Liquidity has tightened significantly, with cash reserves falling from $535.5 million in 2024Q2 to $68.8 million in 2026Q1, driven by heavy capital intensity including quarterly CapEx peaks of $81.8 million.
| 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 |
|---|
| Cash from Operations | 165.91M | 249.05M | 260.89M | 232.49M | 211.17M | 212.49M | 182.29M | 232.59M | 279.02M | 194.2M | 214.75M | 203.19M | 138.56M | -58.55M | 94.35M | 50.53M | 74.38M | 58.51M |
| Operating CF Growth % | -157.87% | -4.54% | 12.22% | 10.1% | -0.62% | 16.56% | -21.63% | -16.64% | 43.68% | -9.57% | 5.69% | 46.64% | 336.67% | -162.05% | 86.74% | -32.07% | 27.13% | - |
| Operating CF / Revenue % | 21.32% | 32.42% | 34.19% | 31.44% | 29.87% | 34.96% | 29.92% | 31.8% | 38.14% | 27.26% | 31.67% | 30.9% | 21.81% | -18.77% | 36.25% | 17.14% | 30.17% | 25.19% |
| Net Income | 39.62M | 47.6M | 80.36M | 53.24M | 63.21M | -13.04M | -22.89M | 84.29M | 66.54M | 63.58M | 52.39M | 34.67M | 27.14M | 38.01M | 48.64M | 60.24M | 46.12M | 41.84M |
| Depreciation & Amortization | 493.91M | 194.76M | 184.82M | 189.91M | 216.89M | 209.64M | 191.01M | 181.59M | 180.61M | 162.82M | 179.81M | 160.12M | 135.94M | 42.69M | 47.57M | 38.76M | 36.02M | 30.86M |
| Stock-Based Compensation | 55.41M | 25.17M | 21.7M | 20.03M | 21.01M | 20.26M | 25.5M | 20.86M | 18.79M | 14.1M | 9.73M | 5.48M | 3.72M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -493.65M | -14.2M | -9.75M | -660K | -45.68M | -16.11M | 8.45M | -12.21M | -1.47M | 169K | -1.82M | -2.67M | 2.32M | -130.24M | -6.32M | -3.06M | -10.67M | 2.21M |
| Working Capital Changes | -33.01M | -4.28M | -16.23M | -30.03M | -44.27M | 3.8M | -5.78M | -30.13M | 14.56M | -32.93M | -25.36M | 5.59M | -30.57M | -9.01M | 4.46M | -55.7M | 2.9M | -16.4M |
| Cash from Investing | -678.44M | -550.01M | -397.12M | -77.34M | -230.89M | -212.74M | -143.12M | 149.74M | -643.02M | -224.6M | -181.84M | -142.32M | -299.06M | -676.76M | -108.28M | -60.53M | -34.84M | -38.62M |
| Acquisitions (Net) | 0 | 0 | 0 | 0 | 230.89M | 0 | 0 | -149.74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Purchase of Investments | 0 | 0 | 0 | 0 | -115.63M | 0 | 0 | -2K | 0 | -1.63M | -453K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Sale of Investments | 0 | 0 | 0 | 0 | 11.01M | 0 | 0 | 400M | 0 | 0 | 538K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -678.44M | -550.01M | -397.12M | -77.34M | -230.89M | -212.74M | -143.12M | 149.74M | -643.02M | 0 | 538K | -142.32M | 9.35M | -676.76M | -108.28M | 55K | -22.65M | 1.56M |
| Cash from Financing | 271.14M | 38.17M | 158.58M | -62.87M | -140.24M | -93.05M | 257.17M | -381.55M | 104.62M | -56.88M | 470.94M | -59.92M | 145.49M | 744.55M | -20.89M | 18.57M | -45.6M | -5.04M |
| Dividends Paid | -21M | -27.93M | -27.42M | -26.89M | -27.31M | -22.31M | -41.38M | -76.94M | -71.79M | -67.72M | -56.75M | -40.12M | -34.07M | -162.71M | -62.9M | -46.69M | -40.67M | -48.83M |
| Common Dividends | -17.85M | -23.73M | -23.22M | -22.68M | -23.11M | -18.11M | -37.18M | -75.19M | -70.85M | -66.79M | -55.81M | -39.18M | -33.6M | -162.71M | -62.9M | -46.69M | -40.67M | -48.83M |
| Debt Issuance (Net) | -832K | 1000K | 1000K | -1000K | -1000K | -1000K | 1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K |
| Share Repurchases | -8.12M | -8.12M | 0 | -13.11M | -90.18M | -46.7M | -143.71M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -11.01M | -16.17M | -27.14M | -14.25M | -15.25M | -19.94M | -33.8M | -50.83M | -56.73M | -72.54M | -61.21M | -57.88M | -58.13M | -176.69M | -14.82M | -5.33M | -2.35M | 304K |
| Net Change in Cash | -131.27M | -262.79M | 22.35M | 92.28M | -159.96M | -93.3M | 296.34M | 784K | -259.38M | -90.03M | 507.69M | 953K | -15.01M | 9.24M | -34.82M | 116.76M | -6.06M | 14.86M |
| Exchange Rate Effect | 110.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 118.48M | 0 | 0 |
| Cash at Beginning | 166.51M | 429.3M | 406.96M | 314.68M | 474.64M | 567.94M | 271.6M | 270.81M | 530.2M | 554.37M | 46.69M | 45.73M | 60.74M | 51.5M | 86.32M | 88.03M | 94.09M | 79.23M |
