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NNN REIT cash flow, quarter by quarter

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

Free cash flow$220M in Q3 2026 · $675M over twelve months

Operating cash flow$220M
Free cash flow+$220M
Cash / net income2.0×

Analysis

In Q3 2026, NNN REIT generated $220M of operating cash flow. That is $1.8M more than in Q3 2025 ($218M).

Over the twelve months to Sep 30, 2026, operating cash flow was $675M; the largest uses were real estate bought ($859M), dividends ($459M), other investing ($3.4M); besides operations, cash came from asset & business sales ($209M), shares issued ($170M); the cash balance fell by $156M.

Operating cash flow was $220M against net income of $110M — 2.0× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$74.2M, other liabilities +$7.4M, prepaid and other assets −$575K.

Free cash flow

NNN REIT: free cash flow by quarterNNN REIT: free cash flow by quarter$207MQ3 2024$118MQ4 2024$203MQ1 2025$119MQ2 2025$218MQ3 2025$126MQ4 2025$220MQ3 2026
Operating cash flow less capital spending.
NNN REIT: operating cash flow against capital spendingNNN REIT: operating cash flow against capital spendingOperating cash flowCapital spending$207M$0Q3 2024$118M$0Q4 2024$203M$0Q1 2025$119M$0Q2 2025$218M$0Q3 2025$126M$0Q4 2025$220M$0Q3 2026
Latest (Q3 2026): Operating cash flow $220M, Capital spending $0.

Capital allocation, year by year

NNN REIT: where the cash came from (up) and went (down), by fiscal yearNNN REIT: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesDividendsFY2021: Operating cash flow $568MFY2021: Net borrowing $881MFY2021: Shares issued $4.1MFY2021: Asset sales $123MFY2021: Dividends −$367M$1.6BFY2021FY2022: Operating cash flow $578MFY2022: Net borrowing $166MFY2022: Shares issued $254MFY2022: Asset sales $67.0MFY2022: Dividends −$381M$1.1BFY2022FY2023: Operating cash flow $612MFY2023: Net borrowing $444MFY2023: Shares issued $32.3MFY2023: Asset sales $116MFY2023: Dividends −$404M$1.2BFY2023FY2024: Operating cash flow $636MFY2024: Net borrowing $362MFY2024: Shares issued $218MFY2024: Asset sales $150MFY2024: Dividends −$420M$1.4BFY2024FY2025: Operating cash flow $667MFY2025: Net borrowing $844MFY2025: Shares issued $85.4MFY2025: Asset sales $191MFY2025: Dividends −$443M$1.8BFY2025
Over these 5 years operating cash flow totalled $3.1B; the largest uses were dividends ($2.0B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$5.0M
Debtnone
Net cash$5.0M

NNN REIT funds itself: free cash flow was $675M over the last twelve months, with $5.0M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

NNN REIT: sources (+) and uses (−) of cash, Q3 2026NNN REIT: sources (+) and uses (−) of cash, Q3 2026Net borrowing (+) / repaid (−)−$510MOther financing$498MReal estate bought−$235MOperating cash flow$220MDividends−$118MShares issued$91.6MAsset & business sales$53.1MCash drawn (+) / kept (−)$1.5MOther investing−$1.1M
NNN REIT: sources (+) and uses (−) of cash, TTM to Q3 2026NNN REIT: sources (+) and uses (−) of cash, TTM to Q3 2026Real estate bought−$859MOperating cash flow$675MDividends−$459MAsset & business sales$209MShares issued$170MCash drawn (+) / kept (−)$156MOther financing$92.5MNet borrowing (+) / repaid (−)$19.0MOther investing−$3.4M

From profit to cash

NNN REIT: net income to operating cash flow, Q3 2026NNN REIT: net income to operating cash flow, Q3 2026Net income$110MDepreciation & amortization$74.2MReceivables$301KPrepaid and other assets−$575KOther liabilities$7.4MOther operating capital−$508KOperating cash flow$220M
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$220M−$118M−$510M$91.6M$1.5M$220M
Q4 2025$126M−$113M−$51.9M$2.2M$153M$126M
Q3 2025$218M−$113M$228M$71.7M−$152M$218M
Q2 2025$119M−$109M$151M$10.9M−$1.2M$119M
Q1 2025$203M−$108M$116M$655K$3.5M$203M
Q4 2024$118M−$108M—$647K$169M$118M
Q3 2024$207M−$106M−$12.0M$182M−$162M$207M

NNN REIT: income statement and cash flow

NNN REIT, Q3 2026: revenue $250M (+8% year over year), operating margin 66.1%. The chart follows the revenue to costs, profit and cash.

NNN REIT: 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.