The triple-net structure effectively minimizes maintenance capital expenditures, which remained low between $7 million and $23 million per quarter, ensuring consistent cash availability for dividends.
| 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 | 876.92M | 1.13B | 1.07B | 1.01B | 920.13M | 803.78M | 428.08M | 750.3M | 654.43M | 598.71M | 514.37M | 319.69M | 273.26M | 80.63M | 26.74M |
| Operating CF Growth % | -77.37% | 5.28% | 6.28% | 9.7% | 14.48% | 87.76% | -42.95% | 14.65% | 9.31% | 16.4% | 60.9% | 16.99% | 238.9% | 201.5% | - |
| Operating CF / Revenue % | 56.36% | 70.82% | 70.04% | 70.08% | 70.15% | 66.08% | 37.12% | 65.05% | 61.99% | 61.64% | 62.1% | 55.59% | 42.97% | 33.3% | 12.7% |
| Net Income | 891.76M | 0 | 784.16M | 755.37M | 703.28M | 534.09M | 505.71M | 390.88M | 339.52M | 380.6M | 289.31M | 128.12M | 185.38M | 19.83M | 22.92M |
| Depreciation & Amortization | -69.28M | 0 | 273.42M | 276.42M | 254.55M | 252.05M | 243M | 258.97M | 148.37M | 123.83M | 115.72M | 109.78M | 106.84M | 28.92M | 14.09M |
| Stock-Based Compensation | -8.86M | 0 | 0 | 22.87M | 20.43M | 16.83M | 20M | 16.2M | 11.15M | 15.64M | 18.31M | 16.81M | 12.26M | 1.57M | 0 |
| Other Non-Cash Items | 1.1B | 1.14B | -2.99M | -45.62M | -68.37M | -7.59M | -345.7M | 80.14M | 137.29M | 79.53M | 73.36M | 70.03M | 8.07M | 1.23M | -142K |
| Working Capital Changes | 21.97M | -12.01M | 18.18M | 321K | 10.24M | 3.08M | 4.62M | 4.87M | 18.63M | -324K | 19.21M | -4.24M | -35.99M | 34.73M | -10.04M |
| Cash from Investing | -842.76M | -308.76M | -1.61B | -650.83M | -354.49M | -1.03B | -9.49M | -2.82M | -1.51B | 698K | -3.22B | -14.14M | -317.32M | -16.27M | -4.81M |
| Acquisitions (Net) | 0 | 0 | 0 | 0 | -148.71M | 58.99M | 5.88M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Purchase of Investments | 0 | 0 | -1.09B | -463.19M | -129.05M | -592.24M | -5.9M | 0 | -1.55B | -83.25M | -3.27B | 0 | 0 | 0 | 0 |
| Sale of Investments | -534.99M | 15.13M | 340.98M | 0 | 148.71M | 16.2M | 15K | 0 | 41.67M | 87.21M | 52.82M | 4.96M | 0 | 0 | 0 |
| Other Investing | -307.77M | -323.88M | -852.46M | -140.2M | -201.42M | -497.58M | -5.88M | 200K | -1.51B | 3.95M | -3.22B | 4.96M | -174.55M | 153K | 380K |
| Cash from Financing | 21.27M | -1.06B | 311.82M | 86.35M | -1.05B | 443.07M | 63.17M | -746.45M | 852.08M | -606.91M | 2.7B | -299.64M | -205.19M | 206.3M | -24.52M |
| Dividends Paid | -662.81M | -871.87M | -830.72M | -833.98M | -770.86M | -633.9M | -230.52M | -589.13M | -550.43M | -529.37M | -428.35M | -251.73M | -494.1M | 0 | 0 |
| Common Dividends | -662.81M | -871.87M | -830.72M | -833.98M | -770.86M | -633.9M | -230.52M | -589.13M | -550.43M | -529.37M | -428.35M | -251.73M | -494.1M | 0 | 0 |
| Debt Issuance (Net) | 1.97M | -1000K | 1000K | 1000K | -1000K | 1000K | -248K | -1000K | 1000K | -1000K | 1000K | -1000K | 1000K | 1000K | 0 |
| Share Repurchases | 14.8M | 0 | 0 | 0 | 0 | 0 | 0 | -255K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -180.77M | -40.66M | -64M | -41.52M | -32.59M | -16.98M | -26.93M | -19.09M | -26.77M | 18.16M | 81.57M | 20.19M | 28.99M | -2.14B | -24.52M |
| Net Change in Cash | 55.44M | -238.32M | -221.35M | 444.9M | -485.51M | 238.14M | 459.63M | 1.04M | -3.27M | -7.5M | -5.32M | 5.9M | -249.25M | 270.66M | -2.58M |
| Exchange Rate Effect | 1K | 0 | 0 | 0 | 0 | 22.13M | -22.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 0 | 462.63M | 683.98M | 239.08M | 724.6M | 486.45M | 26.82M | 25.78M | 29.05M | 36.56M | 41.88M | 35.97M | 285.22M | 14.56M | 17.15M |
| Cash at End | 0 | 224.31M | 462.63M | 683.98M | 239.08M | 724.6M | 486.45M | 26.82M | 25.78M | 29.05M | 36.56M | 41.88M | 35.97M | 285.22M | 14.56M |