| Cash at End | 106.15M | 166.51M | 429.3M | 406.96M | 314.68M | 474.64M | 567.94M | 271.6M | 270.81M | 464.34M | 554.37M | 46.69M | 45.73M | 60.74M | 51.5M | 86.32M | 88.03M | 94.09M |
| Free Cash Flow | 9.47M | 50.55M | 260.89M | 232.49M | 84.91M | 117.45M | 39.17M | -17.66M | 36M | -31.56M | 36.21M | 60.99M | -169.84M | -745.82M | 94.35M | -10.05M | 62.19M | 18.33M |
| FCF Growth % | -91.48% | -80.62% | 12.22% | 173.82% | -27.71% | 199.81% | 321.79% | -149.07% | 214.07% | -187.16% | -40.63% | 135.91% | 77.23% | -890.46% | 1038.37% | -116.17% | 239.29% | - |
| FCF / Revenue % | 1.22% | 6.58% | 34.19% | 31.44% | 12.01% | 19.32% | 6.43% | -2.42% | 4.92% | -4.43% | 5.34% | 9.27% | -26.73% | -239.16% | 36.25% | -3.41% | 25.23% | 7.89% |
High recurring capital intensity
As reported in financial statements, FISK's AFFO has demonstrated extreme inconsistency, swinging from a negative $25.3 million in 2025Q2 to a positive $28.1 million in 2025Q4, which suggests that the company's ability to cover its dividend distributions remains highly sensitive to quarterly fluctuations in leasing activity.
The wide variance in AFFO highlights the difficulty in relying on this metric for consistent dividend coverage. Investors should monitor whether the recent positive AFFO trends are sustainable or merely a result of deferred maintenance and lower leasing activity in specific periods.
Based on the provided cash flow data, FISK consistently allocates significant capital toward property improvements, with quarterly CapEx reaching as high as $81.8 million in 2025Q2, which indicates a heavy reliance on continuous reinvestment to maintain the competitive positioning of its aging Manhattan office portfolio.
This high level of recurring capital expenditure acts as a structural drag on free cash flow, effectively consuming a large portion of the cash generated by the Observatory and office segments. The persistent need for tenant improvements and leasing commissions suggests that the portfolio requires constant capital infusion to prevent further occupancy erosion.
According to recent SEC filings, the ratio of FFO to Net Income has reached as high as 11.65x in 2025Q3, illustrating a massive distortion where GAAP earnings fail to capture the underlying cash-generating capacity of the REIT's unique asset base, including the high-margin Observatory operations.
The significant gap between GAAP Net Income and FFO suggests that depreciation and amortization charges are heavily masking the actual cash flow performance of the properties. Analysts should prioritize FFO as the primary performance indicator, though even this metric remains susceptible to the volatility of the company's capital-intensive business model.
As evidenced by the erratic FCF margins, which plummeted to negative 28.9% in 2025Q2, the company's cash flow statement appears to hide the true impact of recurring leasing costs that are often capitalized rather than expensed, potentially overstating the REIT's actual liquidity position.
The discrepancy between FFO and AFFO suggests that the company is effectively trapped on a 'capex treadmill' where significant cash is required just to maintain existing occupancy levels. This warrants further investigation into whether the current level of capitalized costs is sufficient to meet future regulatory requirements like Local Law 97.
Quick answers to the most common questions about buying FISK stock.
Empire State Realty OP, L.P. (FISK) generated $249.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Empire State Realty OP, L.P. (FISK) generated $50.6M 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.
Empire State Realty OP, L.P. (FISK) 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, Empire State Realty OP, L.P. (FISK) returned $27.9M to shareholders via cash dividends and spent $8.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.