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Empire State Realty Trust cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$11.4M in Q2 2026 · $104M over twelve months

Operating cash flow$19.5M
Capital spending−$31.0M
Free cash flow−$11.4M

Analysis

In Q2 2026, Empire State Realty Trust generated $19.5M of operating cash flow and spent $31.0M on capital projects, leaving free cash flow of −$11.4M. That is $43.6M more than in Q2 2025 (−$55.1M).

Over the twelve months to Jun 30, 2026, operating cash flow was $228M; the largest uses were other investing ($405M), capital spending ($124M), dividends ($24.0M); besides operations, cash came from net borrowing (+) / repaid (−) ($175M), other financing ($164M); the cash balance fell by $8.5M.

Operating cash flow was $19.5M against net income of −$39.6M. The largest differences: impairments +$166M, depreciation & amortization +$50.4M, prepaid and other assets −$33.9M.

Free cash flow

Empire State Realty Trust: free cash flow by quarterEmpire State Realty Trust: free cash flow by quarter−$65.1MQ3 2024$21.0MQ4 2024$41.1MQ1 2025−$55.1MQ2 2025$72.8MQ3 2025−$8.2MQ4 2025$50.7MQ1 2026−$11.4MQ2 2026
Operating cash flow less capital spending.
Empire State Realty Trust: operating cash flow against capital spendingEmpire State Realty Trust: operating cash flow against capital spendingOperating cash flowCapital spending$103M$168MQ3 2024$50.0M$29.0MQ4 2024$83.1M$42.1MQ1 2025$26.7M$81.8MQ2 2025$105M$32.5MQ3 2025$33.9M$42.1MQ4 2025$68.9M$18.2MQ1 2026$19.5M$31.0MQ2 2026
Latest (Q2 2026): Operating cash flow $19.5M, Capital spending $31.0M.

Capital allocation, year by year

Empire State Realty Trust: where the cash came from (up) and went (down), by fiscal yearEmpire State Realty Trust: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $212MFY2021: Capital spending −$398MFY2021: Buybacks −$46.7MFY2021: Dividends −$18.1M$212MFY2021FY2022: Operating cash flow $211MFY2022: Capital spending −$126MFY2022: Buybacks −$90.2MFY2022: Dividends −$23.1M$211MFY2022FY2023: Operating cash flow $232MFY2023: Capital spending −$169MFY2023: Buybacks −$13.1MFY2023: Dividends −$22.7M$232MFY2023FY2024: Operating cash flow $261MFY2024: Net borrowing $345MFY2024: Capital spending −$173MFY2024: Acquisitions −$14.2MFY2024: Dividends −$23.2M$606MFY2024FY2025: Operating cash flow $249MFY2025: Net borrowing $100MFY2025: Capital spending −$198MFY2025: Buybacks −$8.1MFY2025: Dividends −$23.7M$349MFY2025
Over these 5 years operating cash flow totalled $1.2B; the largest uses were capital spending ($1.1B) and buybacks ($158M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$85.6M
Debtnone
Net cash$85.6M
Due within a year$54.0M

Empire State Realty Trust funds itself: free cash flow was $104M over the last twelve months, with $85.6M of cash and investments and no debt on the balance sheet ($54.0M due within a year, 1.6× covered by cash).

Empire State Realty Trust: debt maturities by year (FY2025)Empire State Realty Trust: debt maturities by year (FY2025)$54.0MYear 1$159MYear 2$150MYear 3$399MYear 4$513MYear 5$1.1BAfter year 5
Principal due in each year as disclosed in the annual report, against $85.6M of cash and investments now.

Where the cash came from and went

Empire State Realty Trust: sources (+) and uses (−) of cash, Q2 2026Empire State Realty Trust: sources (+) and uses (−) of cash, Q2 2026Net borrowing (+) / repaid (−)$85.0MOther investing−$38.6MCapital spending−$31.0MCash drawn (+) / kept (−)−$22.1MOperating cash flow$19.5MDividends−$6.0MPartners−$4.0MOther financing−$2.7MTaxes on employees’ shares−$96K
Empire State Realty Trust: sources (+) and uses (−) of cash, TTM to Q2 2026Empire State Realty Trust: sources (+) and uses (−) of cash, TTM to Q2 2026Other investing−$405MOperating cash flow$228MNet borrowing (+) / repaid (−)$175MOther financing$164MCapital spending−$124MDividends−$24.0MPartners−$15.2MCash drawn (+) / kept (−)$8.5MBuybacks−$6.0MTaxes on employees’ shares−$818K

From profit to cash

Empire State Realty Trust: net income to operating cash flow, Q2 2026Empire State Realty Trust: net income to operating cash flow, Q2 2026Net income−$39.6MDepreciation & amortization$50.4MStock-based pay$11.2MImpairments$166MReceivables$2.1MPrepaid and other assets−$33.9MOperating cash flow$19.5M
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
Q2 2026$19.5M−$31.0M—−$6.0M$85.0M−$22.1M−$11.4M
Q1 2026$68.9M−$18.2M—−$6.0M−$55.0M$60.4M$50.7M
Q4 2025$33.9M−$42.1M−$6.0M−$6.0M$320M$31.2M−$8.2M
Q3 2025$105M−$32.5M—−$5.9M—−$61.0M$72.8M
Q2 2025$26.7M−$81.8M—−$5.9M—$101M−$55.1M
Q1 2025$83.1M−$42.1M—−$5.9M−$220M$192M$41.1M
Q4 2024$50.0M−$29.0M—−$5.8M—$40.6M$21.0M
Q3 2024$103M−$168M—−$5.8M—$107M−$65.1M

Empire State Realty Trust: income statement and cash flow

Empire State Realty Trust, Q2 2026: revenue $197M (+3% year over year), operating margin -70.4%. The chart follows the revenue to costs, profit and cash.

Empire State Realty 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.