Apple Hospitality REIT (APLE) Cash Flow: Operating & Free Cash Flow

Apple Hospitality REIT (APLE) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Apple Hospitality REIT generated $370.22M of operating cash flow and spent $87.41M on capital expenditures. That left free cash flow of $282.81M, down 13.0% from $325.01M a year earlier, or 20.0% of revenue. It returned $303.23M to shareholders through $240.42M in dividends and $62.81M in share buybacks.

Apple Hospitality REIT Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Apple Hospitality REIT, Inc. (APLE) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	175.36	214.06	177.49	144.81	18.83	-173.21	171.92	206.09	182.49
Depreciation & Amortization	192.63	190.60	183.24	181.70	184.47	199.79	193.24	183.48	176.50
Deferred Income Tax	0.00	0.00	0.00	-3.40	0.00	-7.80	0.00	0.00	0.00
Stock Based Compensation	0.00	0.00	0.00	3.50	0.00	7.80	0.00	3.60	6.20
Change in Working Capital	2.64	9.01	23.96	8.90	-3.18	-2.95	10.55	4.29	-10.95
Change in Accounts Receivable	1.56	1.35	7.10	-3.44	-18.11	4.80	2.22	2.03	0.02
Change in Inventory	0.00	0.00	0.00	3.44	18.11	-4.80	0.00	0.00	0.00
Change in Accounts Payable	0.00	6.03	22.95	14.02	14.09	-7.17	9.15	3.03	-22.87
Change in Other Working Capital	1.09	9.01	8.71	-5.12	10.28	4.22	-0.82	1.26	11.92
Other Operating Activities	-0.41	-8.33	8.71	33.04	10.28	3.10	5.97	10.96	36.70
Net Cash from Operating Activities	370.22	405.35	399.04	368.45	217.56	26.73	381.67	404.81	384.74
Investing Activities
Capital Expenditures	-87.41	-80.34	-72.07	-59.38	-18.31	-48.56	-74.90	-74.29	-63.31
Acquisitions	0.00	-197.36	-1.18	0.00	-0.89	0.48	-1.23	-151.28	-164.26
Purchases of Investments	0.00	0.00	0.00	-76.53	-131.48	-34.18	0.00	-135.33	-93.59
Sales/Maturities of Investments	0.00	0.00	0.00	0.00	131.48	33.70	0.00	0.00	0.00
Other Investing Activities	-135.38	-0.35	-291.39	0.00	-131.48	-33.70	61.80	-135.87	-95.99
Net Cash from Investing Activities	-135.38	-215.71	-364.63	-135.91	-150.68	-82.26	-14.32	-210.16	-159.29
Financing Activities
Debt Repayment	67.76	-28.70	-431.55	-70.00	-124.57	142.15	-91.71	193.24	-88.02
Common Stock Issued	0.00	-0.48	215.92	0.00	75.00	0.00	0.00	4.68	132.99
Common Stock Repurchased	-62.81	-42.45	-6.88	-2.94	-3.35	-14.71	-4.34	-105.83	-0.69
Dividends Paid	-240.42	-243.72	-238.28	-139.47	-6.80	-67.38	-268.67	-275.89	-267.92
Other Financing Activities	-4.02	-1.34	-0.51	-16.56	-1.59	-4.82	-1.61	-8.53	-2.51
Net Cash from Financing Activities	-239.49	-189.19	-34.31	-228.97	-61.30	55.24	-366.32	-190.81	-225.45
Summary
Net Change in Cash	-4.65	0.45	0.11	3.56	5.58	-0.29	1.03	3.84	0.37
Cash at Beginning of Period	44.07	43.62	43.51	39.95	34.37	34.66	33.63	29.79	29.43
Cash at End of Period	39.42	44.07	43.62	43.51	39.95	34.37	34.66	33.63	29.79
Free Cash Flow	282.81	325.01	326.98	309.07	199.25	-21.83	306.78	330.52	321.44
Supplemental Disclosures
Interest Paid	79.76	75.56	67.84	57.72	63.15	-	-	-	-
Income Taxes Paid	1.04	0.88	1.29	1.70	0.64	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Apple Hospitality REIT Cash Flow

What is Apple Hospitality REIT's free cash flow?

Apple Hospitality REIT generated free cash flow of $282.81M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $370.22M minus $87.41M of capital expenditures. That was down 13.0% from $325.01M a year earlier. Free cash flow equaled 20.0% of revenue.

How much does Apple Hospitality REIT spend on capital expenditures?

Apple Hospitality REIT spent $87.41M on capital expenditures in fiscal 2025, compared with $80.34M a year earlier. That equals 23.6% of operating cash flow.

Does Apple Hospitality REIT pay dividends or buy back shares?

Yes. In fiscal 2025 Apple Hospitality REIT returned $240.42M in dividends and $62.81M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition