Tanger Factory Outlet Centers, Inc. (SKT) Cash Flow Statement
Where SKT’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $295.4M +11.7% vs 2024
- Capital expenditures
- $96.0M 16.5% of revenue
- Free cash flow
- $295.4M 50.8% margin
- Returned to shareholders
- $132.2M 45% of free cash flow
- Change in cash
- $6.5M cash at year-end $53.5M
Drawn to scale: where the cash came from and how it was used. Hover for values.
SKT operating cash flow, capex and free cash flow
SKT cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $239.3M2016 | $295.4M2025 | +2.4%/yr | |
| Capital expenditures | $58.7M2016 | $96.0M2025 | +5.6%/yr | |
| Free cash flow | $180.6M2016 | $295.4M2025 | +5.6%/yr | |
| Free cash flow margin | 38.8%2016 | 50.8%2025 | +12.0 pts | |
| Operating cash flow / net income | 1.172016 | 2.472025 | +1.30 | |
| Stock-based compensation | $15.3M2016 | $12.7M2025 | −2.0%/yr | |
| Dividends paid | $141.1M2016 | $132.2M2025 | −0.7%/yr | |
| Share buybacks (net) | $2.2M2016 | $02025 | −100.0% | |
| Capex / revenue | 12.6%2016 | 16.5%2025 | +3.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SKT cash flow by activity
SKT 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).
SKT cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $119.5M | $97.7M | $103.9M | $85.8M | $9.6M | −$38.0M | $92.7M | $45.6M | $71.9M | $204.3M |
| Depreciation & amortization | $151.0M | $138.7M | $108.9M | $111.9M | $110.0M | $117.1M | $123.3M | $131.7M | $127.7M | $115.4M |
| Stock-based compensation | $12.7M | $12.0M | $12.5M | $13.0M | $12.8M | $12.5M | $18.1M | $14.7M | $13.6M | $15.3M |
| Change in working capital | $7.6M | $5.0M | −$3.1M | $1.8M | $19.8M | −$4.3M | −$8.4M | $9.4M | $1.6M | $2.5M |
| Other non-cash items | $4.5M | $11.1M | $7.4M | $1.5M | $65.6M | $77.4M | −$5.3M | $57.0M | $38.4M | −$98.2M |
| Cash from operating activities | $295.4M | $264.4M | $229.6M | $214.0M | $217.7M | $164.7M | $220.5M | $258.3M | $253.2M | $239.3M |
| Investing activities | ||||||||||
| Capital expenditures | −$96.0M | −$108.0M | −$10.8M | −$84.8M | −$3.2M | −$30.4M | −$47.9M | −$56.7M | −$64.4M | −$58.7M |
| Investments (net) | $0 | −$178.0M | −$154.6M | −$98.8M | $12.6M | −$18.8M | $99.3M | −$40.0M | −$117.5M | −$45.5M |
| Acquisitions & other investing | −$167.5M | $104.4M | −$244.2M | $84.8M | −$32.1M | $177.7M | $77.1M | $56.7M | $64.4M | $58.7M |
| Cash from investing activities | −$263.5M | −$181.7M | −$409.6M | −$98.8M | −$22.7M | $128.5M | $128.5M | −$40.0M | −$117.5M | −$45.5M |
| Financing activities | ||||||||||
| Dividends paid | −$132.2M | −$120.2M | −$103.8M | −$84.2M | −$72.4M | −$66.6M | −$132.7M | −$131.2M | −$130.2M | −$141.1M |
| Share repurchases & issuance (net) | $69.3M | $115.1M | −$7.3M | $88,000 | $394.5M | −$736,000 | −$20.0M | −$20.0M | −$49.4M | −$2.2M |
