JBG SMITH Properties (JBGS) Cash Flow Statement
Where JBGS’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $73.3M −43.4% vs 2024
- Capital expenditures
- $122.3M 24.5% of revenue
- Free cash flow
- −$49.0M −9.8% margin
- Returned to shareholders
- $492.1M
- Change in cash
- −$79.9M cash at year-end $103.3M
Drawn to scale: where the cash came from and how it was used. Hover for values.
JBGS operating cash flow, capex and free cash flow
JBGS cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $159.5M2016 | $73.3M2025 | −8.3%/yr | |
| Capital expenditures | $237.8M2016 | $122.3M2025 | −7.1%/yr | |
| Free cash flow | −$78.3M2016 | −$49.0M2025 | — | |
| Free cash flow margin | −16.4%2016 | −9.8%2025 | +6.5 pts | |
| Operating cash flow / net income | 2.572016 | 1.802022 | −0.78 | |
| Stock-based compensation | $4.5M2016 | $24.9M2025 | +20.9%/yr | |
| Dividends paid | $3.8M2016 | $48.4M2025 | +32.8%/yr | |
| Share buybacks (net) | $02016 | $443.7M2025 | — | |
| Capex / revenue | 49.7%2016 | 24.5%2025 | −25.2 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
JBGS cash flow by activity
JBGS 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).
JBGS cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$139.1M | −$177.8M | −$91.7M | $99.0M | −$89.7M | −$67.3M | $74.1M | $46.6M | −$79.1M | $62.0M |
| Depreciation & amortization | $197.5M | $215.0M | $215.6M | $217.8M | $240.5M | $225.6M | $195.8M | $215.7M | $164.6M | $135.1M |
| Stock-based compensation | $24.9M | $29.5M | $32.1M | $41.3M | $51.6M | $66.1M | $65.3M | $52.7M | $33.7M | $4.5M |
| Change in working capital | −$5.2M | $9.4M | −$22.5M | −$15.2M | $633,000 | −$47.0M | −$43.5M | −$47.3M | −$16.8M | −$38.1M |
| Other non-cash items | −$4.8M | $53.3M | $49.9M | −$164.8M | $14.7M | −$8.3M | −$117.8M | −$79.5M | −$28.2M | −$3.9M |
| Cash from operating activities | $73.3M | $129.4M | $183.4M | $178.0M | $217.6M | $169.0M | $174.0M | $188.2M | $74.2M | $159.5M |
| Investing activities | ||||||||||
| Capital expenditures | −$122.3M | −$218.0M | −$333.7M | −$326.7M | −$173.2M | −$307.5M | −$441.0M | −$3.9M | −$210.6M | −$237.8M |
| Investments (net) | −$3.2M | $144.2M | −$98.2M | $524.0M | −$1.6M | $56.4M | −$12.0M | $62.4M | −$7.7M | −$256.6M |
| Acquisitions & other investing | $482.8M | $218.0M | $333.7M | $326.7M | −$194.0M | $83.4M | $212.3M | $7.8M | $210.6M | $237.8M |
| Cash from investing activities | $357.3M | $144.2M | −$98.2M | $524.0M | −$368.7M | −$167.7M | −$240.7M | $66.3M | −$7.7M | −$256.6M |
| Financing activities | ||||||||||
| Dividends paid | −$48.4M | −$62.0M | −$94.0M | −$107.7M | −$118.1M | −$120.0M | −$129.8M | −$107.4M | −$26.5M | −$3.8M |
| Share repurchases & issuance (net) | −$443.7M | −$170.8M | −$335.3M | −$361.0M | −$157.7M | −$104.8M | $203.7M | $597,000 | $160.5M | $160.2M |
| Net borrowing (repayment) | −$104.7M | $12.9M | $295.3M | −$246.1M | $464.4M | $361.2M | −$517.5M | −$63.7M | $129.6M | $55.1M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $472.8M | $597,000 | $0 | $0 |
| Other financing | $86.3M | −$71.0M | −$24.8M | −$15.3M | $1.3M | −$16.9M | −$219.5M | −$23.6M | −$23.8M | −$160.5M |
| Cash from financing activities | −$510.5M | −$290.8M | −$158.8M | −$730.1M | $189.9M | $119.5M | −$190.3M | −$193.5M | $239.8M | $51.1M |
| Summary | ||||||||||
| Net change in cash | −$79.9M | −$17.2M | −$73.6M | −$28.0M | $38.8M | $120.8M | −$257.0M | $61.0M | $306.3M | −$46.0M |
| Cash at end of period | $103.3M | $183.2M | $200.4M | $274.1M | $302.1M | $263.3M | $142.5M | $399.5M | $338.6M | $29.0M |
| Free cash flow | −$49.0M | −$88.6M | −$150.4M | −$148.7M | $44.4M | −$138.5M | −$267.0M | $192.1M | −$136.4M | −$78.3M |
| Free cash flow margin | −9.8% | −16.2% | −24.9% | −24.5% | 7.0% | −23.0% | −41.3% | 29.8% | −25.1% | −16.4% |
| Capex / revenue | 24.5% | 39.8% | 55.2% | 53.9% | 27.3% | 51.0% | 68.2% | 0.6% | 38.8% | 49.7% |
| Operating cash flow / net income | — | — | — | 1.80 | — | — | 2.35 | 4.04 | — | 2.57 |
| 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 | −$72.4M | −$23.0M | −$30.7M | −$35.0M | −$23.2M | −$53.7M | −$70.8M | −$31.3M | −$33.4M | −$32.3M | −$37.7M | −$66.1M |
