Cash flow quality remains questionable, as the FFO-to-Net Income ratio of 1.81 in 2026Q1 suggests that non-cash adjustments continue to heavily influence reported earnings.
| 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 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 |
|---|
| Cash from Operations | 434.95M | 420.95M | 393.14M | 447.09M | 441.72M | 306.93M | 65.27M | 439.53M | 484.33M | 391.1M | 306.2M | 278.46M | 250.29M | 234.12M | 207.25M | 195.8M | 180.39M | 148.82M | 146.26M | 131.59M | 105.56M | 94.53M | 84.42M | 51M | 45.85M | 32.83M | 30.68M | 33.4M | 19.4M | 7.4M |
| Operating CF Growth % | 42.18% | 7.08% | -12.07% | 1.22% | 43.92% | 370.22% | -85.15% | -9.25% | 23.84% | 27.73% | 9.96% | 11.25% | 6.91% | 12.96% | 5.85% | 8.54% | 21.22% | 1.75% | 11.15% | 24.66% | 11.67% | 11.98% | 65.52% | 11.22% | 39.68% | 7% | -8.14% | 72.16% | 162.16% | - |
| Operating CF / Revenue % | 62.12% | 58.6% | 61.33% | 67.77% | 72.34% | 59.85% | 16.1% | 67.42% | 69.12% | 67.9% | 62.08% | 66.14% | 65% | 68.24% | 64.41% | 85.14% | 75.71% | 75.12% | 40.73% | 74.38% | 70.77% | 76.78% | 96.39% | 83.62% | 94.05% | 89.85% | 84.1% | 94.35% | 68.07% | 296% |
| Net Income | 271.74M | 274.94M | 146.07M | 173.05M | 176.23M | 98.61M | -131.73M | 202.24M | 266.98M | 262.97M | 224.98M | 194.33M | 175.75M | 175.64M | 133.87M | 102.56M | 117.77M | -11.91M | 129.88M | 104.66M | 82.29M | 69.06M | 53.71M | 37.59M | 31.16M | 23.58M | 24.17M | 23.2M | 19.2M | 1.4M |
| Depreciation & Amortization | 295.75M | 169.16M | 165.4M | 167.5M | 163.3M | 163.38M | 169.85M | 171.42M | 152.85M | 132.84M | 107.76M | 89.81M | 66.93M | 53.99M | 50.25M | 47.93M | 52.1M | 47.72M | 43.83M | 40.33M | 33.87M | 30.94M | 26.66M | 16.36M | 13.91M | 10.45M | 10.46M | 10M | 7.3M | 700K |
| Stock-Based Compensation | 8.67M | 0 | 15.66M | 17.82M | 16.67M | 14.9M | 15.08M | 13.76M | 18.33M | 14.14M | 11.16M | 14.88M | 8.9M | 6.52M | 5.83M | 5.61M | 4.71M | 4.31M | 3.96M | 3.25M | 4.87M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -127.58M | -2.11M | 94.12M | 87.15M | 48.42M | 31.94M | 81.46M | 32.72M | 57.08M | -25.24M | -5.7M | -18.89M | 6.58M | 66K | 4.66M | 4.61M | 8.44M | 1.1M | 2.26M | -1.71M | 5.54M | 1.32M | 2.62M | 2.17M | -373K | 54K | -2.86M | 300K | 100K | 1.9M |
| Working Capital Changes | -13.48M | -21.03M | -26.57M | 1.93M | 37.27M | 30.09M | -84.64M | 23.5M | -11.48M | 5.58M | -30.94M | -539K | -9.66M | 12.69M | -5.39M | -1.49M | 1.9M | -8.29M | -32.63M | -11.56M | -15.03M | -6.79M | 1.42M | -5.12M | 1.16M | -1.25M | -1.09M | -100K | -7.2M | 3.4M |
| Cash from Investing | -214.94M | -121.68M | -176.35M | -201.05M | -351.58M | 1.86M | 133.99M | 96.5M | -96.81M | -702.21M | -662.15M | -568.54M | -376.23M | -336.46M | -255.78M | 89.68M | -320.32M | -192M | -491.95M | -420.65M | -161.15M | -219.91M | -251.79M | -143.74M | -155.34M | -34.27M | -22.52M | -41.2M | -249.2M | -214.5M |
| Acquisitions (Net) | -1.43M | 0 | -1.29M | 0 | -26.09M | -13.61M | -1.69M | -325K | -29.47M | 0 | 0 | 0 | 0 | -1.61M | -1.8M | -3.97M | -16.69M | -1.68M | -117K | 0 | 0 | 0 | 0 | -21.99M | 0 | 0 | 0 | 0 | 0 | 0 |
| Purchase of Investments | -200.69M | -292.71M | 0 | 0 | -3.83M | -4.38M | -95.15M | -154.73M | -43.97M | -135.63M | -194.09M | -72.7M | -98.26M | -3.26M | -113.82M | -2.11M | -51.83M | 0 | 0 | -71M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Sale of Investments | 34.65M | 171.03M | 10.4M | 0 | 13.41M | 113.19M | 228.33M | 437.22M | 74.24M | 606K | 20.95M | 4.74M | 51.82M | 2.93M | 4.49M | 0 | -91K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.06M | 1.45M | 15.29M | 0 | 0 | 0 |
