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Gladstone Commercial cash flow, quarter by quarter

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

Free cash flow$20.9M in Q3 2026 · $72.1M over twelve months

Operating cash flow$20.9M
Free cash flow+$20.9M

Analysis

In Q3 2026, Gladstone Commercial generated $20.9M of operating cash flow. That is $2.0M more than in Q3 2025 ($18.9M).

Over the twelve months to Sep 30, 2026, operating cash flow was $72.1M; the largest uses were net borrowing (+) / repaid (−) ($99.9M), dividends ($70.4M), other investing ($24.1M); besides operations, cash came from other financing ($113M), shares issued ($2.2M); the cash balance fell by $7.4M.

Operating cash flow was $20.9M against net income of −$2.1M. The largest differences: depreciation & amortization +$15.4M, impairments +$6.5M, payables +$3.0M.

Free cash flow

Gladstone Commercial: free cash flow by quarterGladstone Commercial: free cash flow by quarter$22.8MQ4 2024$17.7MQ1 2025$35.8MQ2 2025$18.9MQ3 2025$15.7MQ4 2025$17.9MQ1 2026$17.6MQ2 2026$20.9MQ3 2026
Operating cash flow less capital spending.
Gladstone Commercial: operating cash flow against capital spendingGladstone Commercial: operating cash flow against capital spendingOperating cash flowCapital spending$22.8M$0Q4 2024$17.7M$0Q1 2025$35.8M$0Q2 2025$18.9M$0Q3 2025$15.7M$0Q4 2025$17.9M$0Q1 2026$17.6M$0Q2 2026$20.9M$0Q3 2026
Latest (Q3 2026): Operating cash flow $20.9M, Capital spending $0.

Capital allocation, year by year

Gladstone Commercial: where the cash came from (up) and went (down), by fiscal yearGladstone Commercial: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedBuybacksDividendsFY2021: Operating cash flow $70.1MFY2021: Net borrowing $16.2MFY2021: Shares issued $145MFY2021: Dividends −$67.6M$231MFY2021FY2022: Operating cash flow $69.2MFY2022: Net borrowing −$14.0MFY2022: Shares issued $49.7MFY2022: Dividends −$71.1M$119MFY2022FY2023: Operating cash flow $60.4MFY2023: Net borrowing $52.5MFY2023: Shares issued $10.2MFY2023: Buybacks −$998KFY2023: Dividends −$60.6M$123MFY2023FY2024: Operating cash flow $57.0MFY2024: Net borrowing $1.1MFY2024: Shares issued $55.4MFY2024: Dividends −$62.8M$114MFY2024FY2025: Operating cash flow $88.2MFY2025: Net borrowing $140MFY2025: Shares issued $62.2MFY2025: Dividends −$68.2M$291MFY2025
Over these 5 years operating cash flow totalled $345M; the largest uses were dividends ($330M) and net borrowing ($14.0M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$10.8M
Debt$858M
Net debt$848M

Gladstone Commercial funds itself: free cash flow was $72.1M over the last twelve months, and $10.8M of cash and investments stands against $858M of debt.

Where the cash came from and went

Gladstone Commercial: sources (+) and uses (−) of cash, Q3 2026Gladstone Commercial: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$20.9MDividends−$17.6MOther investing−$9.7MNet borrowing (+) / repaid (−)$5.8MShares issued$2.2MCash drawn (+) / kept (−)−$1.4MOther financing−$366KReal estate bought$100K
Gladstone Commercial: sources (+) and uses (−) of cash, TTM to Q3 2026Gladstone Commercial: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing$113MNet borrowing (+) / repaid (−)−$99.9MOperating cash flow$72.1MDividends−$70.4MOther investing−$24.1MCash drawn (+) / kept (−)$7.4MShares issued$2.2M

From profit to cash

Gladstone Commercial: net income to operating cash flow, Q3 2026Gladstone Commercial: net income to operating cash flow, Q3 2026Net income−$2.1MDepreciation & amortization$15.4MImpairments$6.5MPayables$3.0MPrepaid and other assets$1.8MOther liabilities−$576KOperating cash flow$20.9M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$20.9M−$17.6M$5.8M$2.2M−$1.4M$20.9M
Q2 2026$17.6M−$17.6M$15.3M—−$2.3M$17.6M
Q1 2026$17.9M−$17.6M−$4.4M—$3.1M$17.9M
Q4 2025$15.7M−$17.6M−$114M−$1K$8.0M$15.7M
Q3 2025$18.9M−$17.1M$48.6M$23.2M−$8.7M$18.9M
Q2 2025$35.8M−$16.9M$33.5M$10.6M−$539K$35.8M
Q1 2025$17.7M−$16.5M$47.0M$28.4M−$287K$17.7M
Q4 2024$22.8M−$16.3M—$4.5M−$544K$22.8M

Gladstone Commercial: income statement and cash flow

Gladstone Commercial, Q3 2026: revenue $42.4M (+4% year over year), operating margin -4.9%. The chart follows the revenue to costs, profit and cash.

Gladstone Commercial: 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.