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Medical Properties Trust cash flow, quarter by quarter

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

Free cash flow−$14.3M in Q1 2026 · $216M over twelve months

Operating cash flow−$14.3M
Free cash flow−$14.3M
Cash / net income-0.4×

Analysis

In Q1 2026, Medical Properties Trust generated −$14.3M of operating cash flow. That is $14.6M less than in Q1 2025 ($384K).

Over the twelve months to Mar 31, 2026, operating cash flow was $216M; the largest uses were other investing ($239M), dividends ($200M), real estate bought ($132M); besides operations, cash came from asset & business sales ($119M), net borrowing (+) / repaid (−) ($13.1M); the cash balance fell by $249M.

Operating cash flow was −$14.3M against net income of $33.1M — -0.4× profit, less cash than reported earnings, worth checking against working capital. The largest differences: depreciation & amortization +$73.3M, payables −$61.8M, other non-cash −$1.6M.

Free cash flow

Medical Properties Trust: free cash flow by quarterMedical Properties Trust: free cash flow by quarter$35.3MQ2 2024$59.2MQ3 2024$76.7MQ4 2024$384KQ1 2025$51.7MQ2 2025$18.6MQ3 2025$160MQ4 2025−$14.3MQ1 2026
Operating cash flow less capital spending.
Medical Properties Trust: operating cash flow against capital spendingMedical Properties Trust: operating cash flow against capital spendingOperating cash flowCapital spending$35.3M$0Q2 2024$59.2M$0Q3 2024$76.7M$0Q4 2024$384K$0Q1 2025$51.7M$0Q2 2025$18.6M$0Q3 2025$160M$0Q4 2025−$14.3M$0Q1 2026
Latest (Q1 2026): Operating cash flow −$14.3M, Capital spending $0.

Capital allocation, year by year

Medical Properties Trust: where the cash came from (up) and went (down), by fiscal yearMedical Properties Trust: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesBuybacksDividendsFY2021: Operating cash flow $812MFY2021: Net borrowing $2.6BFY2021: Shares issued $1.1BFY2021: Asset sales $246MFY2021: Dividends −$643M$4.7BFY2021FY2022: Operating cash flow $739MFY2022: Net borrowing −$537MFY2022: Asset sales $2.2BFY2022: Buybacks −$17.9MFY2022: Dividends −$699M$2.9BFY2022FY2023: Operating cash flow $506MFY2023: Net borrowing −$420MFY2023: Asset sales $898MFY2023: Dividends −$615M$1.4BFY2023FY2024: Operating cash flow $245MFY2024: Net borrowing −$1.0BFY2024: Asset sales $1.9BFY2024: Dividends −$321M$2.1BFY2024FY2025: Operating cash flow $231MFY2025: Net borrowing $502MFY2025: Asset sales $121MFY2025: Buybacks −$23.4MFY2025: Dividends −$193M$853MFY2025
Over these 5 years operating cash flow totalled $2.5B; the largest uses were dividends ($2.5B) and net borrowing ($2.0B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$425M
Debt$9.7B
Net debt$9.2B
Due within a year$1.2B

Medical Properties Trust funds itself: free cash flow was $216M over the last twelve months, and $425M of cash and investments stands against $9.7B of debt ($1.2B due within a year, 0.3× covered by cash).

Medical Properties Trust: debt maturities by year (FY2025)Medical Properties Trust: debt maturities by year (FY2025)$1.2BYear 1$1.6BYear 2$808MYear 3$900MYear 4$472MYear 5$4.8BAfter year 5
Principal due in each year as disclosed in the annual report, against $425M of cash and investments now.

Where the cash came from and went

Medical Properties Trust: sources (+) and uses (−) of cash, Q1 2026Medical Properties Trust: sources (+) and uses (−) of cash, Q1 2026Cash drawn (+) / kept (−)$116MOther investing−$66.0MDividends−$55.4MNet borrowing (+) / repaid (−)$30.0MReal estate bought−$29.3MAsset & business sales$18.5MOperating cash flow−$14.3MOther financing$3.9MTaxes on employees’ shares−$1.8MExchange rates−$1.8M
Medical Properties Trust: sources (+) and uses (−) of cash, TTM to Q1 2026Medical Properties Trust: sources (+) and uses (−) of cash, TTM to Q1 2026Cash drawn (+) / kept (−)$249MOther investing−$239MOperating cash flow$216MDividends−$200MReal estate bought−$132MAsset & business sales$119MOther financing−$30.1MNet borrowing (+) / repaid (−)$13.1MExchange rates$8.9MTaxes on employees’ shares−$4.0M

From profit to cash

Medical Properties Trust: net income to operating cash flow, Q1 2026Medical Properties Trust: net income to operating cash flow, Q1 2026Net income$33.1MDepreciation & amortization$73.3MStock-based pay$573KOther non-cash−$1.6MPayables−$61.8MDeferred revenue−$321KPrepaid and other assets$556KOperating cash flow−$14.3M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q1 2026−$14.3M−$55.4M$30.0M$116M−$14.3M
Q4 2025$160M−$48.4M$70.0M−$144M$160M
Q3 2025$18.6M−$48.3M$15.0M$113M$18.6M
Q2 2025$51.7M−$48.4M−$102M$164M$51.7M
Q1 2025$384K−$48.2M$519M−$341M$384K
Q4 2024$76.7M−$48.2M−$50.8M−$55.4M$76.7M
Q3 2024$59.2M−$90.3M−$401M$331M$59.2M
Q2 2024$35.3M−$89.8M−$688M−$381M$35.3M

Medical Properties Trust: income statement and cash flow

Medical Properties Trust, Q3 2026: revenue $250M (+5% year over year), operating margin 84.8%. The chart follows the revenue to costs, profit and cash.

Medical Properties 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.