Regency Centers Corporation (REG) Cash Flow Statement
Where REG’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $827.7M +4.7% vs 2024
- Capital expenditures
- $435.1M 28.0% of revenue
- Free cash flow
- $394.0M 25.3% margin
- Returned to shareholders
- $534.1M 136% of free cash flow
- Change in cash
- $58.8M cash at year-end $120.7M
Drawn to scale: where the cash came from and how it was used. Hover for values.
REG operating cash flow, capex and free cash flow
REG cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $289.4M2016 | $827.7M2025 | +12.4%/yr | |
| Capital expenditures | $234.6M2016 | $435.1M2025 | +7.1%/yr | |
| Free cash flow | $54.8M2016 | $394.0M2025 | +24.5%/yr | |
| Free cash flow margin | 8.9%2016 | 25.3%2025 | +16.4 pts | |
| Operating cash flow / net income | 1.732016 | 1.532025 | −0.20 | |
| Stock-based compensation | $10.7M2016 | $19.5M2025 | +6.9%/yr | |
| Dividends paid | $222.1M2016 | $525.2M2025 | +10.0%/yr | |
| Share buybacks (net) | $8.0M2016 | $8.8M2025 | +1.1%/yr | |
| Capex / revenue | 38.2%2016 | 28.0%2025 | −10.2 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
REG cash flow by activity
REG 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).
REG cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $541.0M | $409.8M | $370.9M | $488.0M | $366.3M | $47.3M | $243.3M | $252.3M | $179.0M | $167.0M |
| Depreciation & amortization | $382.8M | $372.0M | $323.2M | $298.7M | $280.4M | $305.4M | $330.4M | $326.4M | $311.1M | $158.4M |
| Stock-based compensation | $19.5M | $23.5M | $20.1M | $16.5M | $12.5M | $13.6M | $14.3M | $13.6M | $20.5M | $10.7M |
| Change in working capital | −$40.8M | −$26.8M | −$17.2M | −$46.7M | −$20.7M | $6.1M | −$8.0M | −$25.1M | −$34.5M | −$21.4M |
| Other non-cash items | −$74.7M | $11.6M | $22.7M | −$100.7M | $20.9M | $126.7M | $41.3M | $43.1M | −$5.0M | −$25.3M |
| Cash from operating activities | $827.7M | $790.2M | $719.6M | $655.8M | $659.4M | $499.1M | $621.3M | $610.3M | $471.1M | $289.4M |
| Investing activities | ||||||||||
| Capital expenditures | −$435.1M | −$343.4M | −$195.3M | −$4.9M | −$262.7M | −$24.4M | −$220.7M | −$45.9M | −$328.3M | −$234.6M |
| Investments (net) | $3.7M | −$326.6M | −$325.8M | $51.0M | $99.8M | $25.7M | −$282.7M | −$106.0M | −$1.01B | −$409.7M |
| Acquisitions & other investing | $10.3M | $343.4M | $179.1M | −$252.2M | −$123.4M | −$27.0M | $231.4M | $45.9M | $328.3M | $234.6M |
| Cash from investing activities | −$421.1M | −$326.6M | −$342.0M | −$206.1M | −$286.4M | −$25.6M | −$272.0M | −$106.0M | −$1.01B | −$409.7M |
| Financing activities | ||||||||||
| Dividends paid | −$525.2M | −$504.0M | −$456.5M | −$428.3M | −$403.1M | −$300.5M | −$390.6M | −$376.0M | −$327.7M | −$222.1M |
| Share repurchases & issuance (net) | −$8.8M | −$219.6M | −$36.9M | −$81.9M | −$4.1M | −$5.5M | −$39.0M | −$220.6M | −$18.6M | −$8.0M |
