Cash flow quality remains mixed as maintenance capital expenditures surged to $22.4 million in 2026Q1, impacting the consistency of distributable cash 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 | 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 | Dec'96 |
|---|
| Cash from Operations | 291.72M | 295.37M | 264.44M | 229.61M | 213.96M | 217.72M | 164.75M | 220.45M | 258.32M | 253.16M | 239.32M | 220.75M | 188.77M | 187.49M | 165.76M | 135.99M | 118.5M | 127.3M | 96.97M | 98.59M | 88.39M | 83.9M | 84.82M | 44.79M | 39.17M | 44.63M | 38.3M | 43.17M | 35.79M | 39.21M | 38.05M |
| Operating CF Growth % | 24.34% | 11.69% | 15.17% | 7.31% | -1.73% | 32.15% | -25.27% | -14.66% | 2.04% | 5.78% | 8.41% | 16.94% | 0.69% | 13.1% | 21.89% | 14.76% | -6.91% | 31.27% | -1.64% | 11.54% | 5.35% | -1.08% | 89.38% | 14.35% | -12.23% | 16.51% | -11.28% | 20.64% | -8.74% | 3.06% | 17.44% |
| Operating CF / Revenue % | 48.9% | 50.79% | 50.27% | 49.44% | 48.34% | 51.04% | 42.24% | 45.34% | 52.22% | 51.85% | 51.37% | 50.24% | 45.1% | 48.7% | 46.43% | 43.14% | 42.89% | 46.85% | 39.52% | 43.1% | 41.75% | 41.37% | 43.6% | 36.72% | 34.61% | 40.18% | 35.2% | 41.51% | 36.6% | 45.99% | 50.4% |
| Net Income | 123.84M | 119.5M | 97.67M | 103.88M | 85.83M | 9.56M | -38.01M | 92.73M | 45.56M | 71.88M | 204.33M | 222.17M | 78.15M | 113.32M | 56.48M | 50.99M | 38.24M | 67.5M | 28.03M | 28.58M | 37.31M | 5.09M | 7.05M | 12.85M | 11.01M | 7.45M | 4.31M | 16.14M | 11.67M | 12.8M | 12.63M |
| Depreciation & Amortization | 154.18M | 150.98M | 138.69M | 108.89M | 111.9M | 110.01M | 117.14M | 123.31M | 131.72M | 127.74M | 115.36M | 103.94M | 102.43M | 95.75M | 98.68M | 84.02M | 78.13M | 80.5M | 62.38M | 63.95M | 57.32M | 48.89M | 52M | 29.7M | 28.99M | 28.57M | 26.22M | 24.82M | 22.15M | 18.44M | 16.46M |
| Stock-Based Compensation | 9.81M | 12.73M | 0 | 12.51M | 12.97M | 12.75M | 12.52M | 18.12M | 14.67M | 13.59M | 15.32M | 14.71M | 14.75M | 11.38M | 10.68M | 7.29M | 5.85M | 11.8M | 5.39M | 4.06M | 2.67M | 1.56M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 2.84M | 4.52M | 23.08M | 7.43M | 1.51M | 10.36M | 10.16M | 801K | 56.96M | 922K | 827K | -900K | 796K | -3.08M | -2.69M | -4.28M | -2.52M | -2.73M | 4.36M | 7.43M | -6.18M | 28.36M | 31.38M | 8.14M | 4.64M | -1.22M | 12.6M | -152K | 11.57M | 3.81M | -2.02M |
| Working Capital Changes | -2.67M | 7.64M | 5M | -3.1M | 1.75M | 19.84M | -4.32M | -8.45M | 9.4M | 1.59M | 2.52M | 633K | 534K | 1.31M | -1.68M | -5.91M | -9.71M | 5.72M | -11.71M | 1.21M | 2.45M | 2.59M | -5.61M | -5.9M | -5.47M | 9.82M | -4.82M | 2.36M | -9.6M | 4.17M | 10.98M |
| Cash from Investing | -90.57M | -263.54M | -181.69M | -409.56M | -98.82M | -22.74M | -18.77M | 99.29M | -40.02M | -117.55M | -45.5M | -221.83M | -190.67M | -174.23M | -147.91M | -361.08M | -86.85M | -76.23M | -133.48M | -84.8M | -62.83M | -336.56M | 2.61M | -325.29M | -26.36M | -23.27M | -25.7M | -45.96M | -79.24M | -93.64M | -36.4M |
| Acquisitions (Net) | 0 | 0 | 80K | -2.58M | -313K | -7M | -10.6M | -2.32M | -1.92M | 33.32M | -49.48M | 119.3M | -142.27M | -162.13M | -103.04M | -24.61M | 897K | -95K | -1.58M | 0 | 0 | 0 | 0 | 0 | -37.5M | 0 | 0 | 0 | 0 | 0 | 0 |
| Purchase of Investments | 0 | 0 | -76.13M | -7.68M | -52.45M | -9.44M | -13.03M | -11.18M | -10.78M | -116.67M | -145.8M | -388.7M | 0 | 0 | 0 | 0 | -6.14M | -31.09M | 0 | 0 | -2.02M | -7.09M | 0 | -4.27M | -130K | 0 | 0 | 0 | 0 | 0 | 0 |
