Operating cash flow remains negative at -$5.7 million for 2026Q1, confirming that the company is currently burning through its remaining $44.5 million in cash reserves to fund ongoing operations.
| Cash from Operations | -31.43M | -34.9M | -53.55M | -53.06M | -117.92M | -136M | -47.31M | -57.66M | 54.9M | 69.65M | 92.42M | 21.43M |
| Operating CF Growth % | 88.62% | 34.82% | -0.92% | 55% | 13.29% | -187.43% | 17.94% | -205.03% | -21.18% | -24.64% | 331.25% | - |
| Operating CF / Revenue % | -201.43% | -191.73% | -303.87% | -255.36% | -110.15% | -116.55% | -40.61% | -34.19% | 25.56% | 28.9% | 37.17% | 18.94% |
| Net Income | -77.56M | -68.22M | -153.54M | -154.91M | -120.1M | -38.98M | -152.96M | -90.6M | -114.88M | -120.81M | -91.01M | -22.34M |
| Depreciation & Amortization | 4.61M | 6.28M | 13.12M | 14.47M | 41.34M | 51.38M | 94.2M | 104.09M | 225.91M | 261.45M | 176.44M | 65.52M |
| Stock-Based Compensation | 0 | 201K | 1.49M | 2.73M | 2.77M | 1.86M | -3.04M | 6.84M | 7.47M | 7.02M | 1.07M | 1.89M |
| Other Non-Cash Items | 41.55M | 19.78M | 92.42M | 77.57M | -12.69M | -1.65M | 5.4M | -15.16M | 13.15M | 5M | -7.5M | 116.24M |
| Working Capital Changes | -1.26M | 7.05M | -7.04M | 7.07M | -29.24M | -33.59M | 30.36M | -10.6M | 4.99M | -34.09M | 1.02M | -5.48M |
| Cash from Investing | 182.05M | 198.47M | 126.87M | 732.91M | 586.08M | 260.71M | 42.87M | -299.49M | -119.47M | 27.15M | -52.78M | -2.66B |
| Acquisitions (Net) | 0 | 0 | 173K | 126K | 30.15M | -38.64M | -43.34M | -54.19M | -27M | 219.38M | -9M | -2.63B |
| Purchase of Investments | 0 | 0 | 0 | -93.11M | -124.81M | -144.3M | -309.71M | -441.88M | -340.56M | -281.1M | -75.19M | -2.66B |
| Sale of Investments | 0 | 0 | 0 | 673.47M | 698.96M | 392.42M | 351.43M | 140.5M | 210.1M | 308.25M | 22.41M | 0 |
| Other Investing | 182.05M | 198.47M | 126.7M | 732.91M | 555.93M | 299.35M | 86.21M | -245.3M | -92.47M | 50.88M | 22.41M | -5.28B |
| Cash from Financing | -198.94M | -198.99M | -125.31M | -675.09M | -436.97M | -161.21M | 15.44M | -36.45M | 180.2M | 180.79M | -50.49M | 2.78B |
| Dividends Paid | -4.9M | -4.9M | -4.9M | -4.9M | -4.9M | -4.9M | -4.9M | -22.86M | -39.7M | -34.25M | -39.35M | 0 |
| Common Dividends | -1.23M | 0 | -4.9M | -4.9M | 0 | 0 | 0 | -17.96M | -35.68M | -34.25M | -39.35M | 0 |
| Debt Issuance (Net) | -2M | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | 0 | 1000K | 1000K | 1000K | 1000K |
| Share Repurchases | 0 | -126K | -586K | -315K | 0 | -269K | -85K | -3.52M | -1.84M | 310M | 0 | 1.64B |
| Other Financing | -4.04M | -3.96M | 173K | 126K | 0 | 3.96M | 0 | -10.06M | -22.7M | -29.32M | -31.13M | 1.64B |
| Net Change in Cash | -48.32M | -35.42M | -51.99M | 4.76M | 31.19M | -36.5M | 10.99M | -393.6M | 115.62M | 277.59M | -10.84M | 132.74M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 62.28M | 97.71M | 149.7M | 144.94M | 113.75M | 150.25M | 139.26M | 532.86M | 417.23M | 139.64M | 62.87M | 22.61M |
| Cash at End | 58.81M | 62.28M | 97.71M | 149.7M | 144.94M | 113.75M | 150.25M | 139.26M | 532.86M | 417.23M | 52.03M | 155.34M |
| Free Cash Flow | -31.43M | -34.9M | -53.55M | -785.97M | -692.07M | -384.12M | -89.03M | 243.71M | 54.9M | -173.46M | 26.23M | 10.43M |
| FCF Growth % | 31.85% | 34.82% | 93.19% | -13.57% | -80.17% | -331.44% | -136.53% | 343.93% | 131.65% | -761.24% | 151.46% | - |
| FCF / Revenue % | -201.43% | -191.73% | -303.87% | -3782.53% | -646.47% | -329.2% | -76.43% | 144.52% | 25.56% | -71.97% | 10.55% | 9.22% |
Liquidation timeline execution risk
As reported in recent financial statements, the company's FFO remains consistently negative, with 2026Q1 FFO of -$31.1 million trailing the GAAP operating cash flow of -$5.7 million, highlighting a persistent inability to generate positive cash flow from the remaining retail operations during this liquidation phase.
The divergence between FFO and operating cash flow suggests that non-cash charges and the timing of property-level expenses continue to distort the company's true operational health. Investors should note that neither metric currently reflects a sustainable business model, as both are deeply negative and indicative of a portfolio in terminal decline.
Based on the provided quarterly data, the company has failed to generate positive AFFO in any of the last ten quarters, rendering the dividend payout entirely dependent on capital recycling rather than recurring cash flow generated from the underlying real estate assets held in the portfolio.
The absence of positive AFFO confirms that the dividend is not supported by operational earnings, which may imply that distributions are effectively a return of capital from asset sales. This structure warrants further investigation into how long the company can maintain these payments before the liquidation proceeds are exhausted.
According to historical data, the massive gap between GAAP Net Income and FFO, such as the 2024Q2 variance where Net Income was -$101.2 million against FFO of -$100.0 million, illustrates how depreciation and impairment charges obscure the underlying cash burn of the company's retail assets.
While FFO is intended to strip out non-cash depreciation, the persistent negative FFO figures suggest that the company's core operations are fundamentally unprofitable. The distortion caused by these accounting adjustments appears to be secondary to the reality of high carrying costs on vacant properties.
As evidenced by the 2023Q4 data, the company recorded a massive $645.6 million in capital expenditures, which appears to be an outlier related to the final disposition of assets rather than recurring maintenance, masking the true ongoing cash requirements of the remaining portfolio.
The cash flow statement likely hides significant off-balance-sheet obligations and carrying costs associated with the remaining 'dark' boxes that are not captured in standard FFO metrics. Analysts should monitor whether these hidden costs accelerate as the portfolio shrinks, potentially eroding the net proceeds available to shareholders.
Quick answers to the most common questions about buying SRG stock.
Seritage Growth Properties (SRG) generated $-34.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Seritage Growth Properties (SRG) reported negative free cash flow of $34.9M in 2025, indicating capital requirements exceeded cash from operations.
Seritage Growth Properties (SRG) 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, Seritage Growth Properties (SRG) returned $4.9M to shareholders via cash dividends and spent $0.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.