Capital intensity remains extreme, with $371.8 million in quarterly CapEx contributing to a negative $152.3 million AFFO, highlighting a reliance on external financing.
| 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 | 602.53M | 350.2M | 366.69M | 353.13M | 460.12M | 499.16M | 157.23M | 616.98M | 472.82M | 405.26M | 375.99M | 293.21M | 0 | 0 | 0 |
| Operating CF Growth % | 3472.46% | -4.5% | 3.84% | -23.25% | -7.82% | 217.46% | -74.52% | 30.49% | 16.67% | 7.79% | 28.23% | - | - | - | - |
| Operating CF / Revenue % | 20.58% | 15.67% | 31.42% | 30.71% | 40.76% | 45.36% | 14.74% | 58.34% | 46.46% | 44.24% | 48.8% | 41.04% | 0% | 0% | 0% |
| Net Income | 1.19B | 1.27B | 93.43M | -81.75M | -8.12M | 124.75M | -718.81M | 10.91M | 16.55M | -8.83M | -212K | 23.72M | 12.29M | 16.51M | 24.51M |
| Depreciation & Amortization | 876.72M | 666.6M | 314.81M | 310.53M | 292.79M | 290.94M | 329.4M | 405.75M | 451.75M | 434.2M | 375.97M | 238.75M | 0 | 0 | 0 |
| Stock-Based Compensation | 13.64M | 0 | 13.51M | 12.49M | 12.75M | 13.85M | 13.72M | 10.81M | 8.06M | 7.71M | 4.85M | 2.9M | 0 | 0 | 0 |
| Other Non-Cash Items | -1.47B | -1.42B | -19.39M | 222.87M | 211.4M | 9.63M | 101.63M | -6.19M | 13.66M | 19.57M | -355K | 479M | -12.29M | -16.51M | -24.51M |
| Working Capital Changes | 89.49M | -23.1M | -16.75M | -42.51M | -19.8M | 66.46M | 445.18M | 207.13M | -9.82M | -6.23M | -2.08M | 30.66M | 0 | 0 | 0 |
| Cash from Investing | -1.17B | -1.01B | -272.2M | -411.31M | -392.02M | -321.22M | 1.39M | -544.78M | -480.54M | -1.02B | -535.23M | -1.08B | 0 | 0 | 0 |
| Acquisitions (Net) | -216.3M | -218.9M | 0 | 0 | 541K | 62.11M | -73.41M | -324.73M | -56.97M | -853.38M | -500.33M | -1.03B | 0 | 0 | 0 |
| Purchase of Investments | 0 | 0 | 0 | 0 | -33.19M | -1.03M | -391.88M | -130.43M | 0 | -21.76M | -11.54M | 0 | 0 | 0 | 0 |
| Sale of Investments | 0 | 0 | 0 | 0 | 33.19M | 1.03M | 391.88M | 130.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | 23.29M | 17M | 82.64M | 5.69M | 35.01M | 2.52M | 391.88M | 130.43M | -426.87M | -21.76M | -11.54M | -1.04B | 0 | 0 | 0 |
| Cash from Financing | 1.57B | 611.8M | 27.08M | 76.64M | -78.58M | -196.57M | -223.91M | 32.63M | -13.84M | 501.97M | 188.77M | 928.71M | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | -108.45M | -107.41M | -164.1M | -141.37M | -135.68M | -138.73M | -426.09M | -400.21M | -367.83M | -156.85M | 0 | 0 | 0 |
| Common Dividends | 0 | 0 | -108.45M | -107.41M | -142.95M | -141.37M | -135.68M | -138.73M | -426.09M | -400.21M | -367.83M | -235.28M | 0 | 0 | 0 |
| Debt Issuance (Net) | 4M | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 0 |
| Share Repurchases | -2K | 0 | -1.59M | -1.43M | -4.91M | -4.1M | -1.1M | -1.83M | 0 | -1.84M | 0 | -28.5K | 0 | 0 | 0 |
| Other Financing | -127.58M | -13M | -115.52M | -168.59M | -20.13M | -259.08M | 227.19M | 14.57M | 79.28M | -51.6M | -22.92M | -157.5M | 0 | 0 | 0 |
| Net Change in Cash | 1B | -49.75M | 121.58M | 18.46M | -15.1M | -18.63M | -65.28M | 104.79M | -21.74M | -111.99M | 29.26M | 142.48M | 0 | 0 | 0 |
| Exchange Rate Effect | -47K | -47K | 0 | 0 | 0 | 0 | 0 | -43K | -173K | 192K | -267K | -18K | 0 | 0 | 0 |
| Cash at Beginning | 134.1M | 183.85M | 62.26M | 43.8M | 58.9M | 77.53M | 142.81M | 38.03M | 59.77M | 171.75M | 142.5M | 18K | 0 | 0 | 0 |
| Cash at End | 1.13B | 134.1M | 183.85M | 62.26M | 43.8M | 58.9M | 77.53M | 142.81M | 38.03M | 59.77M | 171.75M | 142.5M | 0 | 0 | 0 |
