Four Corners Property Trust, Inc. (FCPT) Cash Flow Statement
Where FCPT’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $192.3M +33.4% vs 2024
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- $192.3M 65.4% margin
- Returned to shareholders
- $144.0M 75% of free cash flow
- Change in cash
- $8.1M cash at year-end $12.1M
Cash from operations
$192.3M
Acquisitions & other
−$325.2M
Dividends
−$144.0M
Net borrowing (repayment)
+$70.0M
Shares issued
+$225.2M
Other financing
−$10.2M
Change in cash
$8.1M
Drawn to scale: where the cash came from and how it was used. Hover for values.
FCPT operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
FCPT cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $70.9M2016 | $192.3M2025 | +11.7%/yr | |
| Capital expenditures | $83.3M2016 | $02025 | −100.0% | |
| Free cash flow | −$12.3M2016 | $192.3M2025 | — | |
| Free cash flow margin | −9.9%2016 | 65.4%2025 | +75.3 pts | |
| Operating cash flow / net income | 0.452016 | 1.712025 | +1.26 | |
| Stock-based compensation | $1.6M2016 | $8.9M2025 | +21.4%/yr | |
| Dividends paid | $121.6M2016 | $144.0M2025 | +1.9%/yr | |
| Share buybacks (net) | $02016 | $2.3M2023 | — | |
| Capex / revenue | 67.1%2016 | 0.0%2025 | −67.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
FCPT cash flow by activity
OperatingInvestingFinancingChange in cash
FCPT 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).
FCPT cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $112.5M | $100.6M | $95.5M | $97.9M | $85.7M | $77.6M | $72.9M | $82.9M | $71.9M | $156.8M |
| Depreciation & amortization | $59.6M | $54.5M | $50.7M | $41.5M | $34.8M | $29.4M | $26.3M | $22.4M | $21.8M | $20.6M |
| Stock-based compensation | $8.9M | $7.0M | $6.3M | $5.0M | $3.9M | $3.4M | $3.6M | $4.0M | $2.7M | $1.6M |
| Change in working capital | $5.7M | −$22.5M | $10.9M | $1.7M | −$5.3M | −$22.3M | −$388,000 | −$16.2M | −$9.0M | −$12.3M |
| Other non-cash items | $5.7M | $4.5M | $1.8M | −$4.0M | $3.2M | $3.4M | $2.2M | −$12.2M | −$8.4M | −$95.7M |
| Cash from operating activities | $192.3M | $144.1M | $165.1M | $142.0M | $122.4M | $91.5M | $104.7M | $80.9M | $78.9M | $70.9M |
| Investing activities | ||||||||||
| Capital expenditures | $0 | $0 | $0 | −$296.3M | −$268.4M | −$230.5M | −$207.4M | −$247.0M | −$95.1M | −$83.3M |
| Investments (net) | — | −$272.9M | −$423.4M | −$270.9M | $129,000 | $1.5M | −$2.2M | $81,000 | −$85.3M | −$59.3M |
| Acquisitions & other investing | −$325.2M | $0 | $110.6M | $296.3M | $3.3M | $0 | $2.2M | −$81,000 | $95.1M | $83.3M |
| Cash from investing activities | −$325.2M | −$272.9M | −$312.8M | −$270.9M | −$264.9M | −$229.1M | −$207.4M | −$247.0M | −$85.3M | −$59.3M |
| Financing activities | ||||||||||
| Dividends paid | −$144.0M | −$128.1M | −$119.7M | −$107.5M | −$96.9M | −$86.3M | −$78.5M | −$69.5M | −$58.7M | −$121.6M |
| Share repurchases & issuance (net) | — | — | −$2.3M | $141.7M | $290.5M | $301.5M | −$2.7M | −$393,000 | $161.0M | $640,000 |
| Net borrowing (repayment) | $70.0M | $24.0M | $116.0M | $115.8M | $121.3M | $81.8M | $52.0M | $98.5M | $77.7M | $37.9M |
| Shares issued | $225.2M | $215.9M | $203.8M | $141.8M | $116.5M | $151.7M | $47.2M | $161.9M | $0 | $0 |
| Other financing | −$10.2M | −$3.7M | −$51.6M | −$142.8M | −$293.7M | −$305.1M | −$3.5M | −$456,000 | −$135.8M | $0 |
| Cash from financing activities | $141.0M | $108.1M | $146.2M | $148.9M | $137.7M | $143.6M | $14.5M | $190.0M | $44.2M | −$83.0M |
| Summary | ||||||||||
| Net change in cash | $8.1M | −$20.7M | −$1.5M | $20.0M | −$4.8M | $6.0M | −$88.2M | $23.9M | $37.8M | −$71.4M |
| Cash at end of period | $12.1M | $4.1M | $24.8M | $26.3M | $6.3M | $11.1M | $5.1M | $93.2M | $64.5M | $26.6M |
| Free cash flow | $192.3M | $144.1M | $165.1M | $142.0M | $122.4M | $91.5M | $104.7M | −$166.2M | −$16.2M | −$12.3M |
| Free cash flow margin | 65.4% | 53.8% | 65.9% | 63.6% | 61.4% | 53.5% | 65.3% | −115.7% | −12.1% | −9.9% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 132.7% | 134.6% | 134.9% | 129.4% | 172.0% | 71.4% | 67.1% |
