Granite Real Estate Investment Trust (GRTUF) Cash Flow Statement
Where GRTUF’s cash came from and went, 2025
December 31, 2025 · Canadian dollars- Cash from operations
- C$388.1M +14.6% vs 2024
- Capital expenditures
- C$117,000 0.0% of revenue
- Free cash flow
- C$388.0M 62.7% margin
- Returned to shareholders
- C$352.8M 91% of free cash flow
- Change in cash
- C$13.4M cash at year-end C$139.6M
Drawn to scale: where the cash came from and how it was used. Hover for values.
GRTUF operating cash flow, capex and free cash flow
GRTUF cash flow trends, 2021–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | C$262.3M2021 | C$388.1M2025 | +10.3%/yr | |
| Capital expenditures | C$589,0002021 | C$117,0002025 | −33.2%/yr | |
| Free cash flow | C$261.7M2021 | C$388.0M2025 | +10.3%/yr | |
| Free cash flow margin | 66.5%2021 | 62.7%2025 | −3.8 pts | |
| Operating cash flow / net income | 0.202021 | 1.132025 | +0.93 | |
| Stock-based compensation | C$12.4M2021 | C$13.7M2025 | +2.4%/yr | |
| Dividends paid | C$191.1M2021 | C$208.1M2025 | +2.2%/yr | |
| Share buybacks (net) | C$02021 | C$144.6M2025 | — | |
| Capex / revenue | 0.1%2021 | 0.0%2025 | −0.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
GRTUF cash flow by activity
GRTUF 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).
GRTUF cash flow statement in Canadian dollars
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Operating activities | |||||
| Net income | C$342.3M | C$360.6M | C$136.7M | C$155.8M | C$1.31B |
| Depreciation & amortization | C$1.2M | C$1.3M | C$1.3M | C$1.6M | C$1.3M |
| Stock-based compensation | C$13.7M | C$5.4M | C$10.2M | −C$167,000 | C$12.4M |
| Change in working capital | C$22.1M | −C$7.7M | −C$4.7M | −C$102,000 | −C$2.0M |
| Other non-cash items | C$8.8M | −C$20.9M | C$169.7M | C$120.4M | −C$1.06B |
| Cash from operating activities | C$388.1M | C$338.6M | C$313.2M | C$277.5M | C$262.3M |
| Investing activities | |||||
| Capital expenditures | −C$117,000 | −C$125,000 | −C$285,000 | −C$807,000 | −C$589,000 |
| Financing activities | |||||
| Dividends paid | −C$208.1M | −C$207.9M | −C$203.9M | −C$202.3M | −C$191.1M |
| Share repurchases & issuance (net) | −C$144.6M | −C$45.8M | −C$27.0M | −C$155.5M | C$0 |
| Net borrowing (repayment) | C$187.0M | −C$29.0M | C$47.2M | C$565.9M | C$243.4M |
| Shares issued | C$0 | C$0 | C$0 | C$13.1M | C$303.1M |
| Other financing | −C$901,000 | C$15.1M | −C$19.5M | −C$6.6M | −C$21.9M |
| Cash from financing activities | −C$166.7M | −C$267.5M | −C$203.1M | C$214.6M | C$333.5M |
| Summary | |||||
| Net change in cash | C$13.4M | C$10.0M | −C$18.9M | −C$267.4M | −C$428.8M |
| Cash at end of period | C$139.6M | C$126.2M | C$116.1M | C$135.1M | C$402.5M |
| Free cash flow | C$388.0M | C$338.5M | C$312.9M | C$276.7M | C$261.7M |
| Free cash flow margin | 62.7% | 59.5% | 60.0% | 60.7% | 66.5% |
| Capex / revenue | 0.0% | 0.0% | 0.1% | 0.2% | 0.1% |
| Operating cash flow / net income | 1.13 | 0.94 | 2.29 | 1.78 | 0.20 |
| Jun '26 | Mar '26 | Dec '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | |
|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||
| Net income | C$70.0M | C$91.2M | C$135.4M | C$95.0M | C$43.9M | C$83.7M | C$111.6M | C$76.2M |
| Depreciation & amortization | C$283,000 | C$283,000 | C$285,000 | C$305,000 | C$314,000 | C$324,000 | C$332,000 | C$338,000 |
| Stock-based compensation | C$7.5M | C$2.8M | C$4.6M | C$1.8M | C$1.4M | −C$712,000 | C$4.8M | −C$660,000 |