| Other Investing | -47.47M | 0 | -185.47M | -201.05M | -321.67M | 19.85M | 135.68M | 251.56M | 298.7M | -567.19M | -489.01M | -500.58M | -329.78M | -58.92M | -113.82M | 148.94M | -4.59M | -35.54M | -313.94M | -236.86M | -26.32M | -36.16M | -251.79M | 3.92M | 5.27M | -13.34M | 0 | 0 | 0 | 0 |
| Cash from Financing | -172.71M | -236.73M | -261.62M | -275.69M | -269.39M | -1.05B | 297.17M | -23.22M | -427.55M | 333.47M | 371.13M | 292.02M | 121.59M | 100.17M | 44.42M | -282.31M | 127.95M | 15.66M | 381.2M | 294.34M | 58.58M | 120.67M | 148M | 113.17M | 94.99M | 20.08M | -24.48M | 27.7M | 186.9M | 252.3M |
| Dividends Paid | -293.38M | -290.72M | -279.89M | -272.25M | -265.66M | -117.53M | -172.46M | -367.32M | -342.31M | -311.72M | -265.66M | -233.07M | -207.64M | -197.92M | -162.78M | -157.84M | -146.32M | -127.12M | -124.93M | -97.81M | -82.01M | -71.09M | -55.9M | -42.59M | -33.78M | -26.39M | -25.89M | -24M | -19.1M | 0 |
| Common Dividends | -219.89M | -290.72M | -279.89M | -272.25M | -265.66M | -117.53M | -172.46M | -367.32M | -342.31M | -311.72M | -265.66M | -233.07M | -207.64M | -197.92M | -162.78M | -157.84M | -146.32M | -126.91M | -124.93M | -97.81M | -82.01M | -71.09M | -54.36M | -42.59M | -33.78M | -26.39M | -25.89M | -24M | -19.1M | 0 |
| Debt Issuance (Net) | -391K | 1000K | 1000K | 0 | 0 | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 |
| Share Repurchases | -13.17M | -9.86M | -11.38M | -3.7M | -4.26M | -2.76M | -113.38M | -9.69M | -7.16M | -6.73M | -4.21M | -8.22M | -2.89M | -3.25M | -3.23M | -83.1M | -2.18M | -1.2M | -777K | -1.45M | -919K | -1.74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 96.39M | -1K | -9.53M | -369K | -339K | -37.62M | -7.96M | 258.52M | -27.76M | 104.2M | -16.36M | 179.72M | -789K | -12.98M | -7.79M | 966K | -18.4M | -1.01M | -4.54M | -3.42M | -3.74M | -2.93M | -6.67M | -7.55M | -1.7M | -6.5M | 0 | -100K | -100K | -20.1M |
| Net Change in Cash | 47.63M | 62.95M | -45.28M | -29.53M | -179.39M | -738.11M | 496.57M | 512.93M | -40.48M | 22.58M | 15.05M | 947K | -4.62M | -2.71M | -3.96M | 2.85M | -11.36M | -26.94M | 34.91M | 5.76M | 2.87M | -4.71M | -19.27M | 20.44M | -14.5M | 18.64M | -16.32M | 20M | 186.9M | 252.3M |
| Exchange Rate Effect | 329K | 403K | -448K | 119K | -129K | -218K | 142K | 121K | -442K | 229K | -137K | -996K | -278K | -539K | 147K | -317K | 610K | 583K | -588K | 475K | -122K | 3K | 102K | 0 | 0 | 0 | 0 | 100K | 229.8M | 207.1M |
| Cash at Beginning | 98.65M | 35.7M | 80.98M | 110.51M | 289.9M | 1.03B | 531.44M | 18.51M | 58.99M | 19.34M | 4.28M | 3.34M | 7.96M | 10.66M | 14.63M | 11.78M | 23.14M | 50.08M | 15.17M | 9.41M | 6.55M | 11.26M | 30.53M | 10.09M | 24.59M | 5.95M | 22.27M | 2.3M | 45.2M | 0 |
| Cash at End | 74.56M | 98.65M | 35.7M | 80.98M | 110.51M | 289.9M | 1.03B | 531.44M | 18.51M | 41.92M | 19.34M | 4.28M | 3.34M | 7.96M | 10.66M | 14.63M | 11.78M | 23.14M | 50.08M | 15.17M | 9.41M | 6.55M | 11.26M | 30.53M | 10.09M | 24.59M | 5.95M | 22.3M | 232.1M | 252.3M |
| Free Cash Flow | 434.95M | 420.95M | 393.14M | 447.09M | 428.3M | 193.73M | -67.9M | 2.31M | 88.01M | 391.1M | 306.2M | 278.46M | 250.29M | -41.48M | 176.42M | 142.62M | -66.73M | -5.97M | -31.64M | 18.8M | -29.27M | -89.23M | 84.42M | -74.67M | -117.82M | 10.45M | -7.13M | -7.8M | -229.8M | -207.1M |
