Cash flow generation is severely impaired, evidenced by a -177.5% free cash flow margin and a CapEx-to-revenue ratio that spiked to 155.5% in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Cash from Operations | -665M | -595M | 1.02B | -670M | -53M | 606M | 1.33B | 624M | 1.36B | 639M | 745M | 590M | 483M | 421M | 605M |
| Operating CF Margin % | - | -8.33% | 11.17% | -7.07% | -0.72% | 8.54% | 20.2% | 7.61% | 18.75% | 10.42% | 13.92% | 12.16% | 11.04% | 9.82% | 16.06% |
| Operating CF Growth % | -434.1% | -158.45% | 251.94% | -1164.15% | -108.75% | -54.5% | 113.46% | -54.02% | 112.36% | -14.23% | 26.27% | 22.15% | 14.73% | -30.41% | - |
| Net Income | -345M | -361M | -2B | -442M | 996M | 3.5B | -2.06B | 3.16B | 3.65B | 2.47B | 2.72B | 3.77B | 4.42B | 1.76B | 2.64B |
| Depreciation & Amortization | 276M | 270M | 418M | 440M | 287M | 308M | 319M | 341M | 308M | 275M | 240M | 180M | 148M | 164M | 104M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 25M | 12M | 14M | 19M | 23M | 23M | 9M | 0 |
| Deferred Taxes | 7M | 0 | 96M | -554M | 118M | 356M | 162M | 32M | -218M | 20M | -711M | 25M | 1.15B | 486M | 368M |
| Other Non-Cash Items | -358M | -309M | 651M | -428M | -583M | 24M | 16M | 104M | -5M | 486M | 870M | -621M | -1.31B | -49M | -1.27B |
| Working Capital Changes | -120M | -195M | 1.85B | 314M | -871M | -188M | 220M | -811M | 508M | -278M | -314M | -59M | -662M | -238M | -69M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -59.35B | 13.78B | -27.92B | 158.03B | 21.7B | -80.9B | 0 |
| Cash from Investing | -894M | 2.25B | -6.8B | -2.98B | 7.81B | 182M | -99M | -1.61B | -8.41B | -1.89B | -3.23B | -3.93B | -5B | -1.62B | -1.43B |
| Capital Expenditures | -3.35B | -758M | -403M | -529M | -207M | -156M | -169M | -372M | -15.88B | -6.15B | -7.93B | -62M | -29M | -840M | -2.04B |
| CapEx % of Revenue | 47.27% | 10.61% | 4.42% | 5.58% | 2.81% | 2.2% | 2.56% | 4.53% | 219.44% | 100.24% | 148.09% | 1.28% | 0.66% | 19.59% | 54.17% |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 2.19B | 0 | -6.03B | -3.24B | 638M | 421M | -126M | -230M | 15.29B | 5.93B | -42.98B | -3.87B | -4.94B | -709M | -27M |
| Cash from Financing | 1.82B | -2.07B | 5.74B | 1.94B | -6.46B | -666M | -215M | -892M | 8.87B | 1.25B | 2.91B | 3.18B | 4.46B | 1.67B | 982M |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | 1.22B | 3.62B | 1.41B | 1.93B | 0 | -1.17B | -935M | -452M | 420M | -136M | -59M | -36M | 0 | 0 | 0 |
| Dividends Paid | -1.29B | -1.29B | -496M | -484M | -419M | -358M | -583M | -573M | -1.06B | -301M | -796M | -755M | -663M | -312M | -589M |
| Share Repurchases | 18M | -4M | -6M | -15M | -8M | -3.35B | -1.11B | -554M | -81M | -136M | -59M | -36M | 0 | -233.27B | 0 |
| Other Financing | 1.26B | -1.53B | 1.2B | 1.86B | -4.31B | 574M | 457M | -1.81B | -356M | -1.34B | 1.22B | 33M | 917M | 415M | 590M |
| Net Change in Cash | 205M | -412M | -133M | -1.68B | 1.44B | 103M | 1.03B | -1.85B | 1.8B | 35M | 421M | -247M | -86M | 474M | 153M |
| Free Cash Flow | -4.01B | -1.35B | 615M | -1.2B | -260M | 450M | 1.16B | 252M | -14.53B | -5.51B | -7.18B | 528M | 454M | -419M | -1.44B |
| FCF Margin % | -56.66% | -18.93% | 6.75% | -12.64% | -3.53% | 6.34% | 17.64% | 3.07% | -200.69% | -89.83% | -134.17% | 10.88% | 10.38% | -9.77% | -38.11% |
| FCF Growth % | -3284.92% | -320% | 151.29% | -361.15% | -157.78% | -61.31% | 361.51% | 101.73% | -163.62% | 23.26% | -1460.04% | 16.3% | 208.35% | 70.82% | - |
| FCF per Share | -9.57 | -3.30 | 1.75 | -3.73 | -0.87 | 1.51 | 2.30 | 0.50 | -36.67 | -16.74 | -19.60 | 1.43 | 1.84 | -5.00 | -17.91 |