| Net borrowing (repayment) | $52.5M | −$18.1M | $8.2M | $32.1M | −$172.8M | −$3.6M | −$148.5M | −$49.8M | $73.3M | −$22.2M |
| Shares issued | $68.9M | $113.8M | $2.5M | $0 | $187.0M | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$84.1M | −$139.0M | $81.1M | −$12.2M | −$454.6M | −$6.7M | −$11.0M | −$14.2M | −$35.5M | −$38.0M |
| Cash from financing activities | −$25.6M | −$48.4M | −$19.3M | −$64.2M | −$118.4M | −$77.6M | −$312.1M | −$215.2M | −$141.7M | −$203.5M |
| Summary | ||||||||||
| Net change in cash | $6.5M | $34.2M | −$199.3M | $50.9M | $76.4M | $68.2M | $7.6M | $3.0M | −$6.1M | −$9.3M |
| Cash at end of period | $53.5M | $47.0M | $12.8M | $212.1M | $161.3M | $84.8M | $16.7M | $9.1M | $6.1M | $12.2M |
| Free cash flow | $295.4M | $156.4M | $218.8M | $214.0M | $217.7M | $164.7M | $220.5M | $201.6M | $188.8M | $180.6M |
| Free cash flow margin | 50.8% | 29.7% | 47.1% | 48.3% | 51.0% | 42.2% | 46.1% | 40.8% | 38.7% | 38.8% |
| Capex / revenue | 16.5% | 20.5% | 2.3% | 19.1% | 0.7% | 7.8% | 10.0% | 11.5% | 13.2% | 12.6% |
| Operating cash flow / net income | 2.47 | 2.71 | 2.21 | 2.49 | 22.78 | — | 2.38 | 5.67 | 3.52 | 1.17 |
| 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 | $36.0M | $28.1M | $34.8M | $33.3M | $31.3M | $20.0M | $27.6M | $24.9M | $24.6M | $22.2M | $23.5M | $28.9M |
| Depreciation & amortization | $42.0M | $40.4M | $40.1M | $37.1M | $36.6M | $37.1M | $35.3M | $35.4M | $34.2M | $33.9M | $32.2M | $25.4M |
| Stock-based compensation | $7.2M | $3.6M | $3.3M | $3.3M | $3.3M | $2.9M | $3.0M | $2.9M | $2.6M | $3.5M | $3.5M | $3.4M |
| Change in working capital | $17.5M | −$36.0M | $18.5M | $4.2M | $10.7M | −$25.7M | $24.4M | −$1.8M | $10.4M | −$30.3M | $14.5M | −$6.2M |
| Other non-cash items | −$11.3M | $2.4M | $298,000 | −$3.6M | $85,000 | $7.1M | $1.3M | $3.9M | $1.6M | $2.8M | $3.8M | $1.7M |
| Cash from operating activities | $91.3M | $38.5M | $97.0M | $74.3M | $82.0M | $41.4M | $91.6M | $65.2M | $73.4M | $32.1M | $77.5M | $53.2M |
| Investing activities | ||||||||||||
| Capital expenditures | −$18.7M | −$22.4M | −$42.8M | −$1.3M | −$1.7M | −$1.3M | −$836,000 | −$1.0M | −$27.6M | −$27.2M | −$3.6M | −$127.2M |
| Investments (net) | $0 | −$20.0M | $0 | −$36.1M | −$9.8M | −$175.7M | −$110.7M | −$19.7M | −$21.3M | −$26.3M | −$322.4M | −$52.1M |
| Acquisitions & other investing | −$104.9M | $39.0M | $1.6M | $1.3M | $1.7M | $1.3M | $836,000 | $1.0M | $27.0M | $26.3M | $3.6M | $92.2M |
| Cash from investing activities | −$123.6M | −$3.4M | −$41.3M | −$36.1M | −$9.8M | −$175.7M | −$110.7M | −$19.7M | −$22.0M | −$27.2M | −$322.4M | −$87.1M |
| Financing activities | ||||||||||||
| Dividends paid | −$35.9M | −$35.0M | −$33.7M | −$33.1M | −$33.1M | −$32.2M | −$30.5M | −$30.1M | −$30.1M | −$29.6M | −$27.5M | −$25.8M |
| Share repurchases & issuance (net) | −$20.0M | −$20.0M | $69.3M | $69.2M | $43,000 | $38,000 | $115.1M | −$141,000 | — | −$10.5M | −$327,000 | $3.1M |
