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ERP Operating Ltd Partnership cash flow, quarter by quarter

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

Free cash flow−$599M in Q3 2026 · $411M over twelve months

Operating cash flow$339M
Capital spending−$939M
Free cash flow−$599M

Analysis

In Q3 2026, ERP Operating Ltd Partnership generated $339M of operating cash flow and spent $939M on capital projects, leaving free cash flow of −$599M. That is $1.1B less than in Q3 2025 ($463M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.4B; the largest uses were capital spending ($1.0B), net borrowing (+) / repaid (−) ($567M), other financing ($451M); besides operations, cash came from asset & business sales ($1.1B); the cash balance fell by $6.0M.

Operating cash flow was $339M against net income of −$747M. The largest differences: depreciation & amortization +$898M, stock-based pay +$19.2M.

Free cash flow

ERP Operating Ltd Partnership: free cash flow by quarterERP Operating Ltd Partnership: free cash flow by quarter$315MQ4 2024$395MQ1 2025$331MQ2 2025$463MQ3 2025$348MQ4 2025$377MQ1 2026$285MQ2 2026−$599MQ3 2026
Operating cash flow less capital spending.
ERP Operating Ltd Partnership: operating cash flow against capital spendingERP Operating Ltd Partnership: operating cash flow against capital spendingOperating cash flowCapital spending$354M$39.1MQ4 2024$426M$31.0MQ1 2025$360M$28.7MQ2 2025$486M$22.2MQ3 2025$378M$29.9MQ4 2025$401M$23.7MQ1 2026$302M$16.4MQ2 2026$339M$939MQ3 2026
Latest (Q3 2026): Operating cash flow $339M, Capital spending $939M.

Capital allocation, year by year

ERP Operating Ltd Partnership: where the cash came from (up) and went (down), by fiscal yearERP Operating Ltd Partnership: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY2009: Operating cash flow $672MFY2009: Net borrowing $739MFY2009: Shares issued $5.3MFY2009: Asset sales $887MFY2009: Capital spending −$124M$2.3BFY2009FY2023: Operating cash flow $1.5BFY2023: Net borrowing $276MFY2023: Shares issued $23.6MFY2023: Asset sales $374MFY2023: Capital spending −$78.2MFY2023: Buybacks −$49.1MFY2023: Dividends −$990M$2.2BFY2023FY2024: Operating cash flow $1.6BFY2024: Net borrowing $125MFY2024: Shares issued $23.0MFY2024: Asset sales $960MFY2024: Capital spending −$130MFY2024: Buybacks −$38.5MFY2024: Dividends −$1.0B$2.7BFY2024FY2025: Operating cash flow $1.6BFY2025: Shares issued $5.5MFY2025: Asset sales $1.1BFY2025: Capital spending −$112MFY2025: Buybacks −$281MFY2025: Dividends −$1.0B$2.8BFY2025
Over these 4 years operating cash flow totalled $5.4B; the largest uses were dividends ($3.1B) and capital spending ($444M). Cash-flow statements as filed.

Where the cash came from and went

ERP Operating Ltd Partnership: sources (+) and uses (−) of cash, Q3 2026ERP Operating Ltd Partnership: sources (+) and uses (−) of cash, Q3 2026Capital spending−$939MAsset & business sales$379MOperating cash flow$339MOther investing$271MCash drawn (+) / kept (−)−$50.1MOther financing−$22.0MBuybacks$20.9M
ERP Operating Ltd Partnership: sources (+) and uses (−) of cash, TTM to Q3 2026ERP Operating Ltd Partnership: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$1.4BAsset & business sales$1.1BCapital spending−$1.0BNet borrowing (+) / repaid (−)−$567MOther financing−$451MBuybacks−$385MOther investing−$73.2MNot reconciled$8.9MCash drawn (+) / kept (−)$6.0M

From profit to cash

ERP Operating Ltd Partnership: net income to operating cash flow, Q3 2026ERP Operating Ltd Partnership: net income to operating cash flow, Q3 2026Net income−$747MDepreciation & amortization$898MStock-based pay$19.2MOperating cash flow$339M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$339M−$939M$20.9M———−$50.1M−$599M
Q2 2026$302M−$16.4M—−$263M−$80.6M$6.5M−$4.3M$285M
Q1 2026$401M−$23.7M−$219M−$262M$162M$425K$19.7M$377M
Q4 2025$378M−$29.9M−$186M−$264M−$264M$116K$40.6M$348M
Q3 2025$486M−$22.2M—−$263M$64.0M$1K−$67.5M$463M
Q2 2025$360M−$28.7M—−$263M$478M$997K$9.6M$331M
Q1 2025$426M−$31.0M—−$256M−$240M$4.4M$18.6M$395M
Q4 2024$354M−$39.1M—−$256M−$243M$5.7M−$33.6M$315M

ERP Operating Ltd Partnership: income statement and cash flow

ERP Operating Ltd Partnership, Q3 2026: revenue $1.2B (+56% year over year), operating margin -72.4%. The chart follows the revenue to costs, profit and cash.

ERP Operating Ltd Partnership: 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.