| Sale of Investments | 0 | 0 | 9.19M | 50.94M | 47.35M | 55.36M | 41.04M | 51.35M | 0 | 0 | 121.31M | 0 | 0 | 0 | 0 | 0 | 0 | -4.25M | 0 | 0 | 0 | 0 | 0 | 0 | 21.43M | 0 | 0 | 0 | 2.56M | 0 | 0 |
| Other Investing | -87.53M | -263.54M | -4.02M | -450.24M | -46.05M | -15.74M | -8.17M | 101.61M | -38.11M | -150.87M | 3.98M | -341.13M | -48.4M | -12.1M | -44.87M | -9.94M | -81.61M | 5.83M | -133.48M | 3.31M | 21.38M | -282.16M | 20.42M | 14.45M | 34.81M | -1.28M | 12.6M | 5.63M | 0 | 0 | 174K |
| Cash from Financing | 71.46M | -25.62M | -48.41M | -19.28M | -64.16M | -118.38M | -77.59M | -312.13M | -215.2M | -141.68M | -203.47M | 6.85M | 4.06M | -7.07M | -15.41M | 227.22M | -29.16M | -52.78M | 39.08M | -19.83M | -20.04M | 251.49M | -93.16M | 289.27M | -12.25M | -21.48M | -12.47M | -3.04M | 46.17M | 55.44M | -4.18M |
| Dividends Paid | -135.02M | -132.2M | -120.24M | -103.77M | -84.21M | -72.42M | -66.56M | -132.66M | -131.24M | -130.17M | -141.09M | -104.88M | -90.45M | -87.21M | -76.9M | -66.53M | -68.74M | -68.6M | -52.94M | -49.98M | -46.79M | -36.32M | -33.81M | -25.1M | -21.96M | -21.09M | -20.99M | -20.9M | -20.42M | -23.6M | -21.82M |
| Common Dividends | -135.02M | -132.2M | 0 | -103.77M | -84.21M | -72.42M | -66.56M | -132.66M | -131.24M | -130.17M | -141.09M | -104.88M | -90.45M | -87.21M | -76.9M | -66.53M | -68.74M | -59.34M | -52.94M | -49.98M | -46.79M | -36.32M | -33.81M | -25.1M | -21.96M | -21.09M | -20.99M | -20.9M | -20.4M | -17M | -21.82M |
| Debt Issuance (Net) | -2M | 1000K | -1000K | 1000K | 1000K | -1000K | -1000K | -1000K | -1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Share Repurchases | -20M | 0 | 0 | 0 | -3.92M | 0 | -736K | -20M | -20M | -49.36M | -2.18M | -1.13M | 0 | 0 | 0 | 0 | -75M | 0 | 0 | 0 | 0 | 0 | 0 | -744K | 0 | 0 | 0 | -1M | -216K | 0 | 0 |
| Other Financing | 75.24M | -15.24M | -18.29M | -12.18M | -4.88M | -60.08M | -6.73M | -11M | -7.68M | 1.13M | -9.61M | -7.5M | -22.32M | -8.29M | -7.52M | -12.93M | -15.96M | -6.02M | 2.08M | -2.02M | -12.3M | -27.66M | -30.87M | 209.45M | -429K | -11.94M | -10.18M | -8.34M | -6.63M | -5.8M | -3.61M |
| Net Change in Cash | 233.06M | 6.54M | 34.21M | -199.35M | 50.87M | 76.42M | 68.16M | 7.59M | 2.98M | -6.12M | -9.34M | 4.68M | 1.63M | 4.91M | 2.44M | 2.14M | 2.49M | -1.71M | 2.56M | -6.04M | 5.52M | -1.17M | -5.73M | 8.76M | 557K | -119K | 131K | -5.83M | 2.72M | 1.02M | -2.53M |
| Exchange Rate Effect | -39.55M | 326K | -122K | -115K | -111K | -177K | -223K | -19K | -110K | -56K | 316K | -1.1M | -526K | -1.28M | 15K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 53.53M | 46.99M | 12.78M | 212.12M | 161.25M | 84.83M | 16.67M | 9.08M | 6.1M | 12.22M | 21.56M | 16.88M | 15.24M | 10.34M | 7.89M | 5.76M | 3.27M | 4.98M | 2.41M | 8.45M | 2.93M | 4.1M | 9.84M | 1.07M | 515K | 634K | 503K | 6.33M | 3.61M | 2.58M | 5.11M |
| Cash at End | 243.21M | 53.53M | 46.99M | 12.78M | 212.12M | 161.25M | 84.83M | 16.67M | 9.08M | 6.1M | 12.22M | 21.56M | 16.88M | 15.24M | 10.34M | 7.89M | 5.76M | 3.27M | 4.98M | 2.41M | 8.45M | 2.93M | 4.1M | 9.84M | 1.07M | 515K | 634K | 503K | 6.33M | 3.61M | 2.58M |
| Free Cash Flow | 223.48M | 295.37M | 156.4M | 218.84M | 166.6M | 171.8M | 136.74M | 180.28M | 201.6M | 188.8M | 180.58M | 203.32M | 187.72M | 179.72M | 165.76M | -190.53M | 118.5M | 80.67M | -34.94M | 10.47M | 6.2M | 36.59M | 67.01M | -290.69M | -5.81M | 22.64M | 9K | -8.41M | -46.01M | -54.42M | 1.48M |
