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W. P. Carey cash flow, quarter by quarter

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

Free cash flow$322M in Q3 2026 · $1.2B over twelve months

Operating cash flow$322M
Free cash flow+$322M
Cash / net income2.3×

Analysis

In Q3 2026, W. P. Carey generated $322M of operating cash flow. That is $21.7M more than in Q3 2025 ($300M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.2B; the largest uses were net borrowing (+) / repaid (−) ($2.1B), real estate bought ($2.0B), dividends ($830M); besides operations, cash came from other financing ($3.1B), asset & business sales ($758M); the cash balance fell by $164M.

Operating cash flow was $322M against net income of $141M — 2.3× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$133M, other operating capital +$19.6M, stock-based pay +$10.0M.

Free cash flow

W. P. Carey: free cash flow by quarterW. P. Carey: free cash flow by quarter$296MQ4 2024$273MQ1 2025$404MQ2 2025$300MQ3 2025$305MQ4 2025$283MQ1 2026$333MQ2 2026$322MQ3 2026
Operating cash flow less capital spending.
W. P. Carey: operating cash flow against capital spendingW. P. Carey: operating cash flow against capital spendingOperating cash flowCapital spending$296M$0Q4 2024$273M$0Q1 2025$404M$0Q2 2025$300M$0Q3 2025$305M$0Q4 2025$283M$0Q1 2026$333M$0Q2 2026$322M$0Q3 2026
Latest (Q3 2026): Operating cash flow $322M, Capital spending $0.

Capital allocation, year by year

W. P. Carey: where the cash came from (up) and went (down), by fiscal yearW. P. Carey: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesAcquisitionsDividendsFY2021: Operating cash flow $926MFY2021: Net borrowing −$896MFY2021: Shares issued $340MFY2021: Asset sales $164MFY2021: Dividends −$764M$1.4BFY2021FY2022: Operating cash flow $1.0BFY2022: Net borrowing −$1.8BFY2022: Shares issued $218MFY2022: Asset sales $235MFY2022: Acquisitions −$423MFY2022: Dividends −$835M$1.5BFY2022FY2023: Operating cash flow $1.1BFY2023: Net borrowing −$2.4BFY2023: Asset sales $446MFY2023: Dividends −$917M$1.5BFY2023FY2024: Operating cash flow $1.8BFY2024: Net borrowing $159MFY2024: Asset sales $409MFY2024: Dividends −$765M$2.4BFY2024FY2025: Operating cash flow $1.3BFY2025: Net borrowing −$2.4BFY2025: Asset sales $1.3BFY2025: Dividends −$790M$2.6BFY2025
Over these 5 years operating cash flow totalled $6.1B; the largest uses were net borrowing ($7.6B) and dividends ($4.1B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$143M
Debt$8.8B
Net debt$8.6B
Due within a year$980M

W. P. Carey funds itself: free cash flow was $1.2B over the last twelve months, and $143M of cash and investments stands against $8.8B of debt ($980M due within a year, 0.1× covered by cash).

W. P. Carey: debt maturities by year (FY2025)W. P. Carey: debt maturities by year (FY2025)$980MYear 1$598MYear 2$1.3BYear 3$1.5BYear 4$1.0BYear 5$3.4BAfter year 5
Principal due in each year as disclosed in the annual report, against $143M of cash and investments now.

Where the cash came from and went

W. P. Carey: sources (+) and uses (−) of cash, Q3 2026W. P. Carey: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$322MNet borrowing (+) / repaid (−)−$246MDividends−$216MOther financing$190MReal estate bought−$161MShares issued$150MOther investing−$75.3MAsset & business sales$26.9MCash drawn (+) / kept (−)$10.5MExchange rates−$799KTaxes on employees’ shares−$118KPartners−$33K
W. P. Carey: sources (+) and uses (−) of cash, TTM to Q3 2026W. P. Carey: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing$3.1BNet borrowing (+) / repaid (−)−$2.1BReal estate bought−$2.0BOperating cash flow$1.2BDividends−$830MAsset & business sales$758MOther investing−$256MCash drawn (+) / kept (−)$164MExchange rates−$18.4MTaxes on employees’ shares−$7.6MPartners−$6.2M

From profit to cash

W. P. Carey: net income to operating cash flow, Q3 2026W. P. Carey: net income to operating cash flow, Q3 2026Net income$141MDepreciation & amortization$133MStock-based pay$10.0MDeferred taxes$600KOther operating capital$19.6MOperating cash flow$322M
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$322M−$216M−$246M$150M$10.5M$322M
Q2 2026$333M−$209M−$823M$345M$91.8M$333M
Q1 2026$283M−$205M−$356M$247M−$15.3M$283M
Q4 2025$305M−$201M−$704M—$77.2M$305M
Q3 2025$300M−$198M−$774M—$76.6M$300M
Q2 2025$404M−$196M−$422M—−$209M$404M
Q1 2025$273M−$195M−$533M—$473M$273M
Q4 2024$296M−$193M$373M—$188M$296M

W. P. Carey: income statement and cash flow

W. P. Carey, Q3 2026: revenue $468M (+9% year over year), operating margin 55.2%. The chart follows the revenue to costs, profit and cash.

W. P. Carey: 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.