| Net borrowing (repayment) | −$5.3M | $280.6M | −$16.4M | −$32.4M | −$37.4M | $138.6M | −$1.3M | −$36.3M | — | — | — | −$1.3M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $89.7M | $0 | $0 | $0 | $86.0M | $0 |
| Other financing | $18.2M | −$30.9M | −$71.8M | −$1.7M | −$2.2M | −$8.8M | −$117.9M | $23.2M | −$20.7M | $30.7M | $10.9M | −$1.7M |
| Cash from financing activities | −$43.1M | $194.7M | −$52.6M | $2.0M | −$72.7M | $97.6M | $55.1M | −$43.3M | −$50.8M | −$9.4M | $69.0M | −$25.7M |
| Summary | ||||||||||||
| Net change in cash | −$35.3M | $189.7M | $3.3M | $40.5M | −$415,000 | −$36.8M | $35.9M | $2.0M | $923,000 | −$4.6M | −$175.7M | −$24.5M |
| Cash at end of period | $207.9M | $243.2M | $53.5M | $50.2M | $9.7M | $10.2M | $47.0M | $11.1M | $9.1M | $8.1M | $12.8M | $188.5M |
| Free cash flow | $72.7M | $16.1M | $54.1M | $73.0M | $80.3M | $40.1M | $90.8M | $64.1M | $45.8M | $4.9M | $73.8M | $53.2M |
| Free cash flow margin | 46.5% | 10.7% | 33.8% | 50.3% | 57.1% | 29.6% | 64.5% | 53.6% | 35.5% | 4.0% | 57.9% | 45.3% |
| Capex / revenue | 11.9% | 14.9% | 26.7% | 0.9% | 1.2% | 1.0% | 0.6% | 0.9% | 21.4% | 22.0% | 2.9% | 108.4% |
| Operating cash flow / net income | 2.54 | 1.37 | 2.78 | 2.23 | 2.62 | 2.07 | 3.32 | 2.62 | 2.98 | 1.45 | 3.30 | 1.84 |
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.
SKT cash generation
In fiscal 2025 (ended December 31, 2025), Tanger Factory Outlet Centers generated $295.4 million of cash from operations (up 11.7%) and spent $96.0 million on capital expenditures, leaving free cash flow of $295.4 million, 50.8% of revenue. It returned $132.2 million to shareholders through dividends ($132.2 million) and net share buybacks ($0). Cash and equivalents rose by $6.5 million over the year.
Related: SKT income statement, SKT balance sheet, SKT dividend history. See the SKT stock overview for the latest quote and news.
SKT cash flow FAQ
What is Tanger Factory Outlet Centers's free cash flow?
Tanger Factory Outlet Centers's free cash flow was $295.4 million in fiscal 2025: $295.4 million of operating cash flow minus $96.0 million of capital expenditures It was $156.4 million a year earlier..
How much cash does Tanger Factory Outlet Centers generate from operations?
Tanger Factory Outlet Centers generated $295.4 million of cash from operating activities in fiscal 2025, 2.47 times its net income of $119.5 million.
How much does Tanger Factory Outlet Centers spend on capital expenditures?
Tanger Factory Outlet Centers spent $96.0 million on capital expenditures in fiscal 2025, 16.5% of revenue, compared with $108.0 million the year before.
How much does Tanger Factory Outlet Centers pay in dividends?
Tanger Factory Outlet Centers paid $132.2 million in dividends in fiscal 2025, 44.8% of free cash flow.