| FCF Growth % | -7.19% | 88.85% | -28.53% | 31.35% | -3.02% | 25.64% | -24.15% | -10.58% | 6.78% | 4.55% | -11.18% | 8.31% | 4.45% | 8.42% | 187% | -260.79% | 46.89% | 330.92% | -433.61% | 68.88% | -83.05% | -45.39% | 123.05% | -4903.25% | -125.66% | 251455.56% | 100.11% | 81.72% | 15.46% | -3787.13% | 112.95% |
| FCF / Revenue % | 37.46% | 50.79% | 29.73% | 47.12% | 37.64% | 40.28% | 35.06% | 37.08% | 40.75% | 38.67% | 38.77% | 46.28% | 44.85% | 46.68% | 46.43% | -60.44% | 42.89% | 29.69% | -14.24% | 4.58% | 2.93% | 18.04% | 34.44% | -238.32% | -5.13% | 20.38% | 0.01% | -8.09% | -47.06% | -63.82% | 1.95% |
Retail tenant concentration risk
According to the provided quarterly data, the ratio of FFO to GAAP Net Income consistently exceeds 2.0x, highlighting that GAAP operating cash flow remains a poor proxy for the company's true recurring earnings power due to the heavy non-cash depreciation charges inherent in the retail portfolio.
The consistent spread between FFO and GAAP Net Income suggests that investors should prioritize FFO as the primary gauge of operational health. The volatility in FFO/NI ratios may indicate periodic adjustments in non-cash items that warrant further investigation to ensure they do not mask underlying operational deterioration.
Based on the reported financial statements, the dividend payout ratio relative to AFFO has fluctuated between 46% and 57%, suggesting that while the dividend appears covered, the underlying cash flow buffer is sensitive to the significant quarterly swings in recurring capital expenditures and leasing costs.
The variability in AFFO, which dropped from $67.8M in 2025Q3 to $46.2M in 2026Q1, implies that the company's ability to sustain dividend growth is contingent on stabilizing maintenance capital requirements. Investors should monitor whether this volatility reflects seasonal leasing patterns or a structural increase in the cost of maintaining asset relevance.
As evidenced by the quarterly cash flow statements, maintenance capital expenditures, including tenant improvements and leasing commissions, have shown significant lumpy behavior, with outflows reaching $22.4M in 2026Q1 compared to much lower levels in previous periods, indicating potential pressure on the company's net cash flow generation.
The spike in capital expenditures suggests that the company may be accelerating investment in its properties to attract or retain tenants in a competitive retail environment. This increased capital intensity may limit the amount of free cash flow available for debt reduction or dividend increases in the near term.
Data from recent filings indicates that GAAP Net Income consistently understates the company's cash-generating capacity, as the massive depreciation charges associated with 15 million square feet of retail real estate create a structural distortion that necessitates the use of FFO for accurate institutional performance benchmarking.
The reliance on FFO over GAAP Net Income is critical here, as the latter fails to account for the economic reality of property value preservation. The persistent gap between these metrics suggests that the company's operational performance is significantly stronger than the headline GAAP figures would otherwise imply.
Quick answers to the most common questions about buying SKT stock.
Tanger Inc. (SKT) generated $295.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Tanger Inc. (SKT) generated $295.4M 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.
Tanger Inc. (SKT) 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, Tanger Inc. (SKT) returned $132.2M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.