Seritage Growth Properties (SRG) Cash Flow Statement
Where SRG’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$34.9M
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- −$34.9M −191.7% margin
- Returned to shareholders
- $5.0M
- Change in cash
- −$35.4M cash at year-end $62.3M
Drawn to scale: where the cash came from and how it was used. Hover for values.
SRG operating cash flow, capex and free cash flow
SRG cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $92.4M2016 | −$34.9M2025 | — | |
| Capital expenditures | $66.2M2016 | $02025 | −100.0% | |
| Free cash flow | $26.2M2016 | −$34.9M2025 | — | |
| Free cash flow margin | 10.5%2016 | −191.7%2025 | −202.3 pts | |
| Stock-based compensation | $1.1M2016 | $201,0002025 | −16.9%/yr | |
| Dividends paid | $39.4M2016 | $4.9M2025 | −20.7%/yr | |
| Share buybacks (net) | $02016 | $126,0002025 | — | |
| Capex / revenue | 26.6%2016 | 0.0%2025 | −26.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SRG cash flow by activity
SRG 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).
SRG cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$68.2M | −$153.5M | −$154.9M | −$120.1M | −$39.0M | −$153.0M | −$90.6M | −$114.9M | −$120.8M | −$91.0M |
| Depreciation & amortization | $6.3M | $13.3M | $14.6M | $41.3M | $51.4M | $94.2M | $104.1M | $225.9M | $262.2M | $176.4M |
| Stock-based compensation | $201,000 | $1.5M | $2.7M | $2.8M | $1.9M | −$3.0M | $6.8M | $7.5M | $7.0M | $1.1M |
| Change in working capital | $7.0M | −$7.0M | $7.1M | −$29.2M | −$33.6M | $30.4M | −$10.6M | $5.0M | −$34.1M | $1.0M |
| Other non-cash items | $19.8M | $92.2M | $77.4M | −$12.7M | −$116.7M | −$15.9M | −$67.4M | −$68.6M | −$44.6M | $4.9M |
| Cash from operating activities | −$34.9M | −$53.5M | −$53.1M | −$117.9M | −$136.0M | −$47.3M | −$57.7M | $54.9M | $69.6M | $92.4M |
| Investing activities | ||||||||||
| Capital expenditures | $0 | $0 | −$732.9M | −$99.3M | −$105.7M | −$246.8M | −$247.2M | −$103.5M | −$243.1M | −$66.2M |
| Investments (net) | — | $126.9M | $935.5M | $42.1M | −$26.1M | −$42.2M | −$52.3M | −$16.0M | $219.4M | −$9.0M |
| Acquisitions & other investing | $198.5M | $0 | $530.3M | $643.3M | $392.4M | $331.9M | $0 | $0 | $50.9M | $22.4M |
| Cash from investing activities | $198.5M | $126.9M | $732.9M | $586.1M | $260.7M | $42.9M | −$299.5M | −$119.5M | $27.1M | −$52.8M |
| Financing activities | ||||||||||
| Dividends paid | −$4.9M | −$4.9M | −$4.9M | −$4.9M | −$4.9M | −$4.9M | −$22.9M | −$39.7M | −$34.2M | −$39.4M |
| Share repurchases & issuance (net) | −$126,000 | −$586,000 | −$315,000 | −$7,000 | −$269,000 | −$85,000 | −$3.5M | −$1.8M | $310.0M | $0 |
| Net borrowing (repayment) | −$190.0M | −$120.0M | −$670.0M | −$410.0M | −$160.0M | $20.4M | $20.4M | $242.0M | $170.0M | $19.1M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$4.0M | $173,000 | $126,000 | −$22.1M | $4.0M | $0 | −$30.5M | −$20.2M | −$265.0M | −$30.2M |
| Cash from financing activities | −$199.0M | −$125.3M | −$675.1M | −$437.0M | −$161.2M | $15.4M | −$36.4M | $180.2M | $180.8M | −$50.5M |
| Summary | ||||||||||
| Net change in cash | −$35.4M | −$52.0M | $4.8M | $31.2M | −$36.5M | $11.0M | −$393.6M | $115.6M | $277.6M | −$10.8M |
| Cash at end of period | $62.3M | $97.7M | $149.7M | $144.9M | $113.8M | $150.3M | $139.3M | $532.9M | $417.2M | $52.0M |
| Free cash flow | −$34.9M | −$53.5M | −$786.0M | −$117.9M | −$136.0M | −$47.3M | −$57.7M | $54.9M | −$173.5M | $26.2M |
| Free cash flow margin | −191.7% | −303.9% | −3,782.5% | −110.2% | −116.6% | −40.6% | −34.2% | 25.6% | −72.0% | 10.5% |
| Capex / revenue | 0.0% | 0.0% | 3,527.2% | 92.8% | 90.5% | 211.9% | 146.6% | 48.2% | 100.9% | 26.6% |
| 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 | −$6.1M | −$30.3M | −$5.1M | −$12.4M | −$28.5M | −$22.2M | −$11.4M | −$22.0M | −$101.2M | −$19.0M | $3.7M | −$902,000 |
