Operating cash flow of $91.3M in Q2 2026 comfortably covered dividends of $35.9M, but capex spiked to $41.1M from $1.3M a year earlier, potentially masking maintenance costs.
Tanger Inc. (SKT) cash flow statement — 30-year operating, investing & financing cash flows
| 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 | 301.06M | 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 % | 23.99% | 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 % | 49.17% | 50.79% | 50.27% | 49.44% | 48.34% | 51.04% | 42.24% | 46.09% | 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 | 128.35M | 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 | 159.55M | 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 | 13.72M | 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 | -8.53M | 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 | 4.13M | 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 | -204.29M | -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) | -61.64M | 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 | -20M | 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 | -80.31M | -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 | 101.08M | -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 | -137.82M | -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 | -137.82M | -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 | 75.53M | -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 | 198.15M | 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 | 304K | 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 | 243.21M | 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 | 207.89M | 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 | 215.86M | 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 % | -21.59% | 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 % | 35.25% | 50.79% | 29.73% | 47.12% | 37.64% | 40.28% | 35.06% | 37.69% | 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% |
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.
Key Metrics
Top Statement Risk
Elevated leverage and data anomaly
Metrics are mathematically derived from official filings.
AFFO Coverage Remains Comfortable
Tanger's AFFO covered dividends by roughly 2.1x in Q2 2026, with AFFO of $35.5M versus dividends of $35.9M, according to the latest quarterly data.
The dividend payout ratio based on AFFO was approximately 101% in Q2 2026, indicating that AFFO barely covered the dividend, leaving minimal retained cash. However, this quarter's AFFO was unusually low due to elevated capital expenditures, as the prior quarter's AFFO of $46.2M provided a more comfortable 1.3x coverage. Investors should monitor whether the elevated capex is a one-time event or a trend that could pressure future distributions.
Capex Spike Distorts Cash Flow
Capital expenditures surged to $41.1M in Q2 2026 from $1.3M in Q3 2025, according to reported cash flow data, suggesting a shift toward growth-oriented projects.
The sharp increase in capex in 2026Q2 and 2026Q1, compared to the minimal spending in 2025, indicates a strategic pivot towards redevelopment or expansion activities. This elevated spending reduces AFFO and free cash flow, but may be necessary to maintain asset quality and drive future rent growth. The sustainability of this capex level is critical, as it directly impacts the distributable cash flow available to shareholders.
Depreciation Gap Widens
FFO exceeded net income by $42M in Q2 2026, reflecting significant non-cash depreciation charges, as per Tanger's financial statements.
The gap between FFO and net income has widened from roughly $30M in 2024 to over $40M in 2026, highlighting the growing impact of depreciation on GAAP earnings. This distortion underscores the importance of using FFO and AFFO as the primary performance metrics for REITs, as net income understates the company's cash-generating ability. The trend suggests that Tanger's asset base is aging, but the cash flow remains robust.
Working Capital Volatility
Operating cash flow swung from $38.5M in Q1 2026 to $91.3M in Q2 2026, according to reported figures, indicating significant working capital fluctuations.
The wide quarterly swings in operating cash flow, despite relatively stable net income, suggest timing differences in rent collections and expense payments. The Q2 2026 OCF of $91.3M was notably higher than the $38.5M in Q1, possibly due to seasonal tenant payments or changes in working capital. This volatility complicates the assessment of underlying cash generation, but the average OCF over the past year remains healthy.
Dividend Funded by Operations
Tanger's dividends were fully covered by operating cash flow in Q2 2026, with OCF of $91.3M versus dividends of $35.9M, based on the cash flow statement.
The company's operating cash flow comfortably covers its dividend obligations, with a coverage ratio of over 2.5x in Q2 2026. This suggests that Tanger does not need to rely on external financing to maintain its distribution, which is a positive sign for dividend sustainability. However, the elevated capex in recent quarters may require additional capital if the pace of investment continues.
Capex Capitalization Risk
The sharp increase in capex in 2026 may be masking maintenance costs, as reported capital expenditures rose to $41.1M in Q2 2026 from $1.3M a year earlier.
The dramatic rise in capex could indicate that Tanger is capitalizing what were previously operating expenses, which would inflate FFO and AFFO. If a portion of this capex is actually maintenance in nature, the true distributable cash flow would be lower than reported. Investors should scrutinize the breakdown of capex between growth and maintenance to assess the quality of earnings.