Healthpeak Properties, Inc. (DOC) Cash Flow Statement
Where DOC’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $1.25B +17.0% vs 2024
- Capital expenditures
- $134.0M 4.7% of revenue
- Free cash flow
- $1.25B 44.4% margin
- Returned to shareholders
- $946.2M 76% of free cash flow
- Change in cash
- $353.4M cash at year-end $537.7M
Drawn to scale: where the cash came from and how it was used. Hover for values.
DOC operating cash flow, capex and free cash flow
DOC cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.21B2016 | $1.25B2025 | +0.3%/yr | |
| Capital expenditures | $11.3M2016 | $134.0M2025 | +31.6%/yr | |
| Free cash flow | $1.21B2016 | $1.25B2025 | +0.3%/yr | |
| Free cash flow margin | 57.0%2016 | 44.4%2025 | −12.7 pts | |
| Operating cash flow / net income | 1.882016 | 12.392025 | +10.51 | |
| Stock-based compensation | $22.9M2016 | $14.4M2025 | −5.0%/yr | |
| Dividends paid | $979.5M2016 | $849.1M2025 | −1.6%/yr | |
| Share buybacks (net) | $8.7M2016 | $97.1M2025 | +30.8%/yr | |
| Capex / revenue | 0.5%2016 | 4.7%2025 | +4.2 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
DOC cash flow by activity
DOC 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).
DOC cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $101.0M | $267.3M | $334.8M | $516.4M | $525.9M | $428.3M | $60.1M | $1.07B | $422.6M | $644.8M |
| Depreciation & amortization | $1.02B | $1.06B | $749.9M | $710.6M | $684.3M | $697.1M | $660.0M | $549.5M | $534.7M | $568.1M |
| Stock-based compensation | $14.4M | $31.8M | $14.5M | $26.5M | $18.2M | $17.4M | $18.2M | $16.6M | $14.3M | $22.9M |
| Change in working capital | $105.7M | $44.8M | $82.9M | $118.9M | $26.4M | $108.8M | $21.9M | $46.3M | −$20.0M | $35.0M |
| Other non-cash items | $8.7M | −$330.6M | −$225.8M | −$472.0M | −$459.6M | −$493.1M | $86.0M | −$837.1M | −$104.6M | −$56.7M |
| Cash from operating activities | $1.25B | $1.07B | $956.2M | $900.3M | $795.2M | $758.4M | $846.1M | $848.7M | $847.0M | $1.21B |
| Investing activities | ||||||||||
| Capital expenditures | −$134.0M | −$115.8M | −$113.6M | −$108.5M | −$111.5M | −$639.3M | −$2.00B | −$34.6M | −$23.2M | −$11.3M |
| Investments (net) | — | −$113.8M | −$659.3M | −$876.3M | $12.4M | −$1.01B | −$1.45B | $1.83B | $1.25B | −$410.6M |
| Acquisitions & other investing | −$900.7M | $115.8M | $196.2M | $108.5M | $630.1M | $639.3M | $2.00B | $34.6M | $23.2M | −$7.1M |
| Cash from investing activities | −$1.03B | −$113.8M | −$576.8M | −$876.3M | $531.0M | −$1.01B | −$1.45B | $1.83B | $1.25B | −$429.0M |
| Financing activities | ||||||||||
| Dividends paid | −$849.1M | −$794.8M | −$657.0M | −$648.0M | −$650.1M | −$787.1M | −$720.1M | −$696.9M | −$695.0M | −$979.5M |
| Share repurchases & issuance (net) | −$97.1M | −$190.7M | −$6.5M | −$67.8M | −$12.8M | −$10.5M | −$5.0M | −$3.4M | −$4.8M | −$8.7M |
