q3 2026Diversified Healthcare Trust: net income to operating cash flow, Q3 2026Net income−$50.2MDepreciation & amortization$62.9MImpairments$14.5MOther non-cash$1.3MPrepaid and other assets−$3.5MOther liabilities$6.8MOperating cash flow$27.4M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$27.4M−$26.9M−$2.6M−$2.4M—$5.2M$521K
Q2 2026$38.4M−$24.2M−$50K−$2.4M—$3.7M$14.2M
Q1 2026$8.3M−$35.2M−$88K−$2.4M—−$18.1M−$26.8M
Q4 2025−$20.1M−$32.4M−$82K−$2.4M−$334M$87.8M−$52.5M
Q3 2025−$49.3M−$40.6M−$954K−$2.4M−$307M−$61.0M−$89.8M
Q2 2025$53.0M−$34.2M−$103K−$2.4M$203M$158M$18.8M
Q1 2025−$3.2M−$39.6M−$6K−$2.4M−$98.6M−$157M−$42.9M
Q4 2024$18.2M−$66.7M−$2K−$2.4M−$60.0M$112M−$48.5M

Diversified Healthcare Trust: income statement and cash flow

Diversified Healthcare Trust, Q3 2026: revenue $368M (-5% year over year), operating margin -4.0%. The chart follows the revenue to costs, profit and cash.

Diversified Healthcare Trust: 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.