Operating cash flow of $80.3M in 2026Q2 was strong relative to net income of $45.4M, but FFO of $9.1M failed to cover dividends of $13.9M, and zero reported CapEx obscures maintenance needs, raising concerns about cash flow sustainability.
CBL & Associates Properties, Inc. (CBL) cash flow statement — 22-year operating, investing & financing cash flows
| 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 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Cash from Operations | 304.47M | 249.68M | 202.22M | 183.52M | 208.23M | 38.77M | -69.37M | 273.41M | 234.99M | 377.19M | 447.71M | 515.82M | 468.06M | 464.75M | 481.51M | 441.84M | 429.79M | 431.64M | 419.09M | 470.28M | 388.91M | 389.57M | 339.2M |
| Operating CF Growth % | 189.1% | 23.47% | 10.19% | -11.87% | 437.05% | 155.9% | -125.37% | 16.35% | -37.7% | -15.75% | -13.2% | 10.2% | 0.71% | -3.48% | 8.98% | 2.8% | -0.43% | 2.99% | -10.88% | 20.92% | -0.17% | 14.85% | - |
| Operating CF / Revenue % | 50.95% | 43.17% | 39.22% | 34.28% | 36.99% | 6.72% | -12.05% | 35.57% | 27.37% | 40.68% | 43.54% | 48.89% | 44.13% | 44.02% | 44.6% | 41.4% | 40.1% | 39.62% | 36.82% | 45.19% | 38.81% | 42.93% | 43.41% |
| Net Income | 152.75M | 134.53M | 57.12M | 3.2M | -99.52M | -622.17M | -404.09M | -131.72M | -78.57M | 126.12M | 172.44M | 71.14M | 219.15M | 85.2M | 131.6M | 184.99M | 98.17M | -7.07M | 7.47M | 0 | 0 | 0 | 0 |
| Depreciation & Amortization | 125.33M | 179.79M | 140.59M | 211.93M | 277.11M | 208.08M | 215.03M | 255.94M | 285.4M | 299.09M | 292.69M | -297.58M | 291.64M | 278.97M | 254.2M | 275.46M | 290.39M | 313.11M | 332.09M | 252.09M | 237.86M | 191.04M | 150.48M |
| Stock-Based Compensation | 11.64M | 16.75M | 14.93M | 12.98M | 11.88M | 1.47M | 0 | 4.78M | 5.39M | 5.79M | 5.71M | 5.22M | 3.98M | 2.73M | 3.74M | 1.78M | 2.31M | 3.16M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 85.04M | -80.99M | -12.86M | -24.02M | 68.63M | 379.58M | 169.41M | 112.4M | 571.23M | 548.36M | 583.05M | 127.62M | -43.76M | 104.28M | 95.72M | 28.08M | 42.49M | 6.82B | 11.87M | -7.16B | 96.6M | 337.43M | 261.81M |
| Working Capital Changes | -9.8M | -413K | 4.1M | -19.3M | -51.01M | 71.82M | -49.72M | 29.34M | 14.54M | -2.43M | -9.73M | 3.99M | -2.95M | -6.43M | -2.15M | -42.79M | -5.6M | -6.7B | 70.11M | 7.38B | 60.2M | -138.9M | -73.1M |
| Cash from Investing | 10.22M | -115.11M | 65.01M | 1.7M | -156.69M | 87.33M | -290.33M | 24.59M | -52.4M | -94.4M | -97.92M | -280.23M | -234.85M | -125.69M | -246.67M | -266.7M | -5.56M | -157.85M | -454.18M | -1.56B | -474.36M | -1.2B | -722.22M |
| Acquisitions (Net) | 294K | -4.44M | -9.49M | -10.93M | -3.27M | 298K | 692K | -5.79M | 7.34M | -393K | -513K | -192M | -225.49M | -41M | -96M | -12M | 0 | -66.82M | 0 | -376M | 0 | -427M | 0 |
| Purchase of Investments | -678.95M | -416.2M | -360.82M | -312.78M | -741.04M | -1.27B | -299.66M | -5.79M | -145.55M | -306.39M | -291.21M | -426.37M | -34.06M | -34.06M | -8.81M | -35.5M | -9.61M | -91.03M | 0 | -239.53M | -33.81M | -28.7M | -36.34M |
| Sale of Investments | 734.83M | 365.28M | 379.61M | 355.54M | 600.7M | 1.36B | 8.91M | 18.56M | 89.47M | 229M | 200.86M | 159.16M | 15.88M | 11M | -353.94M | -231.2M | 0 | 25.03M | 0 | 4.62M | 2.73M | 13.17M | 17.59M |
