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Ventas cash flow, quarter by quarter

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

Free cash flow$425M in Q3 2026 · $1.6B over twelve months

Operating cash flow$490M
Capital spending−$64.6M
Free cash flow+$425M
Cash / net income7.3×

Analysis

In Q3 2026, Ventas generated $490M of operating cash flow and spent $64.6M on capital projects, leaving free cash flow of $425M. That is $105M more than in Q3 2025 ($320M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.9B; the largest uses were other investing ($4.6B), other financing ($2.0B), dividends ($976M); besides operations, cash came from shares issued ($4.3B), net borrowing (+) / repaid (−) ($1.6B); the cash balance fell by $12.9M.

Operating cash flow was $490M against net income of $67.3M — 7.3× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$446M, payables +$114M, prepaid and other assets −$81.0M.

Free cash flow

Ventas: free cash flow by quarterVentas: free cash flow by quarter$291MQ4 2024$263MQ1 2025$408MQ2 2025$320MQ3 2025$375MQ4 2025$322MQ1 2026$479MQ2 2026$425MQ3 2026
Operating cash flow less capital spending.
Ventas: operating cash flow against capital spendingVentas: operating cash flow against capital spendingOperating cash flowCapital spending$374M$82.7MQ4 2024$321M$58.4MQ1 2025$475M$67.2MQ2 2025$379M$58.9MQ3 2025$472M$96.3MQ4 2025$395M$72.4MQ1 2026$557M$77.2MQ2 2026$490M$64.6MQ3 2026
Latest (Q3 2026): Operating cash flow $490M, Capital spending $64.6M.

Capital allocation, year by year

Ventas: where the cash came from (up) and went (down), by fiscal yearVentas: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingDividendsFY2021: Operating cash flow $1.0BFY2021: Net borrowing $1.7BFY2021: Shares issued $626MFY2021: Asset sales $840MFY2021: Capital spending −$1.8BFY2021: Dividends −$687M$4.2BFY2021FY2022: Operating cash flow $1.1BFY2022: Net borrowing $1.1BFY2022: Shares issued $8.7MFY2022: Asset sales $113MFY2022: Capital spending −$901MFY2022: Dividends −$720M$2.3BFY2022FY2023: Operating cash flow $1.1BFY2023: Net borrowing $2.1BFY2023: Shares issued $110MFY2023: Asset sales $400MFY2023: Capital spending −$649MFY2023: Dividends −$724M$3.7BFY2023FY2024: Operating cash flow $1.3BFY2024: Net borrowing $1.9BFY2024: Shares issued $2.0BFY2024: Asset sales $329MFY2024: Capital spending −$2.5BFY2024: Dividends −$740M$5.6BFY2024FY2025: Operating cash flow $1.6BFY2025: Net borrowing $1.1BFY2025: Shares issued $2.5BFY2025: Asset sales $213MFY2025: Capital spending −$2.9BFY2025: Dividends −$860M$5.4BFY2025
Over these 5 years operating cash flow totalled $6.2B; the largest uses were capital spending ($8.8B) and dividends ($3.7B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$202M
Debt$13.0B
Net debt$12.8B
Due within a year$2.2B

Ventas funds itself: free cash flow was $1.6B over the last twelve months, and $202M of cash and investments stands against $13.0B of debt ($2.2B due within a year, 0.1× covered by cash).

Ventas: debt maturities by year (FY2025)Ventas: debt maturities by year (FY2025)$2.2BYear 1$1.6BYear 2$1.6BYear 3$1.7BYear 4$1.4BYear 5$4.6BAfter year 5
Principal due in each year as disclosed in the annual report, against $202M of cash and investments now.

Where the cash came from and went

Ventas: sources (+) and uses (−) of cash, Q3 2026Ventas: sources (+) and uses (−) of cash, Q3 2026Shares issued$1.3BReal estate bought−$1.1BOperating cash flow$490MDividends−$267MOther investing−$151MOther financing−$145MNet borrowing (+) / repaid (−)−$116MCapital spending−$64.6MAsset & business sales$14.2MPartners−$7.4MCash drawn (+) / kept (−)−$5.8MExchange rates−$377K
Ventas: sources (+) and uses (−) of cash, TTM to Q3 2026Ventas: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing−$4.6BShares issued$4.3BOther financing−$2.0BOperating cash flow$1.9BNet borrowing (+) / repaid (−)$1.6BDividends−$976MCapital spending−$311MAsset & business sales$121MPartners−$20.6MCash drawn (+) / kept (−)$12.9MExchange rates−$1.3M

From profit to cash

Ventas: net income to operating cash flow, Q3 2026Ventas: net income to operating cash flow, Q3 2026Net income$67.3MDepreciation & amortization$446MStock-based pay$5.9MOther non-cash$4.9MPayables$114MPrepaid and other assets−$81.0MOperating cash flow$490M
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$490M−$64.6M−$267M−$116M$1.3B−$5.8M$425M
Q2 2026$557M−$77.2M−$253M$802M$1.7B−$22.5M$479M
Q1 2026$395M−$72.4M−$230M$354M$813M$585M$322M
Q4 2025$472M−$96.3M−$226M$524M$345M−$544M$375M
Q3 2025$379M−$58.9M−$218M$18.3M$1.0B$434M$320M
Q2 2025$475M−$67.2M−$217M$316M$195M−$431M$408M
Q1 2025$321M−$58.4M−$199M$266M$896M$711M$263M
Q4 2024$374M−$82.7M−$189M$107M$33.6M$208M$291M

Ventas: income statement and cash flow

Ventas, Q3 2026: revenue $1.8B (+23% year over year), operating margin 2.9%. The chart follows the revenue to costs, profit and cash.

Ventas: 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.