| Change in working capital | −C$245,000 | −C$16.5M | C$6.3M | C$3.9M | −C$796,000 | −C$15.3M | C$13.8M | C$3.0M |
| Other non-cash items | −C$308,000 | C$19.8M | −C$62.2M | −C$28.1M | C$64.1M | C$3.2M | −C$23.8M | −C$2.1M |
| Cash from operating activities | C$77.2M | C$97.6M | C$84.4M | C$72.8M | C$108.9M | C$71.2M | C$106.7M | C$76.7M |
| Investing activities | ||||||||
| Capital expenditures | −C$109,000 | C$0 | −C$55,000 | −C$43,000 | C$0 | −C$28,000 | −C$51,000 | C$0 |
| Financing activities | ||||||||
| Dividends paid | −C$53.9M | −C$53.8M | −C$51.5M | −C$52.1M | −C$53.0M | −C$51.8M | −C$51.8M | −C$52.1M |
| Share repurchases & issuance (net) | C$0 | C$0 | −C$54,000 | −C$81.0M | −C$63.6M | −C$1.6M | C$0 | −C$44.2M |
| Net borrowing (repayment) | −C$53.5M | −C$204.7M | C$110.4M | C$80.8M | C$9.1M | −C$28.3M | −C$236,000 | −C$236,000 |
| Shares issued | C$67.2M | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 |
| Other financing | −C$64,000 | −C$963,000 | −C$275,000 | −C$225,000 | −C$401,000 | C$15.7M | C$0 | −C$125,000 |
| Cash from financing activities | −C$40.3M | −C$259.4M | C$58.6M | −C$52.6M | −C$107.9M | −C$66.0M | −C$52.0M | −C$96.6M |
| Summary | ||||||||
| Net change in cash | C$375,000 | −C$45.4M | C$11.7M | −C$36.6M | −C$3.1M | −C$7.3M | C$32.2M | −C$38.7M |
| Cash at end of period | C$94.6M | C$94.2M | C$139.6M | C$86.4M | C$123.1M | C$126.2M | C$133.5M | C$101.3M |
| Free cash flow | C$77.1M | C$97.6M | C$84.3M | C$72.8M | C$108.9M | C$71.2M | C$106.6M | C$76.7M |
| Free cash flow margin | 46.7% | 58.8% | 52.1% | 48.7% | 70.4% | 48.1% | 75.2% | 54.7% |
| Capex / revenue | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating cash flow / net income | 1.10 | 1.07 | 0.62 | 0.77 | 2.48 | 0.85 | 0.96 | 1.01 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported; data from EODHD.
GRTUF cash generation
In fiscal 2025 (ended December 31, 2025), Granite Real Estate Investment generated C$388.1 million of cash from operations (up 14.6%) and spent C$0.1 million on capital expenditures, leaving free cash flow of C$388.0 million, 62.7% of revenue. It returned C$352.8 million to shareholders through dividends (C$208.1 million) and net share buybacks (C$144.6 million). Cash and equivalents rose by C$13.4 million over the year.
Related: GRTUF income statement, GRTUF balance sheet, GRTUF dividend history. See the GRTUF stock overview for the latest quote and news.
GRTUF cash flow FAQ
What is Granite Real Estate Investment's free cash flow?
Granite Real Estate Investment's free cash flow was C$388.0 million in fiscal 2025: C$388.1 million of operating cash flow minus C$0.1 million of capital expenditures It was C$338.5 million a year earlier..
How much cash does Granite Real Estate Investment generate from operations?
Granite Real Estate Investment generated C$388.1 million of cash from operating activities in fiscal 2025, 1.13 times its net income of C$342.3 million.
How much does Granite Real Estate Investment spend on capital expenditures?
Granite Real Estate Investment spent C$0.1 million on capital expenditures in fiscal 2025, 0.0% of revenue, compared with C$0.1 million the year before.
How much stock does Granite Real Estate Investment buy back?
Granite Real Estate Investment spent C$144.6 million on net share repurchases in fiscal 2025.
How much does Granite Real Estate Investment pay in dividends?
Granite Real Estate Investment paid C$208.1 million in dividends in fiscal 2025, 53.6% of free cash flow.