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Independence Realty Trust cash flow, quarter by quarter

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

Free cash flow$79.6M in Q3 2026 · $270M over twelve months

Operating cash flow$81.2M
Capital spending−$1.5M
Free cash flow+$79.6M
Cash / net income3.2×

Analysis

In Q3 2026, Independence Realty Trust generated $81.2M of operating cash flow and spent $1.5M on capital projects, leaving free cash flow of $79.6M. That is $4.3M more than in Q3 2025 ($75.3M).

Over the twelve months to Sep 30, 2026, operating cash flow was $278M; the largest uses were net borrowing (+) / repaid (−) ($673M), other investing ($169M), dividends ($164M); besides operations, cash came from other financing ($720M), asset & business sales ($103M); the cash balance fell by $7.6M.

Operating cash flow was $81.2M against net income of $25.7M — 3.2× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$65.9M, payables +$37.0M, prepaid and other assets −$23.2M.

Free cash flow

Independence Realty Trust: free cash flow by quarterIndependence Realty Trust: free cash flow by quarter$48.5MQ4 2024$53.2MQ1 2025$77.1MQ2 2025$75.3MQ3 2025$58.2MQ4 2025$53.4MQ1 2026$78.7MQ2 2026$79.6MQ3 2026
Operating cash flow less capital spending.
Independence Realty Trust: operating cash flow against capital spendingIndependence Realty Trust: operating cash flow against capital spendingOperating cash flowCapital spending$63.4M$14.9MQ4 2024$60.4M$7.1MQ1 2025$82.2M$5.1MQ2 2025$79.3M$4.0MQ3 2025$60.2M$2.0MQ4 2025$55.3M$1.9MQ1 2026$80.9M$2.2MQ2 2026$81.2M$1.5MQ3 2026
Latest (Q3 2026): Operating cash flow $81.2M, Capital spending $1.5M.

Capital allocation, year by year

Independence Realty Trust: where the cash came from (up) and went (down), by fiscal yearIndependence Realty Trust: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $52.3MFY2021: Net borrowing −$302MFY2021: Shares issued $317MFY2021: Asset sales $177MFY2021: Capital spending −$177KFY2021: Acquisitions −$186MFY2021: Dividends −$49.8M$547MFY2021FY2022: Operating cash flow $250MFY2022: Net borrowing −$719MFY2022: Shares issued $48.7MFY2022: Asset sales $254MFY2022: Capital spending −$61.8MFY2022: Dividends −$106M$552MFY2022FY2023: Operating cash flow $262MFY2023: Net borrowing −$501MFY2023: Asset sales $231MFY2023: Capital spending −$66.2MFY2023: Dividends −$135M$493MFY2023FY2024: Operating cash flow $260MFY2024: Net borrowing −$981MFY2024: Shares issued $111MFY2024: Asset sales $391MFY2024: Capital spending −$56.8MFY2024: Dividends −$144M$762MFY2024FY2025: Operating cash flow $282MFY2025: Net borrowing −$478MFY2025: Asset sales $158MFY2025: Capital spending −$18.2MFY2025: Buybacks −$30.0MFY2025: Dividends −$154M$440MFY2025
Over these 5 years operating cash flow totalled $1.1B; the largest uses were net borrowing ($3.0B) and dividends ($589M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$15.9M
Debt$2.4B
Net debt$2.4B
Due within a year$336M

Independence Realty Trust funds itself: free cash flow was $270M over the last twelve months, and $15.9M of cash and investments stands against $2.4B of debt ($336M due within a year, 0.0× covered by cash).

Independence Realty Trust: debt maturities by year (FY2025)Independence Realty Trust: debt maturities by year (FY2025)$336MYear 1$21.4MYear 2$980MYear 3$618MYear 4$107MYear 5$210MAfter year 5
Principal due in each year as disclosed in the annual report, against $15.9M of cash and investments now.

Where the cash came from and went

Independence Realty Trust: sources (+) and uses (−) of cash, Q3 2026Independence Realty Trust: sources (+) and uses (−) of cash, Q3 2026Net borrowing (+) / repaid (−)−$120MOperating cash flow$81.2MOther financing$78.8MAsset & business sales$54.4MOther investing−$52.5MDividends−$42.4MCash drawn (+) / kept (−)$3.4MCapital spending−$1.5MPartners−$1.1MTaxes on employees’ shares−$24K
Independence Realty Trust: sources (+) and uses (−) of cash, TTM to Q3 2026Independence Realty Trust: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing$720MNet borrowing (+) / repaid (−)−$673MOperating cash flow$278MOther investing−$169MDividends−$164MAsset & business sales$103MBuybacks−$59.9MReal estate bought−$29.4MCash drawn (+) / kept (−)$7.6MCapital spending−$7.6MPartners−$4.1MTaxes on employees’ shares−$2.8M

From profit to cash

Independence Realty Trust: net income to operating cash flow, Q3 2026Independence Realty Trust: net income to operating cash flow, Q3 2026Net income$25.7MDepreciation & amortization$65.9MImpairments$8.8MOther non-cash$29KPayables$37.0MPrepaid and other assets−$23.2MOther liabilities−$721KOperating cash flow$81.2M
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$81.2M−$1.5M—−$42.4M−$120M$3.4M$79.6M
Q2 2026$80.9M−$2.2M$1K−$40.0M−$58.2M−$3.4M$78.7M
Q1 2026$55.3M−$1.9M−$29.9M−$40.6M−$403M$4.4M$53.4M
Q4 2025$60.2M−$2.0M−$30.0M−$40.6M−$91.4M$3.3M$58.2M
Q3 2025$79.3M−$4.0M—−$39.7M−$164M−$8.4M$75.3M
Q2 2025$82.2M−$5.1M—−$36.9M−$25.0M$5.8M$77.1M
Q1 2025$60.4M−$7.1M—−$37.2M−$198M−$4.9M$53.2M
Q4 2024$63.4M−$14.9M—−$36.0M−$416M$4.8M$48.5M

Independence Realty Trust: income statement and cash flow

Independence Realty Trust, Q3 2026: revenue $172M (+3% year over year), operating margin 16.7%. The chart follows the revenue to costs, profit and cash.

Independence 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.