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Phillips Edison & Company cash flow, quarter by quarter

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

Free cash flow$48.1M in Q3 2026 · $227M over twelve months

Operating cash flow$85.5M
Capital spending−$37.4M
Free cash flow+$48.1M
Cash / net income1.2×

Analysis

In Q3 2026, Phillips Edison & Company generated $85.5M of operating cash flow and spent $37.4M on capital projects, leaving free cash flow of $48.1M. That is $11.0M less than in Q3 2025 ($59.1M).

Over the twelve months to Sep 30, 2026, operating cash flow was $355M; the largest uses were real estate bought ($532M), dividends ($166M), capital spending ($128M); besides operations, cash came from other investing ($278M), net borrowing (+) / repaid (−) ($131M); the cash balance rose by $12.1M.

Operating cash flow was $85.5M against net income of $68.6M — 1.2× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$68.9M, receivables −$7.5M, stock-based pay +$3.5M.

Free cash flow

Phillips Edison & Company: free cash flow by quarterPhillips Edison & Company: free cash flow by quarter$44.6MQ4 2024$34.2MQ1 2025$63.1MQ2 2025$59.1MQ3 2025$55.6MQ4 2025$29.1MQ1 2026$94.0MQ2 2026$48.1MQ3 2026
Operating cash flow less capital spending.
Phillips Edison & Company: operating cash flow against capital spendingPhillips Edison & Company: operating cash flow against capital spendingOperating cash flowCapital spending$84.0M$39.4MQ4 2024$60.5M$26.4MQ1 2025$96.1M$33.0MQ2 2025$95.4M$36.4MQ3 2025$96.1M$40.4MQ4 2025$55.6M$26.5MQ1 2026$118M$24.0MQ2 2026$85.5M$37.4MQ3 2026
Latest (Q3 2026): Operating cash flow $85.5M, Capital spending $37.4M.

Capital allocation, year by year

Phillips Edison & Company: where the cash came from (up) and went (down), by fiscal yearPhillips Edison & Company: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow $263MFY2021: Net borrowing −$408MFY2021: Shares issued $547MFY2021: Asset sales $206MFY2021: Capital spending −$75.0MFY2021: Buybacks −$77.8MFY2021: Dividends −$107M$1.0BFY2021FY2022: Operating cash flow $291MFY2022: Net borrowing −$2.9MFY2022: Shares issued $90.1MFY2022: Asset sales $52.0MFY2022: Capital spending −$104MFY2022: Dividends −$127M$433MFY2022FY2023: Operating cash flow $291MFY2023: Net borrowing $58.5MFY2023: Shares issued $149MFY2023: Asset sales $7.2MFY2023: Capital spending −$95.3MFY2023: Dividends −$136M$506MFY2023FY2024: Operating cash flow $335MFY2024: Net borrowing $134MFY2024: Shares issued $74.5MFY2024: Capital spending −$95.1MFY2024: Dividends −$134M$543MFY2024FY2025: Operating cash flow $348MFY2025: Net borrowing $253MFY2025: Capital spending −$136MFY2025: Dividends −$157M$601MFY2025
Over these 5 years operating cash flow totalled $1.5B; the largest uses were dividends ($661M) and capital spending ($506M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$8.9M
Debt$2.5B
Net debt$2.5B
Due within a year$164M

Phillips Edison & Company funds itself: free cash flow was $227M over the last twelve months, and $8.9M of cash and investments stands against $2.5B of debt ($164M due within a year, 0.1× covered by cash).

Phillips Edison & Company: debt maturities by year (FY2025)Phillips Edison & Company: debt maturities by year (FY2025)$164MYear 1$524MYear 2$17.4MYear 3$92.8MYear 4$201MYear 5$1.4BAfter year 5
Principal due in each year as disclosed in the annual report, against $8.9M of cash and investments now.

Where the cash came from and went

Phillips Edison & Company: sources (+) and uses (−) of cash, Q3 2026Phillips Edison & Company: sources (+) and uses (−) of cash, Q3 2026Real estate bought−$186MOther investing$94.5MOperating cash flow$85.5MNet borrowing (+) / repaid (−)$69.8MDividends−$42.9MCapital spending−$37.4MCash drawn (+) / kept (−)$12.0MShares issued$8.4MPartners−$4.1MOther financing−$197K
Phillips Edison & Company: sources (+) and uses (−) of cash, TTM to Q3 2026Phillips Edison & Company: sources (+) and uses (−) of cash, TTM to Q3 2026Real estate bought−$532MOperating cash flow$355MOther investing$278MDividends−$166MNet borrowing (+) / repaid (−)$131MCapital spending−$128MShares issued$92.6MPartners−$16.8MCash drawn (+) / kept (−)−$12.1MOther financing−$1.3M

From profit to cash

Phillips Edison & Company: net income to operating cash flow, Q3 2026Phillips Edison & Company: net income to operating cash flow, Q3 2026Net income$68.6MDepreciation & amortization$68.9MStock-based pay$3.5MOther non-cash$381KReceivables−$7.5MPayables−$3.4MOperating cash flow$85.5M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$85.5M−$37.4M−$42.9M$69.8M$8.4M$12.0M$48.1M
Q2 2026$118M−$24.0M−$41.2M−$39.5M—−$7.6M$94.0M
Q1 2026$55.6M−$26.5M−$54.7M$112M—$21.0M$29.1M
Q4 2025$96.1M−$40.4M−$27.4M−$11.4M—−$37.5M$55.6M
Q3 2025$95.4M−$36.4M−$39.5M−$9.0M—$3.4M$59.1M
Q2 2025$96.1M−$33.0M−$38.8M$114M—−$1.3M$63.1M
Q1 2025$60.5M−$26.4M−$51.5M$160M—$796K$34.2M
Q4 2024$84.0M−$39.4M−$25.4M$3.2M$74.5M$684K$44.6M

Phillips Edison & Company: income statement and cash flow

Phillips Edison & Company, Q3 2026: revenue $193M (+6% year over year), operating margin 35.6%. The chart follows the revenue to costs, profit and cash.

Phillips Edison & Company: 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.