| Free Cash Flow | 585.39M | 824.97M | 1.03B | 961.93M | 896.1M | 787.58M | 424.47M | 747.28M | 650.13M | 595.46M | 510.93M | 300.59M | 130.49M | 64.2M | 21.55M |
| FCF Growth % | -42.32% | -20.14% | 7.4% | 7.35% | 13.78% | 85.54% | -43.2% | 14.94% | 9.18% | 16.54% | 69.98% | 130.35% | 103.24% | 197.88% | - |
| FCF / Revenue % | 37.62% | 51.73% | 67.45% | 66.78% | 68.32% | 64.75% | 36.81% | 64.79% | 61.58% | 61.3% | 61.69% | 52.27% | 20.52% | 26.52% | 10.23% |
Tenant concentration and iGaming
According to the provided financial data, GLPI consistently demonstrates a strong conversion of GAAP operating cash flow into FFO, with the FFO-to-Net Income ratio frequently exceeding 1.20, suggesting that non-cash depreciation charges are the primary driver of the divergence between accounting earnings and actual cash generation.
The consistent spread between GAAP net income and FFO confirms that the company's reported earnings are heavily influenced by non-cash depreciation, which is typical for a triple-net REIT. Investors should interpret this as a sign that the underlying cash flow is more stable than GAAP metrics imply, though the volatility in the FFO-to-NI ratio warrants monitoring for potential lease accounting adjustments.
As reported in financial statements, GLPI maintains a disciplined dividend payout policy, with the dividend-to-AFFO ratio fluctuating between 0.66 and 0.98, indicating that the company consistently retains a meaningful portion of its distributable cash flow to support future growth initiatives or balance sheet deleveraging.
The dividend coverage appears robust, with the payout ratio rarely threatening the total AFFO generated in any given quarter. This suggests that the current dividend level is sustainable, provided that the company's regional gaming tenants continue to meet their contractual rent obligations under the existing master lease structures.
Based on the provided cash flow data, the significant gap between GAAP Net Income and FFO highlights the distortive impact of real estate depreciation, which frequently obscures the company's true economic earnings power by reducing reported net income without impacting the actual cash available for distribution.
The reliance on FFO and AFFO is essential for GLPI, as GAAP net income fails to capture the cash-generative nature of the triple-net lease model. Analysts should view the depreciation-driven gap as a structural feature of the REIT's accounting rather than an indicator of operational weakness.
As indicated by the quarterly cash flow figures, GLPI incurs relatively low maintenance capital expenditures, often ranging between $7 million and $23 million, which confirms the effectiveness of the triple-net lease structure in shifting the burden of property-level improvements and maintenance costs directly to the gaming operators.
The low level of recurring capex relative to FFO is a hallmark of the company's business model, allowing for high cash flow conversion. This structure effectively insulates the REIT from inflationary pressures on building maintenance, though investors should monitor whether future lease renewals require increased capital commitments to maintain asset quality.
Quick answers to the most common questions about buying GLPI stock.
Gaming and Leisure Properties, Inc. (GLPI) generated $1.13B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Gaming and Leisure Properties, Inc. (GLPI) generated $825.0M 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.
Gaming and Leisure Properties, Inc. (GLPI) 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, Gaming and Leisure Properties, Inc. (GLPI) returned $871.9M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.