Diversified Healthcare Trust (DHC) Cash Flow Statement
Where DHC’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$19.6M −117.5% vs 2024
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- −$19.6M −1.3% margin
- Returned to shareholders
- $10.8M
- Change in cash
- −$28.1M cash at year-end $121.8M
Cash from operations
−$19.6M
Acquisitions & other
+$483.6M
Dividends
−$9.7M
Share buybacks (net)
−$1.1M
Net borrowing (repayment)
−$421.3M
Other financing
−$59.9M
Change in cash
−$28.1M
Drawn to scale: where the cash came from and how it was used. Hover for values.
DHC operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
DHC cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $426.8M2016 | −$19.6M2025 | — | |
| Capital expenditures | $292.9M2016 | $02025 | −100.0% | |
| Free cash flow | $133.9M2016 | −$19.6M2025 | — | |
| Free cash flow margin | 12.7%2016 | −1.3%2025 | −13.9 pts | |
| Operating cash flow / net income | 3.022016 | −0.352021 | −3.37 | |
| Stock-based compensation | $2.2M2016 | $1.8M2023 | −2.5%/yr | |
| Dividends paid | $370.5M2016 | $9.7M2025 | −33.3%/yr | |
| Share buybacks (net) | $452,0002016 | $1.1M2025 | +10.9%/yr | |
| Capex / revenue | 27.7%2016 | 0.0%2025 | −27.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
DHC cash flow by activity
OperatingInvestingFinancingChange in cash
DHC net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
DHC cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$285.9M | −$370.3M | −$293.6M | −$15.8M | $179.9M | −$134.3M | −$82.9M | $292.4M | $151.8M | $141.3M |
| Depreciation & amortization | $261.9M | $285.1M | $283.8M | $239.5M | $263.9M | $262.7M | $282.2M | $280.4M | $271.5M | $282.9M |
| Stock-based compensation | — | — | $1.8M | $1.7M | $2.0M | $1.6M | $1.4M | $2.2M | $2.2M | $2.2M |
| Change in working capital | $33.3M | $6.8M | −$27.8M | $1.6M | −$65.1M | −$13.2M | −$50.9M | $3.1M | $30.1M | $3.3M |
| Other non-cash items | −$28.9M | $190.6M | $46.2M | −$267.5M | −$444.0M | $41.7M | $116.0M | −$185.3M | −$48.6M | −$2.8M |
| Cash from operating activities | −$19.6M | $112.2M | $10.5M | −$40.4M | −$63.3M | $158.5M | $265.8M | $392.8M | $407.1M | $426.8M |
| Investing activities | ||||||||||
| Capital expenditures | $0 | $0 | −$235.0M | −$299.4M | −$227.6M | −$185.6M | −$18.8M | −$99.1M | −$221.4M | −$292.9M |
| Investments (net) | — | −$187.0M | −$246.9M | $671.8M | $367.0M | −$2.2M | $105.0M | $99.1M | −$221.4M | −$292.9M |
| Acquisitions & other investing | $483.6M | $0 | $279.7M | $15.3M | $103.3M | $147.4M | $0 | $99.1M | $221.4M | $292.9M |
| Cash from investing activities | $483.6M | −$187.0M | −$202.1M | $387.7M | $242.7M | −$40.4M | $86.2M | $99.1M | −$221.4M | −$292.9M |
| Financing activities | ||||||||||
| Dividends paid | −$9.7M | −$9.6M | −$9.6M | −$9.6M | −$9.5M | −$42.8M | −$199.7M | −$370.7M | −$370.6M | −$370.5M |
| Share repurchases & issuance (net) | −$1.1M | −$904,000 | −$393,000 | −$171,000 | −$383,000 | −$171,000 | −$299,000 | −$411,000 | −$341,000 | −$452,000 |
| Net borrowing (repayment) | −$421.3M | −$3.2M | −$217.0M | −$666.3M | $779.0M | −$14.2M | −$148.3M | −$77.0M | −$45.0M | $243.6M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$59.9M | −$8.6M | −$22.7M | $0 | −$22.3M | −$22.3M | −$21.6M | −$21.0M | $229.8M | −$12.5M |
| Cash from financing activities | −$492.0M | −$22.3M | −$249.7M | −$676.0M | $746.7M | −$79.5M | −$369.9M | −$469.2M | −$186.1M | −$139.8M |
| Summary | ||||||||||
| Net change in cash | −$28.1M | −$97.1M | −$441.3M | −$328.6M | $926.1M | $38.6M | −$17.8M | $22.8M | −$511,000 | −$5.9M |
| Cash at end of period | $121.8M | $149.9M | $247.0M | $688.3M | $1.02B | $90.8M | $52.2M | $70.1M | $31.2M | $31.7M |
| Free cash flow | −$19.6M | $112.2M | $10.5M | −$40.4M | −$63.3M | $158.5M | $265.8M | $491.9M | $185.6M | $133.9M |
| Free cash flow margin | −1.3% | 7.5% | 0.7% | −3.1% | −4.6% | 9.7% | 25.6% | 44.0% | 17.3% | 12.7% |
| Capex / revenue | 0.0% | 0.0% | 16.7% | 23.3% | 16.5% | 11.4% | 1.8% | 8.9% | 20.6% | 27.7% |
| Operating cash flow / net income | — | — | — | — | −0.35 | — | — | 1.34 | 2.68 | 3.02 |