| Net borrowing (repayment) | $120.8M | $255.4M | $138.7M | −$18.1M | −$325.7M | −$26.3M | $165.8M | $113.2M | $1.19B | −$210.2M |
| Shares issued | $98.7M | $210,000 | $66,000 | $61.3M | $82.6M | $125.9M | $9,000 | $99,000 | $0 | $0 |
| Other financing | −$33.2M | −$25.0M | −$432,000 | −$9.1M | −$6.2M | −$4.1M | −$4.4M | −$25.2M | −$270.9M | $537.0M |
| Cash from financing activities | −$347.8M | −$493.0M | −$355.0M | −$476.0M | −$656.5M | −$210.6M | −$268.2M | −$508.5M | $568.9M | $96.7M |
| Summary | ||||||||||
| Net change in cash | $58.8M | −$29.5M | $22.6M | −$26.3M | −$283.4M | $262.9M | $70.4M | −$4.2M | $32.1M | −$23.6M |
| Cash at end of period | $120.7M | $61.9M | $91.4M | $68.8M | $95.0M | $378.4M | $115.6M | $45.2M | $45.4M | $13.3M |
| Free cash flow | $394.0M | $447.3M | $525.6M | $660.7M | $396.7M | $523.5M | $400.6M | $564.5M | $142.9M | $54.8M |
| Free cash flow margin | 25.3% | 29.8% | 38.4% | 52.0% | 32.9% | 50.0% | 35.4% | 50.4% | 14.5% | 8.9% |
| Capex / revenue | 28.0% | 22.8% | 14.3% | 0.4% | 21.8% | 2.3% | 19.5% | 4.1% | 33.4% | 38.2% |
| Operating cash flow / net income | 1.53 | 1.93 | 1.94 | 1.34 | 1.80 | 10.55 | 2.55 | 2.42 | 2.63 | 1.73 |
| 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 | $119.7M | $132.8M | $208.1M | $112.6M | $108.3M | $109.6M | $88.7M | $103.6M | $104.9M | $109.8M | $92.0M | $90.7M |
| Depreciation & amortization | $108.8M | $106.4M | $100.3M | $97.6M | $94.3M | $90.6M | $89.9M | $95.8M | $94.1M | $92.3M | $91.4M | $79.8M |
| Stock-based compensation | $5.3M | $5.3M | $4.6M | $5.0M | $4.9M | $5.0M | $4.7M | $6.3M | $6.2M | $6.3M | $5.9M | $5.3M |
| Change in working capital | $46.7M | −$77.4M | −$21.2M | $4.6M | $27.2M | −$51.3M | −$16.0M | $26.3M | $2.7M | −$39.8M | −$23.4M | $11.5M |
| Other non-cash items | $697,000 | −$14.4M | −$87.9M | −$1.1M | $9.3M | $7.2M | $24.1M | −$4.3M | −$4.5M | −$725,000 | $6.0M | $25.7M |
| Cash from operating activities | $281.3M | $152.7M | $203.9M | $218.7M | $244.0M | $161.0M | $191.4M | $227.6M | $203.5M | $167.9M | $171.9M | $213.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$106.9M | −$105.1M | −$127.8M | $0 | $0 | $0 | −$167.3M | −$102.5M | −$58.6M | −$43.9M | −$115.7M | −$57.8M |
| Investments (net) | — | $2.0M | $50.0M | −$32.0M | −$192.5M | −$180.1M | −$117.6M | −$94.9M | $28.2M | −$142.3M | −$110.5M | −$140.1M |
| Acquisitions & other investing | −$17.3M | $8.1M | $61.4M | $0 | $0 | $0 | $167.3M | $102.5M | $58.6M | $43.9M | $115.7M | $57.8M |
| Cash from investing activities | −$124.2M | −$94.9M | −$16.4M | −$32.0M | −$192.5M | −$180.1M | −$117.6M | −$94.9M | $28.2M | −$142.3M | −$110.5M | −$140.1M |
| Financing activities | ||||||||||||
| Dividends paid | −$3.4M | −$279.3M | −$131.7M | −$129.7M | −$132.0M | −$131.9M | −$124.8M | −$123.8M | −$127.8M | −$126.9M | −$123.9M | −$110.4M |
| Share repurchases & issuance (net) | $8.7M | −$8.7M | −$2.1M | $2.0M | −$2.1M | −$6.8M | −$10.8M | $208.8M | −$200.1M | −$8.7M | −$9.2M | −$32,000 |
