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Equity Lifestyle Properties cash flow, quarter by quarter

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

Free cash flow$101M in Q3 2026 · $372M over twelve months

Operating cash flow$152M
Capital spending−$50.7M
Free cash flow+$101M
Cash / net income1.7×

Analysis

In Q3 2026, Equity Lifestyle Properties generated $152M of operating cash flow and spent $50.7M on capital projects, leaving free cash flow of $101M. That is $25.3M more than in Q3 2025 ($75.7M).

Over the twelve months to Sep 30, 2026, operating cash flow was $593M; the largest uses were dividends ($410M), capital spending ($221M), other financing ($66.6M); besides operations, cash came from net borrowing (+) / repaid (−) ($93.0M), other investing ($11.8M); the cash balance fell by $15.0M.

Operating cash flow was $152M against net income of $89.2M — 1.7× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$54.9M, prepaid and other assets +$19.6M, payables +$10.1M.

Free cash flow

Equity Lifestyle Properties: free cash flow by quarterEquity Lifestyle Properties: free cash flow by quarter$39.7MQ4 2024$148MQ1 2025$71.8MQ2 2025$75.7MQ3 2025$38.3MQ4 2025$149MQ1 2026$83.8MQ2 2026$101MQ3 2026
Operating cash flow less capital spending.
Equity Lifestyle Properties: operating cash flow against capital spendingEquity Lifestyle Properties: operating cash flow against capital spendingOperating cash flowCapital spending$105M$65.7MQ4 2024$193M$45.2MQ1 2025$131M$59.5MQ2 2025$147M$71.3MQ3 2025$99.5M$61.2MQ4 2025$194M$45.3MQ1 2026$148M$64.2MQ2 2026$152M$50.7MQ3 2026
Latest (Q3 2026): Operating cash flow $152M, Capital spending $50.7M.

Capital allocation, year by year

Equity Lifestyle Properties: where the cash came from (up) and went (down), by fiscal yearEquity Lifestyle Properties: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsDividendsFY2021: Operating cash flow $509MFY2021: Net borrowing $97.0MFY2021: Shares issued $142MFY2021: Asset sales −$7KFY2021: Capital spending −$398MFY2021: Acquisitions −$41.8MFY2021: Dividends −$262M$749MFY2021FY2022: Operating cash flow $476MFY2022: Net borrowing $49.0MFY2022: Shares issued $31.1MFY2022: Capital spending −$249MFY2022: Dividends −$296M$556MFY2022FY2023: Operating cash flow $548MFY2023: Net borrowing $297MFY2023: Shares issued $2.0MFY2023: Capital spending −$317MFY2023: Dividends −$326M$847MFY2023FY2024: Operating cash flow $597MFY2024: Net borrowing −$254MFY2024: Shares issued $319MFY2024: Capital spending −$241MFY2024: Dividends −$351M$916MFY2024FY2025: Operating cash flow $571MFY2025: Net borrowing $28.0MFY2025: Shares issued $1.5MFY2025: Asset sales $2.5MFY2025: Capital spending −$237MFY2025: Dividends −$388M$603MFY2025
Over these 5 years operating cash flow totalled $2.7B; the largest uses were dividends ($1.6B) and capital spending ($1.4B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$24.3M
Debt$3.3B
Net debt$3.3B
Due within a year$66.8M

Equity Lifestyle Properties funds itself: free cash flow was $372M over the last twelve months, and $24.3M of cash and investments stands against $3.3B of debt ($66.8M due within a year, 0.4× covered by cash).

Equity Lifestyle Properties: debt maturities by year (FY2025)Equity Lifestyle Properties: debt maturities by year (FY2025)$66.8MYear 1$269MYear 2$349MYear 3$335MYear 4$585MYear 5$1.7BAfter 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

Equity Lifestyle Properties: sources (+) and uses (−) of cash, Q3 2026Equity Lifestyle Properties: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$152MDividends−$105MCapital spending−$50.7MOther financing−$16.7MCash drawn (+) / kept (−)$11.3MNet borrowing (+) / repaid (−)$10.5MPartners−$3.4MOther investing$2.2MShares issued$347K
Equity Lifestyle Properties: sources (+) and uses (−) of cash, TTM to Q3 2026Equity Lifestyle Properties: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$593MDividends−$410MCapital spending−$221MNet borrowing (+) / repaid (−)$93.0MOther financing−$66.6MCash drawn (+) / kept (−)$15.0MPartners−$13.6MOther investing$11.8MTaxes on employees’ shares−$1.9MShares issued$1.7MReal estate bought−$1.3M

From profit to cash

Equity Lifestyle Properties: net income to operating cash flow, Q3 2026Equity Lifestyle Properties: net income to operating cash flow, Q3 2026Net income$89.2MDepreciation & amortization$54.9MStock-based pay$2.2MPayables$10.1MDeferred revenue$138KContract assets−$1.7MPrepaid and other assets$19.6MOperating cash flow$152M
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$152M−$50.7M−$105M$10.5M$347K$11.3M$101M
Q2 2026$148M−$64.2M−$105M$38.0M$603K$3.6M$83.8M
Q1 2026$194M−$45.3M−$99.8M−$15.5M$375K−$13.1M$149M
Q4 2025$99.5M−$61.2M−$99.8M$60.0M$371K$13.2M$38.3M
Q3 2025$147M−$71.3M−$98.5M$45.0M$388K−$6.3M$75.7M
Q2 2025$131M−$59.5M−$98.4M$27.0M$356K$14.5M$71.8M
Q1 2025$193M−$45.2M−$91.2M−$14.0M$391K−$22.9M$148M
Q4 2024$105M−$65.7M−$89.1M$44.5M$632K$15.8M$39.7M

Equity Lifestyle Properties: income statement and cash flow

Equity Lifestyle Properties, Q3 2026: revenue $410M (+4% year over year), operating margin 24.6%. The chart follows the revenue to costs, profit and cash.

Equity Lifestyle 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.