| FCF Conversion (FCF/Net Income) | 11.63x | 1.65x | -2.00x | 1.52x | 1.13x | 1.14x | -1.21x | 0.71x | 1.78x | 4.70x | 1.13x | 0.55x | 0.42x | 1.20x | - |
| Interest Paid | 2.74B | 2.91B | 4.36B | 4.75B | 2.45B | 2.31B | 2.28B | 2.48B | 2.25B | 1.57B | 1.38B | 1.25B | 1.15B | 995M | 906M |
| Taxes Paid | 135M | 128M | 140M | 180M | 114M | 67M | 107M | 253M | 236M | 82M | 131M | 83M | 63M | 114M | 96M |
Negative operating cash flow
As reported in recent financial statements, BPYPO exhibits a severe disconnect between net income and operating cash flow, with the most recent quarter showing an OCF/NI ratio of 5.87, indicating that non-cash charges and working capital volatility are masking the underlying cash-generative capacity of the firm.
The consistent divergence between net losses and operating cash flow suggests that the company's reported earnings are heavily influenced by non-cash accounting adjustments, such as fair value markdowns. Investors should monitor whether this reliance on non-cash items masks a fundamental inability to generate positive cash flow from core property operations.
Based on the provided quarterly data, BPYPO's free cash flow trajectory has deteriorated significantly, culminating in a -177.5% FCF margin in 2026Q1, which highlights the company's struggle to maintain positive cash generation amidst high capital requirements and declining operational performance across its global portfolio.
The shift from positive FCF in mid-2024 to deep negative territory in recent quarters suggests that the company is currently consuming cash at an unsustainable rate. This trend warrants further investigation into whether the capital intensity is required for asset maintenance or if it reflects a broader liquidity strain.
According to the latest quarterly figures, BPYPO's CapEx/Revenue ratio spiked to 155.5% in 2026Q1, a dramatic increase that suggests the firm is aggressively deploying capital into its property portfolio despite a contracting revenue base and persistent negative net margins across its core segments.
This level of capital intensity appears disproportionate to the current revenue environment, potentially indicating significant investment in redevelopment or distressed asset stabilization. Analysts should consider whether these expenditures are likely to yield future returns or if they represent a defensive effort to preserve asset value in a challenging market.
Data from the last ten quarters reveals erratic working capital movements, with a notable $114 million outflow in 2026Q1, suggesting that the company's ability to manage its short-term operational obligations is becoming increasingly sensitive to timing differences in collections and payables management.
The volatility in working capital changes suggests that the company's cash position is subject to significant swings that may not be fully captured by standard operational metrics. This instability may indicate underlying friction in the property management cycle or potential delays in tenant payments that could pressure liquidity.
Quick answers to the most common questions about buying BPYPO stock.
Brookfield Property Partners L.P. (BPYPO) generated $-595.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Brookfield Property Partners L.P. (BPYPO) reported negative free cash flow of $1.35B in 2025, indicating capital requirements exceeded cash from operations.
Brookfield Property Partners L.P. (BPYPO) spent $758.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Brookfield Property Partners L.P. (BPYPO) returned $1.29B to shareholders via cash dividends and spent $4.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.