| Depreciation & amortization | $46.8M | $45.3M | $48.6M | $50.1M | $49.4M | $49.4M | $51.6M | $51.8M | $53.0M | $58.5M | $59.6M | $51.5M |
| Stock-based compensation | $8.9M | $8.0M | $12.7M | $5.0M | $7.7M | $7.2M | $3.4M | $5.1M | $11.5M | $9.5M | $5.1M | $6.5M |
| Change in working capital | −$5.5M | −$9.9M | $9.8M | −$11.4M | −$4.2M | −$9.0M | $23.2M | −$2.1M | −$9.3M | −$2.3M | $12.3M | −$28.7M |
| Other non-cash items | $42.0M | −$17.0M | −$8.1M | $218,000 | −$10.9M | $19.0M | $34.9M | $2.9M | $2.0M | $3.6M | $29.2M | $62.3M |
| Cash from operating activities | $19.8M | $3.4M | $32.4M | $8.9M | $18.8M | $12.9M | $42.2M | $26.4M | $23.8M | $37.0M | $68.5M | $25.5M |
| Investing activities | ||||||||||||
| Capital expenditures | −$19.9M | −$23.2M | −$33.3M | −$29.8M | −$33.3M | −$29.1M | −$46.0M | −$58.6M | −$65.5M | −$48.0M | −$92.4M | −$76.6M |
| Investments (net) | $1.8M | $1.9M | $2.3M | $126.4M | $109.4M | $161.3M | $61.7M | $20.4M | −$61.6M | $123.6M | $25.1M | $12.3M |
| Acquisitions & other investing | $8.7M | $44.6M | −$108.6M | $29.8M | $33.3M | $29.1M | $46.0M | $58.6M | $65.5M | $48.0M | $92.4M | $76.6M |
| Cash from investing activities | −$9.5M | $23.2M | −$139.6M | $126.4M | $109.4M | $161.3M | $61.7M | $20.4M | −$61.6M | $123.6M | $25.1M | $12.3M |
| Financing activities | ||||||||||||
| Dividends paid | −$10.2M | −$10.4M | −$10.4M | −$10.8M | −$12.4M | −$14.8M | −$14.8M | −$15.0M | −$16.1M | −$16.1M | −$21.5M | −$23.0M |
| Share repurchases & issuance (net) | −$3.0M | −$25.4M | −$7.9M | −$62.9M | −$225.3M | −$147.6M | −$2.4M | −$52.0M | −$66.9M | −$49.4M | −$61.5M | −$118.0M |
| Net borrowing (repayment) | $1.3M | $25.0M | $45.4M | −$60.2M | −$24.0M | −$65.8M | −$42.0M | −$11.1M | — | — | — | $64.2M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$5.2M | −$4.3M | $95.5M | −$4.4M | $104.1M | −$8.9M | −$31.7M | −$4.5M | $66.5M | −$35.3M | $21.1M | $5.0M |
| Cash from financing activities | −$17.1M | −$15.1M | $122.7M | −$138.5M | −$157.6M | −$237.1M | −$90.9M | −$82.6M | −$16.5M | −$100.8M | −$61.9M | −$71.8M |
| Summary | ||||||||||||
| Net change in cash | −$6.8M | $11.6M | $15.5M | −$3.2M | −$29.4M | −$62.9M | $13.0M | −$35.8M | −$54.4M | $59.8M | $31.7M | −$34.1M |
| Cash at end of period | $108.1M | $114.9M | $103.3M | $87.8M | $91.0M | $120.3M | $183.2M | $170.1M | $205.9M | $260.3M | $200.4M | $168.8M |
| Free cash flow | −$97,000 | −$19.8M | $65.7M | −$20.9M | −$14.5M | −$16.2M | −$3.8M | −$32.2M | −$41.7M | −$10.9M | −$23.9M | −$51.1M |
| Free cash flow margin | −0.1% | −15.5% | 51.5% | −16.9% | −11.5% | −13.4% | −2.9% | −23.7% | −30.8% | −7.5% | −16.2% | −34.2% |
| Capex / revenue | 15.4% | 18.2% | 26.1% | 24.0% | 26.3% | 24.1% | 35.2% | 43.1% | 48.4% | 33.0% | 62.6% | 51.3% |
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.
JBGS cash generation
In fiscal 2025 (ended December 31, 2025), JBG SMITH Properties generated $73.3 million of cash from operations (down 43.4%) and spent $122.3 million on capital expenditures, leaving free cash flow of -$49.0 million, −9.8% of revenue. It returned $492.1 million to shareholders through dividends ($48.4 million) and net share buybacks ($443.7 million). Cash and equivalents fell by $79.9 million over the year.
Related: JBGS income statement, JBGS balance sheet, JBGS dividend history. See the JBGS stock overview for the latest quote and news.
JBGS cash flow FAQ
What is JBG SMITH Properties's free cash flow?
JBG SMITH Properties's free cash flow was -$49.0 million in fiscal 2025: $73.3 million of operating cash flow minus $122.3 million of capital expenditures It was -$88.6 million a year earlier..
How much cash does JBG SMITH Properties generate from operations?
JBG SMITH Properties generated $73.3 million of cash from operating activities in fiscal 2025.
How much does JBG SMITH Properties spend on capital expenditures?
JBG SMITH Properties spent $122.3 million on capital expenditures in fiscal 2025, 24.5% of revenue, compared with $218.0 million the year before.
How much stock does JBG SMITH Properties buy back?
JBG SMITH Properties spent $443.7 million on net share repurchases in fiscal 2025.
How much does JBG SMITH Properties pay in dividends?
JBG SMITH Properties paid $48.4 million in dividends in fiscal 2025.