American Realty Investors, Inc. (ARL) Cash Flow Statement
Where ARL’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$5.6M −609.9% vs 2024
- Capital expenditures
- $79.5M 158.9% of revenue
- Free cash flow
- −$5.6M −11.1% margin
- Returned to shareholders
- $1.1M
- Change in cash
- −$11.1M cash at year-end $29.4M
Drawn to scale: where the cash came from and how it was used. Hover for values.
ARL operating cash flow, capex and free cash flow
ARL cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $17.4M2016 | −$5.6M2025 | — | |
| Capital expenditures | $112.2M2016 | $79.5M2025 | −3.8%/yr | |
| Free cash flow | −$94.8M2016 | −$5.6M2025 | — | |
| Free cash flow margin | −79.2%2016 | −11.1%2025 | +68.1 pts | |
| Operating cash flow / net income | −0.942018 | −7.832023 | −6.88 | |
| Dividends paid | $1.1M2016 | $02021 | −100.0% | |
| Share buybacks (net) | $02016 | $1.1M2025 | — | |
| Capex / revenue | 93.8%2016 | 158.9%2025 | +65.2 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ARL cash flow by activity
ARL net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
ARL cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$2.8M | −$13.4M | $4.0M | $475.3M | $6.4M | $11.3M | −$21.7M | $182.7M | −$8.9M | −$2.4M |
| Depreciation & amortization | $12.6M | $12.5M | $14.6M | $13.1M | $15.0M | $18.6M | $15.6M | $22.7M | $25.7M | $23.8M |
| Change in working capital | −$17.0M | −$22.0M | −$51.9M | $37.9M | −$3.2M | −$6.0M | −$41.9M | −$212.6M | −$37.4M | $10.5M |
| Other non-cash items | $1.7M | $24.0M | $2.3M | −$571.7M | −$29.8M | −$20.4M | $7.4M | −$165.1M | −$16.8M | −$14.5M |
| Cash from operating activities | −$5.6M | $1.1M | −$31.1M | −$45.4M | −$11.5M | $3.5M | −$40.6M | −$172.3M | −$37.3M | $17.4M |
| Investing activities | ||||||||||
| Capital expenditures | −$79.5M | −$57.9M | −$18.5M | −$1.2M | −$123.7M | −$17.5M | −$8.5M | −$3.7M | −$115.2M | −$112.2M |
| Investments (net) | $4.8M | −$41.3M | $26.8M | $284.9M | $9.2M | $4.2M | $4.8M | $226.5M | $14.2M | −$2.9M |
| Acquisitions & other investing | $41.6M | $57.9M | $18.5M | $23.6M | $215.3M | $17.5M | $0 | −$75.2M | $10.9M | $54.0M |
| Cash from investing activities | −$33.1M | −$41.3M | $26.8M | $307.4M | $100.8M | $4.2M | −$3.7M | $147.6M | −$90.0M | −$61.1M |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | — | $0 | $0 | $0 | −$901,000 | −$1.1M | −$1.1M |
| Share repurchases & issuance (net) | −$1.1M | −$802,000 | −$908,000 | $0 | $0 | $0 | $0 | −$9.0M | $0 | $0 |
| Net borrowing (repayment) | $28.6M | $2.7M | −$137.7M | −$1.4M | −$4.7M | −$2.7M | $95.8M | $160.6M | $243.6M | $69.9M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $0 | −$199,000 | −$455,000 | −$111.0M | −$98.9M | −$1.3M | −$74.7M | −$107.9M | −$89.7M | −$22.9M |
| Cash from financing activities | $27.5M | $1.7M | −$139.0M | −$112.4M | −$103.6M | −$4.0M | $21.0M | $42.8M | $152.8M | $45.9M |
| Summary | ||||||||||
| Net change in cash | −$11.1M | −$38.6M | −$143.3M | $149.6M | −$14.3M | $3.7M | −$23.3M | $18.1M | $25.4M | $2.3M |
| Cash at end of period | $29.4M | $40.5M | $79.1M | $222.3M | $72.7M | $87.0M | $83.3M | $106.6M | $42.9M | $17.5M |
| Free cash flow | −$5.6M | $1.1M | −$31.1M | −$45.4M | −$135.2M | $3.5M | −$40.6M | −$176.0M | −$152.5M | −$94.8M |
| Free cash flow margin | −11.1% | 2.3% | −61.5% | −120.9% | −321.7% | 5.9% | −68.9% | −145.5% | −120.8% | −79.2% |
| Capex / revenue | 158.9% | 122.4% | 36.6% | 3.1% | 294.3% | 29.7% | 14.5% | 3.0% | 91.3% | 93.8% |
| Operating cash flow / net income | — | — | −7.83 | −0.10 | −1.79 | 0.31 | — | −0.94 | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$1.2M | −$516,000 | $10.4M | $320,000 | $2.9M | $3.0M | −$216,000 | −$17.0M | $1.2M | $1.8M | −$2.1M | $4.0M |
| Depreciation & amortization | $3.7M | $3.6M | $3.7M | $2.9M | $3.1M | $2.9M | $2.9M | $3.3M | $3.2M | $3.2M | $4.0M | $3.3M |