| FCF Growth % | 10.69% | 7.08% | -12.07% | 4.39% | 121.08% | 385.3% | -3035.75% | -97.37% | -77.5% | 27.73% | 9.96% | 11.25% | 703.45% | -123.51% | 23.7% | 313.75% | -1018.25% | 81.14% | -268.28% | 164.25% | 67.2% | -205.7% | 213.05% | 36.62% | -1227.13% | 246.52% | 8.54% | 96.61% | -10.96% | - |
| FCF / Revenue % | 62.12% | 58.6% | 61.33% | 67.77% | 70.14% | 37.77% | -16.74% | 0.35% | 12.56% | 67.9% | 62.08% | 66.14% | 65% | -12.09% | 54.83% | 62.02% | -28.01% | -3.01% | -8.81% | 10.63% | -19.62% | -72.47% | 96.39% | -122.43% | -241.64% | 28.61% | -19.55% | -22.03% | -806.32% | -8284% |
Tenant Concentration and Cyclicality
According to quarterly financial data, EPR's FFO consistently tracks above GAAP net income, yet the relationship between FFO and operating cash flow remains volatile, with the FFO-to-Net Income ratio reaching 1.81 in 2026Q1, suggesting significant non-cash adjustments continue to influence the reported earnings profile.
The persistent gap between GAAP operating cash flow and FFO highlights the impact of non-cash items such as straight-line rent and potential impairment charges on specialized assets. Investors should monitor this divergence, as it suggests that headline FFO may overstate the actual cash generated by the underlying experiential portfolio.
As reported in historical filings, the stark contrast between GAAP net income and FFO, exemplified by the 2024Q4 period where net income was negative $8.4 million while FFO remained positive at $32.5 million, underscores the heavy distortion caused by depreciation on specialized experiential real estate assets.
This distortion implies that GAAP net income is a poor proxy for the company's true economic performance. The reliance on FFO as a primary metric is necessary, but the volatility in these adjustments warrants further investigation into whether these assets are truly maintaining their value over time.
Based on the provided financial statements, the dividend payout ratio relative to AFFO appears to fluctuate significantly, with the ratio reaching 0.68 in 2026Q1, indicating that while the dividend is currently covered, the margin of safety remains sensitive to tenant-level credit events and restructuring.
The ability to sustain the dividend depends heavily on the stability of the experiential and education segments. If tenant coverage ratios at the property level were to compress further, the current AFFO buffer may prove insufficient to maintain the payout without impacting the company's capital allocation flexibility.
Analysis of the cash flow statement suggests that the lack of reported maintenance capital expenditures may be masking the true cost of sustaining specialized assets, as indicated by the zero-value entries for CapEx across the last ten quarters of reported financial data.
The absence of recurring capital expenditure data is concerning for a REIT managing specialized venues like waterparks and theaters. This may imply that maintenance costs are being capitalized or deferred, which could lead to future cash flow pressure when these assets eventually require significant reinvestment to remain competitive.
Quick answers to the most common questions about buying EPR stock.
EPR Properties (EPR) generated $421.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
EPR Properties (EPR) generated $421.0M 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.
EPR Properties (EPR) 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, EPR Properties (EPR) returned $290.7M to shareholders via cash dividends and spent $9.9M on share repurchases. This shows the company's commitment to returning capital to its equity investors.