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Safehold cash flow, quarter by quarter

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

Free cash flow$5.5M in Q3 2026 · $43.8M over twelve months

Operating cash flow$5.5M
Free cash flow+$5.5M
Cash / net income0.2×

Analysis

In Q3 2026, Safehold generated $5.5M of operating cash flow. That is $6.9M more than in Q3 2025 (−$1.4M).

Over the twelve months to Sep 30, 2026, operating cash flow was $43.8M; the largest uses were other investing ($384M), other financing ($94.1M), dividends ($51.1M); besides operations, cash came from net borrowing (+) / repaid (−) ($507M), asset & business sales ($2.3M); the cash balance rose by $19.6M.

Operating cash flow was $5.5M against net income of $31.3M — 0.2× profit, less cash than reported earnings, worth checking against working capital. The largest differences: stock-based pay +$4.0M, payables −$3.3M, prepaid and other assets −$2.4M.

Free cash flow

Safehold: free cash flow by quarterSafehold: free cash flow by quarter$7.9MQ4 2024$8.9MQ1 2025$28.0MQ2 2025−$1.4MQ3 2025$12.3MQ4 2025−$8.6MQ1 2026$34.6MQ2 2026$5.5MQ3 2026
Operating cash flow less capital spending.
Safehold: operating cash flow against capital spendingSafehold: operating cash flow against capital spendingOperating cash flowCapital spending$7.9M$0Q4 2024$8.9M$0Q1 2025$28.0M$0Q2 2025−$1.4M$0Q3 2025$12.3M$0Q4 2025−$8.6M$0Q1 2026$34.6M$0Q2 2026$5.5M$0Q3 2026
Latest (Q3 2026): Operating cash flow $5.5M, Capital spending $0.

Capital allocation, year by year

Safehold: where the cash came from (up) and went (down), by fiscal yearSafehold: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $26.9MFY2021: Net borrowing $1.8BFY2021: Shares issued $243MFY2021: Asset sales $157MFY2021: Capital spending −$6.8MFY2021: Buybacks −$123MFY2021: Dividends −$34.8M$2.2BFY2021FY2022: Operating cash flow $64.9MFY2022: Net borrowing $676MFY2022: Shares issued $309MFY2022: Asset sales $2.0BFY2022: Capital spending −$1.2MFY2022: Dividends −$30.2M$3.1BFY2022FY2023: Operating cash flow $15.4MFY2023: Net borrowing $427MFY2023: Shares issued $152MFY2023: Asset sales $1.6MFY2023: Acquisitions −$88.7MFY2023: Dividends −$46.0M$596MFY2023FY2024: Operating cash flow $37.9MFY2024: Net borrowing $264MFY2024: Asset sales $5.8MFY2024: Dividends −$50.6M$307MFY2024FY2025: Operating cash flow $47.8MFY2025: Net borrowing $488MFY2025: Asset sales $4.1MFY2025: Dividends −$50.9M$540MFY2025
Over these 5 years operating cash flow totalled $193M; the largest uses were dividends ($213M) and buybacks ($123M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$29.9M
Debt$4.8B
Net debt$4.8B

Safehold funds itself: free cash flow was $43.8M over the last twelve months, and $29.9M of cash and investments stands against $4.8B of debt.

Safehold: debt maturities by year (FY2025)Safehold: debt maturities by year (FY2025)$10.0MYear 2$79.2MYear 3$780MYear 4$400MYear 5$3.4BAfter year 5
Principal due in each year as disclosed in the annual report, against $29.9M of cash and investments now.

Where the cash came from and went

Safehold: sources (+) and uses (−) of cash, Q3 2026Safehold: sources (+) and uses (−) of cash, Q3 2026Net borrowing (+) / repaid (−)$144MOther investing−$117MCash drawn (+) / kept (−)−$14.7MDividends−$12.6MOperating cash flow$5.5MBuybacks−$4.9MOther financing−$548KTaxes on employees’ shares−$106K
Safehold: sources (+) and uses (−) of cash, TTM to Q3 2026Safehold: sources (+) and uses (−) of cash, TTM to Q3 2026Net borrowing (+) / repaid (−)$507MOther investing−$384MOther financing−$94.1MDividends−$51.1MOperating cash flow$43.8MCash drawn (+) / kept (−)−$19.6MTaxes on employees’ shares−$3.6MAsset & business sales$2.3M

From profit to cash

Safehold: net income to operating cash flow, Q3 2026Safehold: net income to operating cash flow, Q3 2026Net income$31.3MDepreciation & amortization$1.9MStock-based pay$4.0MPayables−$3.3MPrepaid and other assets−$2.4MOperating cash flow$5.5M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$5.5M−$4.9M−$12.6M$144M−$14.7M$5.5M
Q2 2026$34.6M−$12.8M−$13.1M−$44.0M$2.0M$34.6M
Q1 2026−$8.6M−$3.2M−$12.7M$110M$2.6M−$8.6M
Q4 2025$12.3M—−$12.7M$297M−$9.5M$12.3M
Q3 2025−$1.4M—−$12.7M$68.7M$1.7M−$1.4M
Q2 2025$28.0M—−$12.9M$100M$3.0M$28.0M
Q1 2025$8.9M—−$12.7M$23.0M−$8.9M$8.9M
Q4 2024$7.9M—−$12.6M$23.2M$7.1M$7.9M

Safehold: income statement and cash flow

Safehold, Q3 2026: revenue $119M (+23% year over year), operating margin 24.7%. The chart follows the revenue to costs, profit and cash.

Safehold: 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.