| Change in working capital | −$3.8M | −$2.0M | −$4.0M | $5.4M | −$7.9M | −$10.5M | −$19.4M | $4.2M | −$5.5M | −$1.2M | −$50.0M | $9.2M |
| Other non-cash items | −$1.1M | −$295,000 | −$13.3M | −$703,000 | −$988,000 | −$2.8M | $1.0M | $23.0M | $704,000 | $97,000 | $1.8M | −$272,000 |
| Cash from operating activities | −$2.4M | $876,000 | −$3.2M | $8.0M | −$2.9M | −$7.4M | −$15.8M | $13.5M | −$503,000 | $3.9M | −$46.3M | $16.3M |
| Investing activities | ||||||||||||
| Capital expenditures | −$11.5M | $0 | −$79.5M | −$68.2M | −$53.4M | −$26.4M | −$57.9M | −$31.0M | $0 | $0 | $0 | −$9.9M |
| Investments (net) | $5.2M | −$3.7M | −$4.2M | −$23.5M | −$8.8M | −$16.6M | −$14.4M | −$23.9M | −$14.6M | $11.6M | $36.4M | −$792,000 |
| Acquisitions & other investing | $5.6M | −$732,000 | $99.6M | $68.2M | $53.4M | $26.4M | $57.9M | $31.0M | $0 | $0 | −$493,000 | $9.9M |
| Cash from investing activities | −$675,000 | −$4.4M | $15.9M | −$23.5M | −$8.8M | −$16.6M | −$14.4M | −$23.9M | −$14.6M | $11.6M | $35.9M | −$792,000 |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | −$423,000 | −$3.9M | −$45,000 | −$12,000 | −$346,000 | −$679,000 | $802,000 | −$215,000 | $0 | −$587,000 | −$908,000 | $0 |
| Net borrowing (repayment) | $2.6M | $1.1M | −$13.0M | $11.1M | $14.2M | $16.3M | $1.6M | $2.8M | — | — | — | −$2.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$37,000 | $0 | $0 | $0 | $0 | $0 | −$802,000 | −$147,000 | −$898,000 | −$869,000 | −$852,000 | $0 |
| Cash from financing activities | $2.1M | −$2.8M | −$13.0M | $11.1M | $13.9M | $15.6M | $1.6M | $2.4M | −$898,000 | −$1.5M | −$1.8M | −$2.0M |
| Summary | ||||||||||||
| Net change in cash | −$937,000 | −$6.4M | −$292,000 | −$4.5M | $2.2M | −$8.4M | −$28.6M | −$7.9M | −$16.0M | $14.0M | −$4.3M | $13.5M |
| Cash at end of period | $22.1M | $23.0M | $29.4M | $29.7M | $34.2M | $32.0M | $40.5M | $69.1M | $77.1M | $93.1M | $79.1M | $83.3M |
| Free cash flow | −$13.9M | $876,000 | −$3.2M | $8.0M | −$2.9M | −$7.4M | −$15.8M | $13.5M | −$503,000 | $3.9M | −$46.3M | $16.3M |
| Free cash flow margin | −108.4% | 7.1% | −24.6% | 62.1% | −24.0% | −61.7% | −131.0% | 116.3% | −4.3% | 32.5% | −329.4% | 130.1% |
| Capex / revenue | 89.8% | 0.0% | 611.0% | 531.0% | 438.9% | 220.2% | 481.2% | 266.7% | 0.0% | 0.0% | 0.0% | 78.8% |
| Operating cash flow / net income | — | — | −0.31 | 24.92 | −1.02 | −2.50 | — | — | −0.43 | 2.21 | — | 4.05 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
ARL cash generation
In fiscal 2025 (ended December 31, 2025), American Realty Investors generated -$5.6 million of cash from operations (down 609.9%) and spent $79.5 million on capital expenditures, leaving free cash flow of -$5.6 million, −11.1% of revenue. It returned $1.1 million to shareholders through dividends ($0) and net share buybacks ($1.1 million). Cash and equivalents fell by $11.1 million over the year.
Related: ARL income statement, ARL balance sheet. See the ARL stock overview for the latest quote and news.
ARL cash flow FAQ
What is American Realty Investors's free cash flow?
American Realty Investors's free cash flow was -$5.6 million in fiscal 2025: -$5.6 million of operating cash flow minus $79.5 million of capital expenditures It was $1.1 million a year earlier..
How much cash does American Realty Investors generate from operations?
American Realty Investors generated -$5.6 million of cash from operating activities in fiscal 2025.
How much does American Realty Investors spend on capital expenditures?
American Realty Investors spent $79.5 million on capital expenditures in fiscal 2025, 158.9% of revenue, compared with $57.9 million the year before.
How much stock does American Realty Investors buy back?
American Realty Investors spent $1.1 million on net share repurchases in fiscal 2025.