| Operating cash flow / net income | 1.71 | 1.43 | 1.73 | 1.45 | 1.43 | 1.18 | 1.44 | 0.98 | 1.10 | 0.45 |
| 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 | $30.0M | $30.4M | $29.5M | $28.9M | $28.0M | $26.2M | $26.2M | $25.6M | $24.7M | $24.1M | $24.4M | $24.2M |
| Depreciation & amortization | $16.6M | $16.2M | $15.5M | $15.1M | $14.6M | $14.4M | $14.1M | $13.6M | $13.3M | $13.5M | $13.3M | $13.4M |
| Stock-based compensation | $2.5M | $2.6M | $1.9M | $2.2M | $2.0M | $2.8M | $1.8M | $1.8M | $1.7M | $1.6M | $1.5M | $1.5M |
| Change in working capital | $707,000 | −$3.3M | −$863,000 | $1.6M | −$2.1M | $7.0M | −$9.8M | $1.3M | −$1.2M | −$12.7M | −$3.7M | $3.4M |
| Other non-cash items | $943,000 | $1.3M | $2.0M | $1.2M | $1.2M | $1.2M | $1.1M | $1.1M | $1.1M | $1.1M | $857,000 | $616,000 |
| Cash from operating activities | $50.7M | $47.2M | $48.0M | $48.9M | $43.8M | $51.6M | $33.4M | $43.4M | $39.7M | $27.6M | $36.4M | $43.1M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Investments (net) | — | — | — | −$83.6M | −$86.6M | −$58.1M | −$136.2M | −$73.4M | −$47.0M | −$16.4M | −$8.4M | −$121.2M |
| Acquisitions & other investing | −$62.8M | −$27.3M | −$97.0M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash from investing activities | −$62.8M | −$27.3M | −$97.0M | −$83.6M | −$86.6M | −$58.1M | −$136.2M | −$73.4M | −$47.0M | −$16.4M | −$8.4M | −$121.2M |
| Financing activities | ||||||||||||
| Dividends paid | −$40.1M | −$39.6M | −$37.0M | −$36.2M | −$35.4M | −$35.4M | −$33.2M | −$31.7M | −$31.7M | −$31.5M | −$30.7M | −$30.7M |
| Share repurchases & issuance (net) | −$1,000 | — | — | $3.2M | — | −$3.2M | — | — | — | −$2.1M | $2.3M | — |
| Net borrowing (repayment) | $50.0M | $0 | −$11.0M | $11.0M | $0 | $70.0M | $5.0M | −$27.0M | — | — | — | $115.0M |
| Shares issued | $0 | $39.1M | $102.4M | $60.8M | $62.0M | $0 | $90.6M | $116.0M | $2.4M | $6.9M | $25.2M | $0 |
| Other financing | −$2.5M | −$2.0M | −$42,000 | −$3.4M | −$40,000 | −$6.8M | −$40,000 | −$62,000 | $27.0M | $17.6M | −$16.3M | −$1.1M |
| Cash from financing activities | $7.3M | −$2.4M | $54.4M | $35.4M | $26.5M | $24.7M | $62.3M | $57.3M | −$2.3M | −$9.2M | −$19.5M | $83.1M |
| Summary | ||||||||||||
| Net change in cash | −$4.9M | $17.5M | $5.4M | $744,000 | −$16.3M | $18.2M | −$40.4M | $27.3M | −$9.6M | $2.0M | $10.6M | $5.1M |
| Cash at end of period | $24.8M | $29.6M | $12.1M | $6.7M | $6.0M | $22.3M | $4.1M | $44.5M | $17.2M | $26.8M | $16.3M | $16.3M |
| Free cash flow | $50.7M | $47.2M | $48.0M | $48.9M | $43.8M | $51.6M | $33.4M | $43.4M | $39.7M | $27.6M | $36.4M | $43.1M |
| Free cash flow margin | 64.6% | 60.3% | 63.5% | 66.0% | 60.1% | 72.1% | 48.9% | 65.0% | 59.7% | 41.6% | 55.9% | 66.5% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating cash flow / net income | 1.69 | 1.55 | 1.63 | 1.69 | 1.57 | 1.97 | 1.28 | 1.69 | 1.61 | 1.15 | 1.49 | 1.78 |
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.
FCPT cash generation
In fiscal 2025 (ended December 31, 2025), Four Corners Property generated $192.3 million of cash from operations (up 33.4%) and spent $0 on capital expenditures, leaving free cash flow of $192.3 million, 65.4% of revenue. It returned $144.0 million to shareholders through dividends ($144.0 million) and net share buybacks ($0). Cash and equivalents rose by $8.1 million over the year.
Related: FCPT income statement, FCPT balance sheet, FCPT dividend history. See the FCPT stock overview for the latest quote and news.
FCPT cash flow FAQ
What is Four Corners Property's free cash flow?
Four Corners Property's free cash flow was $192.3 million in fiscal 2025: $192.3 million of operating cash flow minus $0 of capital expenditures It was $144.1 million a year earlier..
How much cash does Four Corners Property generate from operations?
Four Corners Property generated $192.3 million of cash from operating activities in fiscal 2025, 1.71 times its net income of $112.5 million.
How much does Four Corners Property pay in dividends?
Four Corners Property paid $144.0 million in dividends in fiscal 2025, 74.9% of free cash flow.