| 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 | −$37.4M | −$43.3M | −$21.2M | −$164.0M | −$91.6M | −$9.0M | −$87.4M | −$98.7M | −$97.9M | −$86.3M | −$102.6M | −$65.8M |
| Depreciation & amortization | $62.5M | $62.9M | $62.0M | $65.4M | $66.3M | $68.4M | $77.5M | $69.0M | $68.4M | $70.2M | $83.7M | $67.3M |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | — | $1.8M | — |
| Change in working capital | $10.0M | −$15.1M | $28.6M | −$16.5M | $22.7M | −$1.6M | −$15.8M | $2.9M | $16.6M | $3.2M | −$17.9M | −$19.4M |
| Other non-cash items | $3.3M | $3.8M | −$89.6M | $65.9M | $55.6M | −$61.0M | $43.9M | $47.9M | $57.2M | $41.5M | $27.8M | $3.9M |
| Cash from operating activities | $38.4M | $8.3M | −$20.1M | −$49.3M | $53.0M | −$3.2M | $18.2M | $21.1M | $44.3M | $28.6M | −$7.2M | −$14.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$73.9M | −$35.2M | $0 | $0 | −$34.2M | −$39.6M | −$66.7M | −$47.2M | −$41.0M | −$46.7M | −$66.6M | −$60.5M |
| Investments (net) | — | — | — | $6.1M | −$21.1M | $291.1M | −$66.1M | −$25.2M | −$36.9M | −$58.8M | −$51.3M | −$60.5M |
| Acquisitions & other investing | $35.2M | $48.7M | $207.4M | $0 | $34.2M | $39.6M | $66.7M | $47.2M | $41.0M | $46.7M | $66.6M | $60.5M |
| Cash from investing activities | −$38.7M | $13.6M | $207.4M | $6.1M | −$21.1M | $291.1M | −$66.1M | −$25.2M | −$36.9M | −$58.8M | −$51.3M | −$60.5M |
| Financing activities | ||||||||||||
| Dividends paid | −$2.4M | −$2.4M | −$2.4M | −$2.4M | −$2.4M | −$2.4M | −$2.4M | −$2.4M | −$2.4M | −$2.4M | −$2.4M | −$2.4M |
| Share repurchases & issuance (net) | −$50,000 | −$88,000 | −$82,000 | −$954,000 | −$103,000 | −$6,000 | −$2,000 | −$781,000 | −$43,000 | −$78,000 | −$7,000 | −$353,000 |
| Net borrowing (repayment) | −$739,000 | −$1.2M | −$267.7M | $123.5M | −$177.7M | −$99.4M | −$60.8M | −$802,000 | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$79,000 | −$173,000 | −$4.9M | −$15.9M | −$9.9M | −$29.2M | −$359,000 | −$639,000 | $56.9M | −$6.1M | $28.7M | −$730,000 |
| Cash from financing activities | −$3.3M | −$3.9M | −$275.1M | $104.2M | −$190.0M | −$131.0M | −$63.6M | −$4.6M | $54.5M | −$8.6M | $26.3M | −$3.5M |
| Summary | ||||||||||||
| Net change in cash | −$3.7M | $18.1M | −$87.8M | $61.0M | −$158.1M | $156.8M | −$111.5M | −$8.7M | $61.9M | −$38.8M | −$32.1M | −$78.0M |
| Cash at end of period | $136.2M | $139.9M | $121.8M | $209.6M | $148.6M | $306.7M | $149.9M | $261.4M | $270.1M | $208.2M | $247.0M | $279.1M |
| Free cash flow | −$35.5M | $8.3M | −$20.1M | −$49.3M | $53.0M | −$3.2M | $18.2M | $21.1M | $44.3M | $28.6M | −$7.2M | −$14.0M |
| Free cash flow margin | −9.7% | 2.3% | −5.3% | −12.7% | 13.9% | −0.8% | 4.8% | 5.7% | 11.9% | 7.7% | −2.0% | −3.9% |
| Capex / revenue | 20.2% | 9.6% | 0.0% | 0.0% | 8.9% | 10.2% | 17.6% | 12.6% | 11.0% | 12.6% | 18.4% | 17.0% |
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.
DHC cash generation
In fiscal 2025 (ended December 31, 2025), Diversified Healthcare generated -$19.6 million of cash from operations (down 117.5%) and spent $0 on capital expenditures, leaving free cash flow of -$19.6 million, −1.3% of revenue. It returned $10.8 million to shareholders through dividends ($9.7 million) and net share buybacks ($1.1 million). Cash and equivalents fell by $28.1 million over the year.
Related: DHC income statement, DHC balance sheet, DHC dividend history. See the DHC stock overview for the latest quote and news.
DHC cash flow FAQ
What is Diversified Healthcare's free cash flow?
Diversified Healthcare's free cash flow was -$19.6 million in fiscal 2025: -$19.6 million of operating cash flow minus $0 of capital expenditures It was $112.2 million a year earlier..
How much cash does Diversified Healthcare generate from operations?
Diversified Healthcare generated -$19.6 million of cash from operating activities in fiscal 2025.
How much stock does Diversified Healthcare buy back?
Diversified Healthcare spent $1.1 million on net share repurchases in fiscal 2025.
How much does Diversified Healthcare pay in dividends?
Diversified Healthcare paid $9.7 million in dividends in fiscal 2025.