| Other Investing | -28.7M | -59.75M | 55.71M | -30.13M | -13.07M | 1.06M | 988K | 11.81M | 3.19M | -75.81M | 9.99M | -1.49M | -234.85M | -125.69M | -246.67M | 228.88M | 4.05M | 204.7M | 437.76M | 1.18B | 483.46M | 1.23B | 825.29M |
| Cash from Financing | -182.91M | -135.42M | -236.5M | -204.09M | -145.8M | -158.41M | 209M | -296.45M | -367.77M | -351.09M | -484.56M | -236.64M | -260.77M | -351.81M | -212.69M | -2.34B | 0 | -963.1M | -1.7B | -684.55M | -1.05B | -620.82M | -537.19M |
| Dividends Paid | -52.4M | -77.09M | -50.36M | -118.09M | -23.87M | 0 | 0 | -59.63M | -182.71M | -226.17M | -225.85M | -225.55M | -211.7M | -196.25M | -177.48M | 0 | 0 | 0 | -21.82M | -26.14M | -30.57M | 0 | 0 |
| Common Dividends | -52.4M | -77.09M | -50.36M | -118.09M | -23.87M | 0 | 0 | -25.96M | -182.71M | -226.17M | -225.85M | -225.55M | -211.7M | -196.25M | -177.48M | -165.42M | 0 | -78.28M | -166.32M | -158.71M | -153.44M | -133.74M | -106.86M |
| Debt Issuance (Net) | -3M | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | -1000K | -1000K | 0 | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Share Repurchases | -15.24M | -18.06M | -36.46M | -1.11M | 0 | 0 | 0 | 0 | -289K | -390K | 0 | 0 | 0 | 0 | -115M | 0 | 0 | 0 | 0 | -105.17M | -6.71M | -48.29M | 0 |
| Other Financing | -29.66M | -8.96M | -3.43M | -5.89M | -22.75M | -365K | -999K | -29.88M | -34.96M | -68.1M | -47.55M | -54.29M | -60.35M | -274.13M | -68.38M | -73.39M | 0 | -87.11M | -144.91M | -123.91M | -121.93M | -99.58M | -90.47M |
| Net Change in Cash | 40.66M | -852K | 30.73M | -18.87M | -94.25M | 107.77M | 28.96M | 1.55M | -7.49M | 13.68M | -52.63M | 33.64M | -27.56M | -12.75M | 22.16M | 5.2M | 424.23M | -3.17M | -14.6M | 37.13M | -138K | 3.07M | 5.43M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 140.08M | 179.66M | 0 | 672.88M | 1.29B | 1.24B | 1.56B | 1.07B | 2.32B | 2.16B | 2.17B | 0 | 65K | -1.58M | 1.81B | 1.13B | 1.44B | 925.64M |
| Cash at Beginning | 0 | 153.8M | 123.08M | 141.95M | 236.2M | 61.78M | 32.82M | 57.51M | 32.63M | 18.95M | 71.58M | 37.94M | 65.5M | 78.25M | 56.09M | 50.9M | 0 | 51.23M | 65.83M | 28.7M | 28.84M | 25.77M | 20.33M |
| Cash at End | 0 | 152.95M | 153.8M | 123.08M | 141.95M | 169.55M | 61.78M | 59.06M | 25.14M | 32.63M | 18.95M | 71.58M | 37.94M | 65.5M | 78.25M | 56.09M | 424.23M | 48.06M | 51.23M | 65.83M | 28.7M | 28.84M | 25.77M |
| Free Cash Flow | 304.47M | 249.68M | 202.22M | 183.52M | 208.23M | 38.77M | -69.37M | 279.19M | 228.14M | 360.57M | 440.66M | 504.29M | 206.95M | 349.16M | 244.54M | 224.96M | 429.79M | 201.91M | -18.67M | -94.44M | -63.47M | -398.25M | -467.35M |
| FCF Growth % | 41.14% | 23.47% | 10.19% | -11.87% | 437.05% | 155.9% | -124.85% | 22.38% | -36.73% | -18.18% | -12.62% | 143.68% | -40.73% | 42.78% | 8.7% | -47.66% | 112.87% | 1181.33% | 80.23% | -48.79% | 84.06% | 14.79% | - |
| FCF / Revenue % | 50.95% | 43.17% | 39.22% | 34.28% | 36.99% | 6.72% | -12.05% | 36.32% | 26.57% | 38.89% | 42.86% | 47.8% | 19.51% | 33.07% | 22.65% | 21.08% | 40.1% | 18.53% | -1.64% | -9.08% | -6.33% | -43.89% | -59.81% |
Quick answers to the most common questions about buying CBL stock.