| Free Cash Flow | -371.01M | -459.6M | 11.86M | -63.87M | 32.55M | 113.3M | -159.85M | 266.5M | 49.24M | 239.23M | 341.09M | 248.79M | 0 | 0 | 0 |
| FCF Growth % | -1346.14% | -3974.88% | 118.57% | -296.24% | -71.27% | 170.88% | -159.98% | 441.2% | -79.42% | -29.86% | 37.1% | - | - | - | - |
| FCF / Revenue % | -12.67% | -20.57% | 1.02% | -5.55% | 2.88% | 10.3% | -14.98% | 25.2% | 4.84% | 26.12% | 44.27% | 34.82% | 0% | 0% | 0% |
High capital intensity requirements
As reported in financial statements, Uniti Group exhibits a persistent disconnect between GAAP operating cash flow and FFO, with the 2026Q1 FFO of $219.5 million significantly trailing the $260.9 million in operating cash, suggesting that non-cash adjustments are failing to stabilize the company's reported earnings profile.
The wide variance between GAAP operating cash flow and FFO suggests that the company's reliance on complex accounting adjustments may be obscuring the underlying cash generation capacity. Investors should monitor whether this divergence is a structural feature of the fiber leasing model or a symptom of aggressive capitalization policies.
Based on reported figures, Uniti Group's AFFO has frequently entered negative territory, including a $152.3 million deficit in 2026Q1, which indicates that the company currently lacks the recurring cash flow necessary to support a sustainable dividend payout without relying on external financing or balance sheet liquidity.
The recurring inability to generate positive AFFO suggests that the company's capital-intensive growth strategy is currently consuming more cash than the core leasing business can provide. This trend warrants investigation into whether the dividend is effectively being funded by debt rather than operational earnings.
According to recent SEC filings, Uniti Group's maintenance and growth capital expenditures reached $371.8 million in 2026Q1, a figure that consistently dwarfs the company's ability to generate free cash flow, highlighting the extreme capital intensity required to maintain and expand its regional fiber infrastructure footprint.
The high level of capital expenditure relative to FFO suggests that the company is in a perpetual state of reinvestment, which may limit the potential for meaningful shareholder returns in the near term. Analysts should scrutinize the success-based nature of these expenditures to determine if they are yielding the expected incremental revenue.
As indicated by the historical data, the massive swings between GAAP net income and FFO, such as the $1.6 billion net income spike in 2025Q3 versus the $1.8 billion FFO, suggest that non-operational accounting items are creating significant noise that obscures the true cash-based performance of the REIT.
The volatility in net income appears to be driven by non-recurring events or accounting adjustments that do not reflect the day-to-day cash flow of the fiber business. Investors should prioritize FFO and AFFO metrics over GAAP net income to avoid being misled by these non-cash distortions.
Quick answers to the most common questions about buying UNIT stock.
Uniti Group Inc. (UNIT) generated $350.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Uniti Group Inc. (UNIT) reported negative free cash flow of $459.6M in 2025, indicating capital requirements exceeded cash from operations.
Uniti Group Inc. (UNIT) spent $809.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.