| Net borrowing (repayment) | — | $266.0M | −$189.2M | −$24.3M | $159.6M | $174.7M | $12.1M | $31.0M | — | — | — | — |
| Shares issued | $0 | $8,000 | $49.0M | $49.2M | $0 | $462,000 | $0 | $0 | $0 | $210,000 | $37,000 | $38,000 |
| Other financing | −$116.3M | −$10.8M | $1.4M | −$33.1M | −$799,000 | −$727,000 | −$3.3M | −$213.8M | −$53.9M | $248.8M | $81.8M | $75.4M |
| Cash from financing activities | −$111.0M | −$32.8M | −$272.5M | −$135.9M | $24.8M | $35.8M | −$126.8M | −$97.8M | −$381.8M | $113.3M | −$51.2M | −$34.9M |
| Summary | ||||||||||||
| Net change in cash | $46.1M | $25.0M | −$84.9M | $50.8M | $76.3M | $16.7M | −$52.9M | $34.9M | −$150.2M | $138.7M | $10.3M | $38.0M |
| Cash at end of period | $191.6M | $145.6M | $120.7M | $205.6M | $154.8M | $78.5M | $61.9M | $114.8M | $79.9M | $230.1M | $91.4M | $81.1M |
| Free cash flow | $174.4M | $47.7M | $76.3M | $218.7M | $244.0M | $161.0M | $191.4M | $227.6M | $203.5M | $124.0M | $56.2M | $213.0M |
| Free cash flow margin | 42.0% | 11.5% | 15.1% | 56.5% | 61.8% | 40.7% | 49.8% | 60.9% | 55.1% | 33.0% | 15.2% | 62.1% |
| Capex / revenue | 25.8% | 25.4% | 25.2% | 0.0% | 0.0% | 0.0% | 43.6% | 27.4% | 15.9% | 11.7% | 31.2% | 16.8% |
| Operating cash flow / net income | 2.35 | 1.15 | 0.98 | 1.94 | 2.25 | 1.47 | 2.16 | 2.20 | 1.94 | 1.53 | 1.87 | 2.35 |
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.
REG cash generation
In fiscal 2025 (ended December 31, 2025), Regency Centers generated $827.7 million of cash from operations (up 4.7%) and spent $435.1 million on capital expenditures, leaving free cash flow of $394.0 million, 25.3% of revenue. It returned $534.1 million to shareholders through dividends ($525.2 million) and net share buybacks ($8.8 million). Cash and equivalents rose by $58.8 million over the year.
Related: REG income statement, REG balance sheet, REG dividend history. See the REG stock overview for the latest quote and news.
REG cash flow FAQ
What is Regency Centers's free cash flow?
Regency Centers's free cash flow was $394.0 million in fiscal 2025: $827.7 million of operating cash flow minus $435.1 million of capital expenditures It was $447.3 million a year earlier..
How much cash does Regency Centers generate from operations?
Regency Centers generated $827.7 million of cash from operating activities in fiscal 2025, 1.53 times its net income of $541.0 million.
How much does Regency Centers spend on capital expenditures?
Regency Centers spent $435.1 million on capital expenditures in fiscal 2025, 28.0% of revenue, compared with $343.4 million the year before.
How much stock does Regency Centers buy back?
Regency Centers spent $8.8 million on net share repurchases in fiscal 2025.
How much does Regency Centers pay in dividends?
Regency Centers paid $525.2 million in dividends in fiscal 2025, 133.3% of free cash flow.