Operational cash flow remains under pressure, as evidenced by the $0 reported OCF in 2026Q1, reflecting the significant costs associated with the ongoing portfolio restructuring.
| 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 |
|---|
| Cash from Operations | 48.51M | 68.72M | 94.66M | 89.15M | 152.68M | 204.98M | 164.54M | 160.85M | 40.95M | 39.71M | 16.44M | -2.94M | 73.25M | 948K |
| Operating CF Growth % | -190.54% | -27.4% | 6.17% | -41.61% | -25.52% | 24.58% | 2.29% | 292.75% | 3.13% | 141.5% | 660.27% | -104.01% | 7626.69% | - |
| Operating CF / Revenue % | 36.89% | 64.84% | 41.5% | 35.06% | 36.66% | 44.57% | 42.09% | 42.13% | 38.49% | 36.98% | 26.18% | -11.67% | 36.44% | 1.37% |
| Net Income | -276.47M | 0 | -11.36M | -550.58M | -441.38M | 11.57M | -5.77M | 37.04M | -3.29M | 11.12M | -6.11M | -16.5M | 357K | -21.7M |
| Depreciation & Amortization | 20.7M | 0 | 61.96M | 112.2M | 113.19M | 125.39M | 93.98M | 80.39M | 44.66M | 43.95M | 27.89M | 12.06M | 27.25M | 9.55M |
| Stock-Based Compensation | 1.49M | 0 | 7.9M | 12.04M | 9.57M | 7.47M | 4.11M | 2.62M | 44K | 292K | 18K | 12K | 108K | 0 |
| Other Non-Cash Items | 9.87M | 71.3M | 48.48M | 515.26M | 69.34M | 79.11M | 45.69M | 47.57M | -7.86M | -20.69M | -6.47M | -2.84M | 29.2M | 22.64M |
| Working Capital Changes | 1.6M | -2.58M | -12.31M | 231K | -11.35M | -22.08M | 5.04M | -13.19M | 7.32M | 5.04M | 1.13M | 4.35M | 16.34M | -9.54M |
| Cash from Investing | 787.21M | 834.1M | -215.84M | 308.56M | 1.1B | -62.81M | -24.97M | 85.82M | -2.31M | -87.21M | -533.81M | -486.15M | -757.9M | -845.67M |
| Acquisitions (Net) | 0 | 0 | 0 | 0 | 31M | -36.75M | -8.16M | 25.32M | -3.27M | 0 | 0 | 8.56M | 0 | 0 |
| Purchase of Investments | 0 | 0 | 0 | -282K | -1.14M | -332K | -1.03M | -8.42M | -209.92M | -87.44M | -556.69M | -479.2M | 0 | 0 |
| Sale of Investments | 0 | 0 | 0 | 0 | 1.15B | 23.49M | 51.69M | 139.45M | 11.44M | 0 | 0 | 0 | 0 | 0 |
| Other Investing | 787.21M | 834.1M | -215.84M | 308.84M | 1.07B | -25.73M | -65.94M | 68.92M | 969K | -87.21M | -533.81M | -6.95M | -757.9M | -845.67M |
| Cash from Financing | -907.7M | -910.59M | -125.62M | -234.64M | -1.2B | -159.34M | -49.52M | -197.69M | -43.17M | -238.66M | 563.31M | 500.52M | 743.16M | 849.46M |
| Dividends Paid | -24.34M | -28.9M | -33.08M | -45.7M | -124.17M | -92.52M | -80.54M | -98.3M | -73.05M | -19.23M | -11.54M | -3.03M | -49.89M | -9.09M |
| Common Dividends | -20.59M | -28.9M | -33.08M | -40.81M | -114.11M | -82.98M | -72.14M | -90.12M | -71.82M | -71.12M | -11.54M | -2.63M | -49.89M | -9.09M |
| Debt Issuance (Net) | -3M | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K |
| Share Repurchases | -2.44M | -1.2M | -1.33M | -7.07M | -8.81M | -28.39M | -108.57M | -200.01M | -83.57M | -98.91M | -1.63M | -73.26M | -2.56M | -614K |
| Other Financing | -7.74M | -5.74M | -20.32M | -8.3M | -13.9M | -11.75M | -15.05M | -22.66M | -9.72M | -8.07M | 242.93M | 312.08M | 691.67M | 557.48M |
| Net Change in Cash | -95.69M | -7.77M | -246.8M | 163.07M | 51.8M | -17.17M | 90.05M | 48.98M | -4.52M | -17.51M | 45.95M | 11.44M | 58.51M | 4.73M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 146.44M | 154.21M | 401.01M | 237.94M | 186.14M | 203.31M | 113.26M | 64.28M | 46.05M | 63.56M | 17.61M | 6.17M | 10.41M | 5.67M |
| Cash at End | 116.3M | 146.44M | 154.21M | 401.01M | 237.94M | 186.14M | 203.31M | 113.26M | 41.53M | 46.05M | 63.56M | 17.61M | 68.92M | 10.41M |
| Free Cash Flow | 48.51M | 68.72M | 94.66M | 89.15M | -999.13M | 181.49M | 163.01M | 21.4M | 40.6M | 39.69M | 16.4M | -2.94M | 73.25M | 948K |
