Global Net Lease, Inc. (GNL) Cash Flow Statement
Where GNL’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $222.8M −25.6% vs 2024
- Capital expenditures
- $33.4M 6.7% of revenue
- Free cash flow
- $189.4M 38.0% margin
- Returned to shareholders
- $357.9M 189% of free cash flow
- Change in cash
- −$30.1M cash at year-end $194.1M
Drawn to scale: where the cash came from and how it was used. Hover for values.
GNL operating cash flow, capex and free cash flow
GNL cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $114.4M2016 | $222.8M2025 | +7.7%/yr | |
| Capital expenditures | $200,0002016 | $33.4M2025 | +76.6%/yr | |
| Free cash flow | $114.2M2016 | $189.4M2025 | +5.8%/yr | |
| Free cash flow margin | 53.3%2016 | 38.0%2025 | −15.3 pts | |
| Operating cash flow / net income | 2.402016 | 15.122022 | +12.72 | |
| Stock-based compensation | $3.7M2016 | $12.5M2025 | +14.3%/yr | |
| Dividends paid | $120.4M2016 | $235.8M2025 | +7.8%/yr | |
| Share buybacks (net) | $02016 | $122.1M2025 | — | |
| Capex / revenue | 0.1%2016 | 6.7%2025 | +6.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
GNL cash flow by activity
GNL 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).
GNL cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$225.5M | −$131.6M | −$211.9M | $12.0M | $11.4M | $10.8M | $46.5M | $10.9M | $23.6M | $47.6M |
| Depreciation & amortization | $230.7M | $369.1M | $233.7M | $158.9M | $167.7M | $142.8M | $131.2M | $125.2M | $118.3M | $97.0M |
| Stock-based compensation | $12.5M | $8.9M | $39.2M | $12.1M | $11.0M | $10.1M | $9.5M | $2.6M | −$3.8M | $3.7M |
| Change in working capital | −$16.0M | −$31.5M | $7.6M | −$14.2M | $8.4M | $4.6M | −$22.6M | $2.3M | −$10.9M | −$2.7M |
| Other non-cash items | $221.1M | $84.5M | $75.1M | $13.0M | −$6.0M | $8.7M | −$18.6M | $3.5M | $3.8M | −$31.2M |
| Cash from operating activities | $222.8M | $299.5M | $143.7M | $181.8M | $192.5M | $176.9M | $146.0M | $144.6M | $131.0M | $114.4M |
| Investing activities | ||||||||||
| Capital expenditures | −$33.4M | −$45.6M | −$47.3M | −$29.9M | −$7.9M | −$6.4M | −$17.3M | −$1.5M | −$3.1M | −$200,000 |
| Investments (net) | — | $759.9M | −$523.1M | −$16.5M | −$436.6M | −$470.5M | −$2.8M | −$561,000 | $10.6M | $134.1M |
| Acquisitions & other investing | $1.84B | $45.6M | $18.5M | $29.9M | $7.9M | $6.4M | −$274.3M | −$455.9M | −$86.5M | $200,000 |
| Cash from investing activities | $1.80B | $759.9M | −$551.9M | −$16.5M | −$436.6M | −$470.5M | −$294.5M | −$457.9M | −$79.0M | $134.1M |
| Financing activities | ||||||||||
| Dividends paid | −$235.8M | −$316.2M | −$233.2M | −$187.1M | −$176.0M | −$172.5M | −$161.5M | −$157.3M | −$143.1M | −$120.4M |
| Share repurchases & issuance (net) | −$122.1M | −$1.0M | −$1.2M | −$686,000 | −$156,000 | −$470,000 | $1.03B | −$227,000 | $1.19B | $0 |
| Net borrowing (repayment) | −$1.69B | −$670.4M | $713.5M | $32.9M | $175.6M | $303.9M | $86.0M | $298.5M | −$35.5M | −$118.5M |
| Shares issued | $0 | $0 | $0 | $5.6M | $229.9M | $10.2M | $376.1M | $171.8M | $0 | $0 |
| Other financing | −$15.3M | −$7.7M | −$10.1M | −$400,000 | −$11.0M | −$441,000 | −$1.03B | −$585,000 | −$1.04B | −$2.0M |
| Cash from financing activities | −$2.06B | −$995.4M | $469.0M | −$149.7M | $218.3M | $140.7M | $300.0M | $312.2M | −$30.7M | −$240.9M |
| Summary | ||||||||||
| Net change in cash | −$30.1M | $61.8M | $58.0M | $11.1M | −$32.4M | −$148.6M | $170.6M | −$4.0M | $30.4M | −$107,000 |
| Cash at end of period | $194.1M | $224.2M | $162.4M | $104.4M | $93.3M | $125.7M | $274.3M | $103.7M | $107.7M | $69.8M |
| Free cash flow | $189.4M | $253.8M | $96.4M | $151.9M | $184.6M | $170.5M | $128.7M | $143.1M | $127.8M | $114.2M |
| Free cash flow margin | 38.0% | 31.5% | 18.7% | 40.1% | 47.2% | 51.6% | 42.0% | 50.7% | 49.3% | 53.3% |
| Capex / revenue | 6.7% | 5.7% | 9.2% | 7.9% | 2.0% | 1.9% | 5.7% | 0.5% | 1.2% | 0.1% |
| Operating cash flow / net income | — | — | — | 15.12 | 16.94 | 16.41 | 3.14 | 13.27 | 5.55 | 2.40 |
| 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 | $3.5M | −$5.1M | $48.2M | −$60.1M | −$35.1M | −$189.4M | −$6.6M | −$65.6M | −$35.7M | −$23.8M | −$48.6M | −$136.2M |
| Depreciation & amortization | $43.2M | $41.6M | $46.2M | $46.7M | $47.7M | $90.2M | $87.5M | $90.0M | $94.5M | $97.1M | $103.6M | $51.9M |