| Depreciation & amortization | $390,000 | $400,000 | $505,000 | $1.7M | $2.1M | $2.1M | $2.3M | $4.4M | $1.2M | $5.3M | $2.9M | $3.0M |
| Stock-based compensation | $0 | $0 | $0 | $0 | $0 | $201,000 | $82,000 | $284,000 | $478,000 | $644,000 | $661,000 | $647,000 |
| Change in working capital | $2.7M | −$584,000 | $6.9M | −$3.5M | −$4.0M | $7.7M | −$4.2M | −$2.0M | $2.4M | −$3.3M | $6.1M | $3.8M |
| Other non-cash items | $1.4M | $24.8M | −$3.5M | $1.7M | $18.4M | $3.0M | −$779,000 | $3.7M | $89.6M | −$303,000 | −$24.3M | −$17.0M |
| Cash from operating activities | −$1.6M | −$5.7M | −$1.2M | −$12.5M | −$12.0M | −$9.2M | −$13.9M | −$15.5M | −$7.5M | −$16.6M | −$11.0M | −$10.5M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$645.6M | $0 | −$138.8M |
| Investments (net) | — | — | — | −$2.5M | $26.2M | $19.8M | $55.1M | $14.4M | $28.5M | $28.9M | $87.3M | $138.8M |
| Acquisitions & other investing | $8.6M | $3.4M | $154.9M | $0 | $0 | $0 | $0 | $0 | $0 | $645.6M | — | $645.6M |
| Cash from investing activities | $8.6M | $3.4M | $154.9M | −$2.5M | $26.2M | $19.8M | $55.1M | $14.4M | $28.5M | $28.9M | — | $645.6M |
| Financing activities | ||||||||||||
| Dividends paid | −$1.2M | −$1.2M | −$1.2M | −$1.2M | −$1.2M | −$1.2M | −$1.2M | −$1.2M | −$1.2M | −$1.2M | −$1.2M | −$1.2M |
| Share repurchases & issuance (net) | — | — | — | — | — | — | −$586,000 | — | — | −$315,000 | — | — |
| Net borrowing (repayment) | — | — | −$150.0M | $0 | −$40.0M | $0 | −$40.0M | $0 | — | — | — | −$150.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$1.7M | $54,000 | −$107,000 | −$4.0M | $18,000 | $0 | $89,000 | $29,000 | −$49.9M | −$29.7M | −$40.2M | $41,000 |
| Cash from financing activities | −$3.0M | −$1.2M | −$151.3M | −$5.2M | −$41.2M | −$1.2M | −$41.7M | −$1.2M | −$51.2M | −$31.2M | −$41.5M | −$151.2M |
| Summary | ||||||||||||
| Net change in cash | $4.0M | −$3.5M | $2.4M | −$20.3M | −$27.0M | $9.4M | −$503,000 | −$2.3M | −$30.2M | −$18.9M | $34.9M | −$22.9M |
| Cash at end of period | $62.9M | $58.8M | $62.3M | $59.9M | $80.1M | $107.1M | $97.7M | $98.2M | $100.5M | $130.8M | $114.8M | $114.8M |
| Free cash flow | −$1.6M | −$5.7M | −$1.2M | −$12.5M | −$12.0M | −$9.2M | −$13.9M | −$15.5M | −$7.5M | −$16.6M | −$11.0M | −$10.5M |
| Free cash flow margin | −90.0% | −286.2% | −27.9% | −261.4% | −258.8% | −199.9% | −317.8% | −475.8% | −180.7% | −288.0% | — | −207.9% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 11,182.5% | — | 2,749.0% |
| Operating cash flow / net income | — | — | — | — | — | — | — | — | — | — | −3.00 | — |
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.
SRG cash generation
In fiscal 2025 (ended December 31, 2025), Seritage Growth Properties generated -$34.9 million of cash from operations and spent $0 on capital expenditures, leaving free cash flow of -$34.9 million, −191.7% of revenue. It returned $5.0 million to shareholders through dividends ($4.9 million) and net share buybacks ($0.1 million). Cash and equivalents fell by $35.4 million over the year.
Related: SRG income statement, SRG balance sheet. See the SRG stock overview for the latest quote and news.
SRG cash flow FAQ
What is Seritage Growth Properties's free cash flow?
Seritage Growth Properties's free cash flow was -$34.9 million in fiscal 2025: -$34.9 million of operating cash flow minus $0 of capital expenditures It was -$53.5 million a year earlier..
How much cash does Seritage Growth Properties generate from operations?
Seritage Growth Properties generated -$34.9 million of cash from operating activities in fiscal 2025.
How much stock does Seritage Growth Properties buy back?
Seritage Growth Properties spent $0.1 million on net share repurchases in fiscal 2025.
How much does Seritage Growth Properties pay in dividends?
Seritage Growth Properties paid $4.9 million in dividends in fiscal 2025.