CBL & Associates Properties, Inc. (CBL) generated $249.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
CBL & Associates Properties, Inc. (CBL) generated $249.7M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
CBL & Associates Properties, Inc. (CBL) spent $0.0M 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, CBL & Associates Properties, Inc. (CBL) returned $77.1M to shareholders via cash dividends and spent $18.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
FFO volatility and NOI instability
Metrics are mathematically derived from official filings.
Depreciation Distorts Earnings Picture
In 2026Q2, net income of $45.4M far exceeded FFO of $9.1M, per financial statements, indicating significant non-cash gains or depreciation adjustments that obscure underlying cash earnings.
The FFO/NI ratio of 1.77 in 2026Q2, down from 24.74 in 2025Q2, suggests that GAAP net income is being inflated by non-cash items, possibly gains on asset sales or lower depreciation. This distortion makes FFO a more reliable measure of recurring cash earnings, but the extreme volatility in FFO itself (from $115.3M in 2025Q3 to $9.1M in 2026Q2) raises questions about the stability of core operations.
Dividend Coverage Appears Thin
With AFFO data unavailable, dividend coverage is uncertain; however, FFO in 2026Q2 of $9.1M barely covers dividends of $13.9M, per reported figures, suggesting potential pressure on distributable cash.
The Div/AFFO ratio cannot be computed due to missing AFFO, but the FFO-to-dividend ratio of 0.65 in 2026Q2 indicates that FFO alone does not cover the dividend. This may imply that CBL is relying on external sources or non-recurring items to fund distributions, which is unsustainable if FFO remains depressed. Investors should monitor whether AFFO, which accounts for recurring capex, provides a more accurate coverage picture.
Capex Data Unavailable, Maintenance Needs Unclear
Reported CapEx is zero across all quarters, per cash flow statements, which is unusual for a retail REIT and suggests either data omission or significant capitalization of maintenance costs.
The absence of reported CapEx makes it impossible to assess the adequacy of maintenance capital expenditures relative to depreciation. Given the retail property portfolio, it is likely that CBL incurs tenant improvements and leasing commissions, but these are not reflected in the data. This gap warrants further investigation into the company's capital expenditure disclosures to understand the true cash flow burden.
Working Capital Swings Signal Collection Volatility
Operating cash flow varied from $30.7M in 2024Q1 to $80.3M in 2026Q2, per quarterly filings, indicating significant working capital swings that may reflect rent collection timing or tenant receivable issues.
The wide range in OCF relative to net income suggests that working capital adjustments, such as changes in tenant receivables and straight-line rent, are materially impacting cash flow. For instance, in 2025Q1, OCF of $31.7M was much lower than net income of $8.8M, implying a build-up in receivables or other current assets. This volatility may indicate collection challenges or lease accounting adjustments that investors should monitor.
Dividend Funding May Rely on External Sources
In 2026Q2, dividends of $13.9M exceeded FFO of $9.1M, per reported figures, suggesting that CBL may need to tap external financing or use cash reserves to cover distributions.
The gap between FFO and dividends in recent quarters, particularly 2026Q2, implies that CBL is not generating sufficient internal cash to fund its dividend. This could lead to increased reliance on debt or equity issuance, which may dilute shareholders or increase leverage. The lack of AFFO data makes it difficult to determine if this is a temporary issue or a structural problem.
What the Cash Flow Statement Hides
Zero reported CapEx and missing AFFO obscure the true cash flow picture, per financial statements, potentially masking significant maintenance costs or off-balance-sheet obligations.
The absence of CapEx and AFFO data is a red flag for a REIT, as these are critical for assessing distributable cash flow. It is possible that CBL is capitalizing a large portion of maintenance costs, which would inflate FFO and understate the cash needed to sustain properties. Additionally, joint ventures or other off-balance-sheet arrangements could create hidden cash obligations. Investors should demand more transparency on these items to evaluate the sustainability of the dividend.