| Stock-based compensation | $3.9M | $4.0M | $3.0M | $3.1M | $3.3M | $3.1M | $2.3M | $2.3M | $2.3M | $2.0M | $22.9M | $10.4M |
| Change in working capital | $9.3M | −$8.9M | $10.9M | −$4.9M | −$7.1M | −$14.9M | −$6.4M | −$20.6M | −$15.0M | $10.5M | −$17.3M | −$6.9M |
| Other non-cash items | $7.2M | $8.0M | −$52.7M | $71.4M | $43.2M | $170.2M | −$2.0M | $56.1M | $24.2M | $6.4M | −$4.8M | $84.3M |
| Cash from operating activities | $67.1M | $39.7M | $55.6M | $56.0M | $52.0M | $59.2M | $74.8M | $62.1M | $70.4M | $92.2M | $55.8M | $3.6M |
| Investing activities | ||||||||||||
| Capital expenditures | −$1.8M | −$1.6M | −$7.2M | −$6.6M | −$9.8M | −$9.8M | −$12.8M | −$14.3M | −$10.5M | −$8.0M | −$17.7M | −$18.4M |
| Investments (net) | — | — | — | $131.0M | $353.3M | $900.7M | $244.6M | $234.2M | $246.0M | $35.2M | $1.9M | −$461.3M |
| Acquisitions & other investing | $89.4M | $71.6M | $427.0M | $6.6M | $9.8M | $9.8M | $12.8M | $14.3M | $10.5M | $8.0M | $17.7M | −$74.1M |
| Cash from investing activities | $87.6M | $70.0M | $419.9M | $131.0M | $353.3M | $900.7M | $244.6M | $234.2M | $246.0M | $35.2M | $1.9M | −$553.8M |
| Financing activities | ||||||||||||
| Dividends paid | −$51.5M | −$52.2M | −$53.2M | −$53.3M | −$54.4M | −$74.9M | −$74.7M | −$74.4M | −$74.4M | −$92.7M | −$92.6M | −$47.1M |
| Share repurchases & issuance (net) | −$49.5M | −$39.9M | −$38.4M | −$7.1M | −$57.2M | −$19.4M | −$486,000 | −$128,000 | −$369,000 | −$55,000 | −$235,000 | −$770,000 |
| Net borrowing (repayment) | −$60.9M | −$73.0M | −$387.9M | −$87.8M | −$333.4M | −$881.3M | −$189.8M | −$205.7M | — | — | — | $590.4M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $38.0M | $0 | −$19,000 | −$15.3M | $0 | $0 | −$32,000 | −$32,000 | −$267.4M | −$15.2M | $24.9M | −$9.7M |
| Cash from financing activities | −$123.9M | −$165.2M | −$479.5M | −$163.5M | −$445.0M | −$975.6M | −$265.0M | −$280.3M | −$342.2M | −$107.9M | −$68.0M | $532.8M |
| Summary | ||||||||||||
| Net change in cash | $30.5M | −$56.6M | −$8.5M | $20.5M | −$24.0M | −$18.0M | $43.4M | $8.3M | −$11.2M | $21.3M | −$16.0M | $73.3M |
| Cash at end of period | $168.0M | $137.5M | $194.1M | $202.6M | $182.1M | $206.2M | $224.2M | $180.8M | $172.5M | $183.7M | $162.4M | $178.4M |
| Free cash flow | $65.3M | $38.1M | $48.4M | $49.4M | $42.2M | $49.4M | $62.0M | $47.8M | $59.9M | $84.2M | $38.1M | −$14.8M |
| Free cash flow margin | 58.1% | 34.9% | 41.4% | 40.8% | 33.8% | 37.3% | 31.1% | 24.3% | 41.1% | 56.9% | 18.4% | −12.5% |
| Capex / revenue | 1.6% | 1.4% | 6.1% | 5.5% | 7.9% | 7.4% | 6.5% | 7.3% | 7.2% | 5.4% | 8.6% | 15.6% |
| Operating cash flow / net income | 19.25 | — | 1.15 | — | — | — | — | — | — | — | — | — |
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.
GNL cash generation
In fiscal 2025 (ended December 31, 2025), Global Net Lease generated $222.8 million of cash from operations (down 25.6%) and spent $33.4 million on capital expenditures, leaving free cash flow of $189.4 million, 38.0% of revenue. It returned $357.9 million to shareholders through dividends ($235.8 million) and net share buybacks ($122.1 million). Cash and equivalents fell by $30.1 million over the year.
Related: GNL income statement, GNL balance sheet, GNL dividend history. See the GNL stock overview for the latest quote and news.
GNL cash flow FAQ
What is Global Net Lease's free cash flow?
Global Net Lease's free cash flow was $189.4 million in fiscal 2025: $222.8 million of operating cash flow minus $33.4 million of capital expenditures It was $253.8 million a year earlier..
How much cash does Global Net Lease generate from operations?
Global Net Lease generated $222.8 million of cash from operating activities in fiscal 2025.
How much does Global Net Lease spend on capital expenditures?
Global Net Lease spent $33.4 million on capital expenditures in fiscal 2025, 6.7% of revenue, compared with $45.6 million the year before.
How much stock does Global Net Lease buy back?
Global Net Lease spent $122.1 million on net share repurchases in fiscal 2025.
How much does Global Net Lease pay in dividends?
Global Net Lease paid $235.8 million in dividends in fiscal 2025, 124.5% of free cash flow.