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Federal Realty Investment Trust cash flow, quarter by quarter

Latest: Q1 2026 · from the cash-flow statements filed with the SEC

Free cash flow$185M in Q1 2026 · $628M over twelve months

Operating cash flow$185M
Free cash flow+$185M
Cash / net income1.1×

Analysis

In Q1 2026, Federal Realty Investment Trust generated $185M of operating cash flow. That is $5.5M more than in Q1 2025 ($179M).

Over the twelve months to Mar 31, 2026, operating cash flow was $628M; the largest uses were real estate bought ($681M), net borrowing (+) / repaid (−) ($75.5M), other financing ($9.3M); besides operations, cash came from other investing ($140M), partners ($4.1M); the cash balance rose by $1.2M.

Operating cash flow was $185M against net income of $161M — 1.1× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$99.2M, payables +$12.4M, receivables +$8.3M.

Free cash flow

Federal Realty Investment Trust: free cash flow by quarterFederal Realty Investment Trust: free cash flow by quarter$170MQ2 2024$144MQ3 2024$120MQ4 2024$179MQ1 2025$151MQ2 2025$148MQ3 2025$145MQ4 2025$185MQ1 2026
Operating cash flow less capital spending.
Federal Realty Investment Trust: operating cash flow against capital spendingFederal Realty Investment Trust: operating cash flow against capital spendingOperating cash flowCapital spending$170M$0Q2 2024$144M$0Q3 2024$120M$0Q4 2024$179M$0Q1 2025$151M$0Q2 2025$148M$0Q3 2025$145M$0Q4 2025$185M$0Q1 2026
Latest (Q1 2026): Operating cash flow $185M, Capital spending $0.

Capital allocation, year by year

Federal Realty Investment Trust: where the cash came from (up) and went (down), by fiscal yearFederal Realty Investment Trust: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesFY2021: Operating cash flow $471MFY2021: Net borrowing −$51KFY2021: Shares issued $173MFY2021: Asset sales $138M$782MFY2021FY2022: Operating cash flow $517MFY2022: Net borrowing −$6.4MFY2022: Shares issued $307M$824MFY2022FY2023: Operating cash flow $556MFY2023: Net borrowing $15.5MFY2023: Shares issued $132M$703MFY2023FY2024: Operating cash flow $575MFY2024: Net borrowing −$128MFY2024: Shares issued $304M$879MFY2024FY2025: Operating cash flow $622MFY2025: Net borrowing $310MFY2025: Shares issued $54.5M$987MFY2025
Over these 5 years operating cash flow totalled $2.7B; the largest uses were net borrowing ($135M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$116M
Debt$5.0B
Net debt$4.8B
Due within a year$656M

Federal Realty Investment Trust funds itself: free cash flow was $628M over the last twelve months, and $116M of cash and investments stands against $5.0B of debt ($656M due within a year, 0.2× covered by cash).

Federal Realty Investment Trust: debt maturities by year (FY2025)Federal Realty Investment Trust: debt maturities by year (FY2025)$656MYear 1$1.0BYear 2$1.2BYear 3$945MYear 4$401MYear 5$801MAfter year 5
Principal due in each year as disclosed in the annual report, against $116M of cash and investments now.

Where the cash came from and went

Federal Realty Investment Trust: sources (+) and uses (−) of cash, Q1 2026Federal Realty Investment Trust: sources (+) and uses (−) of cash, Q1 2026Net borrowing (+) / repaid (−)−$341MOperating cash flow$185MOther financing$144MOther investing$86.2MReal estate bought−$65.7MCash drawn (+) / kept (−)−$6.2MTaxes on employees’ shares−$4.9MPartners$2.9MShares issued−$30K
Federal Realty Investment Trust: sources (+) and uses (−) of cash, TTM to Q1 2026Federal Realty Investment Trust: sources (+) and uses (−) of cash, TTM to Q1 2026Real estate bought−$681MOperating cash flow$628MOther investing$140MNet borrowing (+) / repaid (−)−$75.5MOther financing−$9.3MTaxes on employees’ shares−$5.2MPartners$4.1MCash drawn (+) / kept (−)−$1.2MShares issued−$106K

From profit to cash

Federal Realty Investment Trust: net income to operating cash flow, Q1 2026Federal Realty Investment Trust: net income to operating cash flow, Q1 2026Net income$161MDepreciation & amortization$99.2MStock-based pay$4.3MOther non-cash−$1.8MReceivables$8.3MPayables$12.4MPrepaid and other assets$4.8MOperating cash flow$185M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q1 2026$185M−$341M−$30K−$6.2M$185M
Q4 2025$145M$208M−$15K$10.0M$145M
Q3 2025$148M$84.8M−$22K$75.9M$148M
Q2 2025$151M−$26.9M−$39K−$80.9M$151M
Q1 2025$179M$44.5M$54.5M$12.7M$179M
Q4 2024$120M—$81.7M−$29.8M$120M
Q3 2024$144M−$81.8M$151M$8.2M$144M
Q2 2024$170M$69.2M$64.6M−$9.0M$170M

Federal Realty Investment Trust: income statement and cash flow

Federal Realty Investment Trust, Q2 2026: revenue $336M (+8% year over year), operating margin 41.3%. The chart follows the revenue to costs, profit and cash.

Federal Realty Investment 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.