| FCF Growth % | -50.85% | -27.4% | 6.17% | 108.92% | -650.5% | 11.34% | 661.61% | -47.28% | 2.29% | 141.96% | 658.91% | -104.01% | 7626.69% | - |
| FCF / Revenue % | 36.89% | 64.84% | 41.5% | 35.06% | -239.9% | 39.47% | 41.7% | 5.61% | 38.16% | 36.96% | 26.12% | -11.67% | 36.44% | 1.37% |
Asset liquidation and volatility
As reported in recent financial filings, PKST's FFO-to-Net Income relationship has shown extreme instability, with FFO swinging from a negative $241.9M in 2025Q2 to a positive $16.8M by 2025Q4, suggesting that GAAP metrics are currently failing to provide a reliable baseline for assessing core operational cash generation.
The wide variance between GAAP net income and FFO indicates that significant non-cash impairment charges and restructuring costs are heavily distorting the company's reported earnings. Investors should monitor whether this volatility persists as the portfolio contraction strategy matures, as the current lack of correlation between these metrics complicates the assessment of true underlying cash flow quality.
Based on the provided quarterly data, the massive divergence between GAAP net income and FFO, exemplified by the $265.3M loss in 2025Q2, suggests that non-cash depreciation and impairment charges are the primary drivers of the company's reported bottom-line performance rather than actual operational cash flow trends.
The recurring nature of these large non-cash charges implies that the income statement is currently an unreliable indicator of the company's ability to generate cash. Analysts should focus on the FFO trajectory to strip away these accounting distortions, though the current instability suggests that even FFO may be temporarily impacted by the ongoing portfolio liquidation process.
According to historical financial statements, PKST's dividend payout ratio has fluctuated significantly, with the 2025Q4 dividend-to-AFFO ratio of 0.22 indicating that the company's ability to sustain distributions is currently obscured by the absence of consistent, normalized AFFO reporting across the provided ten-quarter period.
The lack of consistent AFFO data makes it difficult to determine the true margin of safety for the dividend, especially given the aggressive portfolio contraction. Investors should exercise caution, as the current dividend appears to be supported by liquidity from asset sales rather than stable, recurring cash flow from the remaining property base.
Financial statements indicate that PKST's cash flow statement is heavily influenced by non-recurring items, as evidenced by the $0 reported OCF in 2026Q1, which suggests that the company's transition away from legacy office assets is creating significant, albeit temporary, pressure on its ability to generate consistent operating cash.
The absence of reported maintenance capital expenditures in the provided data warrants further investigation, as it may suggest that necessary property-level investments are being deferred or capitalized in a way that masks the true cost of maintaining the portfolio. This potential deferral could lead to higher future cash outflows, which may negatively impact the company's long-term distributable cash flow.
Quick answers to the most common questions about buying PKST stock.
Peakstone Realty Trust (PKST) generated $68.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Peakstone Realty Trust (PKST) generated $68.7M 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.
Peakstone Realty Trust (PKST) 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, Peakstone Realty Trust (PKST) returned $28.9M to shareholders via cash dividends and spent $1.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.