| Net borrowing (repayment) | $1.11B | $153.2M | $378.1M | $324.6M | −$301.0M | $63.0M | $653.7M | −$2.31B | −$1.37B | −$1.75B |
| Shares issued | $1.1M | $317,000 | $278,000 | $308.1M | $5.0M | $1.07B | $795.6M | $217.7M | $0 | $0 |
| Other financing | −$27.5M | −$109.5M | −$52.1M | −$33.3M | −$329.6M | −$87.8M | −$76.8M | $175.3M | −$79.3M | $1.68B |
| Cash from financing activities | $136.1M | −$941.4M | −$337.3M | −$116.5M | −$1.29B | $246.4M | $647.3M | −$2.62B | −$2.15B | −$1.05B |
| Summary | ||||||||||
| Net change in cash | $353.4M | $15.3M | $42.2M | −$92.6M | $37.8M | −$73.2M | $44.8M | $57.6M | −$54.8M | −$270.1M |
| Cash at end of period | $537.7M | $184.3M | $169.0M | $126.8M | $219.4M | $111.4M | $184.7M | $61.1M | $82.2M | $137.0M |
| Free cash flow | $1.25B | $1.07B | $956.2M | $791.8M | $795.2M | $119.1M | $846.1M | $848.7M | $847.0M | $1.21B |
| Free cash flow margin | 44.4% | 39.6% | 43.8% | 38.4% | 41.9% | 7.2% | 68.2% | 71.2% | 45.8% | 57.0% |
| Capex / revenue | 4.7% | 4.3% | 5.2% | 5.3% | 5.9% | 38.9% | 161.3% | 2.9% | 1.3% | 0.5% |
| Operating cash flow / net income | 12.39 | 4.00 | 2.86 | 1.74 | 1.51 | 1.77 | 14.09 | 0.79 | 2.00 | 1.88 |
| 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 | $63.2M | $199.7M | $121.8M | −$109.8M | $39.0M | $50.1M | $10.7M | $92.7M | $152.7M | $11.2M | $75.4M | $68.7M |
| Depreciation & amortization | $283.4M | $289.7M | $225.3M | $262.3M | $265.9M | $268.5M | $274.5M | $280.0M | $283.5M | $219.2M | $188.5M | $184.6M |
| Stock-based compensation | $9.7M | $4.5M | $4.0M | $4.0M | $1.7M | $4.6M | $3.6M | $3.8M | $4.8M | $19.6M | $3.5M | $3.4M |
| Change in working capital | $80.1M | −$3.8M | $9.1M | $31.4M | $81.7M | −$16.5M | −$9.5M | $29.3M | $26.7M | −$1.8M | $13.6M | $28.9M |
| Other non-cash items | −$75.3M | −$229.2M | −$66.2M | $127.0M | −$24.9M | −$27.3M | $4.3M | −$87.6M | −$151.5M | −$95.7M | −$49.9M | −$32.3M |
| Cash from operating activities | $361.1M | $260.9M | $294.1M | $315.0M | $363.5M | $279.4M | $283.5M | $318.2M | $316.2M | $152.6M | $231.2M | $253.3M |
| Investing activities | ||||||||||||
| Capital expenditures | −$883.6M | −$24.0M | −$57.8M | −$27.3M | −$25.7M | −$203.6M | −$604.3M | −$23.5M | −$35.7M | −$17.5M | −$31.2M | −$24.0M |
| Investments (net) | — | $162.8M | — | −$188.1M | −$210.3M | −$230.7M | −$233.8M | $30.2M | $187.5M | −$97.8M | −$215.7M | −$222.4M |
| Acquisitions & other investing | $1.02B | −$777.5M | −$347.8M | $27.3M | $25.7M | $203.6M | $604.3M | $23.5M | $35.7M | $17.5M | $31.2M | $24.0M |
| Cash from investing activities | $132.6M | −$638.6M | −$405.6M | −$188.1M | −$210.3M | −$230.7M | −$233.8M | $30.2M | $187.5M | −$97.8M | −$215.7M | −$222.4M |
| Financing activities | ||||||||||||
| Dividends paid | −$210.3M | −$212.0M | −$211.9M | −$211.9M | −$211.9M | −$213.5M | −$209.8M | −$209.8M | −$210.9M | −$164.2M | −$164.1M | −$164.0M |
| Share repurchases & issuance (net) | −$100.2M | −$1.4M | −$87,000 | −$17,000 | −$72.1M | −$25.0M | −$326,000 | −$20.1M | −$68.2M | −$102.0M | −$36,000 | $22,000 |
| Net borrowing (repayment) | −$397.7M | $570.3M | $709.8M | $85.0M | $158.3M | $155.6M | $126.3M | −$26.1M | — | — | — | $93.7M |
| Shares issued | $691.8M | $901.4M | $842,000 | $133,000 | $107,000 | $64,000 | $76,000 | $67,000 | $80,000 | $94,000 | $0 | $0 |
| Other financing | −$24.6M | −$152.4M | −$9.2M | −$3.6M | −$3.0M | −$11.7M | −$23.7M | −$9.7M | −$222.5M | $199.5M | $203.6M | −$7.1M |
| Cash from financing activities | −$41.0M | $1.11B | $489.5M | −$130.4M | −$128.6M | −$94.4M | −$107.5M | −$265.7M | −$501.6M | −$66.6M | $39.5M | −$77.4M |
| Summary | ||||||||||||
| Net change in cash | $452.8M | $728.2M | $378.0M | −$3.5M | $24.7M | −$45.7M | −$57.7M | $82.8M | $2.1M | −$11.9M | $55.1M | −$46.6M |
| Cash at end of period | $1.72B | $1.27B | $537.7M | $159.7M | $163.3M | $138.6M | $184.3M | $242.0M | $159.3M | $157.2M | $169.0M | $113.9M |
| Free cash flow | −$522.5M | $236.9M | $294.1M | $287.7M | $363.5M | $279.4M | $283.5M | $318.2M | $316.2M | $152.6M | $231.2M | $253.3M |
| Free cash flow margin | −67.7% | 31.5% | 40.9% | 40.8% | 52.3% | 39.8% | 40.6% | 45.4% | 45.5% | 25.2% | 41.8% | 45.5% |
| Capex / revenue | 114.5% | 3.2% | 8.0% | 3.9% | 3.7% | 29.0% | 86.6% | 3.4% | 5.1% | 2.9% | 5.6% | 4.3% |
| Operating cash flow / net income | 5.71 | 1.31 | 2.41 | — | 9.32 | 5.58 | 26.57 | 3.43 | 2.07 | 13.65 | 3.07 | 3.69 |
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.
DOC cash generation
In fiscal 2025 (ended December 31, 2025), Healthpeak generated $1.3 billion of cash from operations (up 17.0%) and spent $134.0 million on capital expenditures, leaving free cash flow of $1.3 billion, 44.4% of revenue. It returned $946.2 million to shareholders through dividends ($849.1 million) and net share buybacks ($97.1 million). Cash and equivalents rose by $353.4 million over the year.
Related: DOC income statement, DOC balance sheet, DOC dividend history. See the DOC stock overview for the latest quote and news.
DOC cash flow FAQ
What is Healthpeak's free cash flow?
Healthpeak's free cash flow was $1.3 billion in fiscal 2025: $1.3 billion of operating cash flow minus $134.0 million of capital expenditures It was $1.1 billion a year earlier..
How much cash does Healthpeak generate from operations?
Healthpeak generated $1.3 billion of cash from operating activities in fiscal 2025, 12.39 times its net income of $101.0 million.
How much does Healthpeak spend on capital expenditures?
Healthpeak spent $134.0 million on capital expenditures in fiscal 2025, 4.7% of revenue, compared with $115.8 million the year before.
How much stock does Healthpeak buy back?
Healthpeak spent $97.1 million on net share repurchases in fiscal 2025.
How much does Healthpeak pay in dividends?
Healthpeak paid $849.1 million in dividends in fiscal 2025, 67.8% of free cash flow.