Empire State Realty OP, L.P. (ESBA) Cash Flow: Operating & Free Cash Flow

Empire State Realty OP, L.P. (ESBA) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Empire State Realty OP, L.P. generated $249.05M of operating cash flow and spent $198.50M on capital expenditures. That left free cash flow of $249.05M, up 183.1% from $87.99M a year earlier, or 32.4% of revenue. It returned $47.10M to shareholders through $38.98M in dividends and $8.12M in share buybacks.

Empire State Realty OP, L.P. 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 Empire State Realty OP, L.P. (ESBA) - 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	72.98	80.36	53.25	63.21	-13.04	-22.89	84.29	117.25	118.25
Depreciation & Amortization	199.40	184.82	189.91	219.97	203.74	170.41	182.11	170.22	162.82
Deferred Income Tax	0.00	0.00	0.00	0.00	7.94	6.29	0.00	0.00	2.16
Stock Based Compensation	25.17	21.70	20.03	21.01	20.26	25.50	20.86	18.79	14.10
Change in Working Capital	-4.28	-16.23	-30.03	-44.27	3.80	-5.78	-30.13	14.56	-32.93
Change in Accounts Receivable	9.27	6.89	-15.64	-5.31	2.89	3.88	4.02	-1.28	-5.79
Change in Inventory	0.00	0.00	0.00	5.31	-2.89	-3.88	-4.02	0.00	0.00
Change in Accounts Payable	9.40	13.59	0.75	4.71	49.25	58.06	90.91	1.99	-25.10
Change in Other Working Capital	-9.30	-36.71	-15.13	-48.97	-45.45	-63.83	-121.04	13.84	-2.04
Other Operating Activities	-9.30	-9.75	-0.66	-48.75	-10.22	-16.04	-24.53	-41.79	-72.94
Net Cash from Operating Activities	249.05	260.89	232.49	211.17	212.49	182.29	232.59	279.02	191.46
Investing Activities
Capital Expenditures	-198.50	-172.91	-0.01	-126.27	-95.04	-143.12	-250.25	-243.02	-222.98
Acquisitions	0.00	0.00	0.00	230.89	0.00	0.00	0.00	0.00	0.00
Purchases of Investments	-412.03	0.00	0.00	-115.63	-117.71	0.00	0.00	-400.00	-1.63
Sales/Maturities of Investments	60.52	0.00	0.00	11.01	0.00	0.00	400.00	0.00	0.00
Other Investing Activities	0.00	-397.12	-77.34	-230.89	0.00	0.00	0.00	0.00	0.00
Net Cash from Investing Activities	-550.01	-397.12	-77.34	-230.89	-212.74	-143.12	149.74	-643.02	-224.61
Financing Activities
Debt Repayment	-520.26	213.14	-8.63	-7.50	-4.09	-603.94	-253.79	228.39	83.39
Common Stock Issued	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4.75	0.00
Common Stock Repurchased	-8.12	0.00	-13.11	-90.18	-46.70	-143.71	0.00	0.00	0.00
Dividends Paid	-38.98	-38.29	-41.32	-42.79	-22.31	-60.85	-127.76	-126.54	-126.96
Other Financing Activities	-9.46	-16.27	0.19	0.22	-19.94	-10.14	0.00	2.77	-13.30
Net Cash from Financing Activities	38.17	158.58	-62.87	-140.24	-93.05	257.17	-381.55	104.62	-56.88
Summary
Net Change in Cash	-262.79	22.35	92.28	-159.96	-93.30	296.34	0.78	-259.38	-90.03
Cash at Beginning of Period	429.30	406.96	314.68	474.64	567.94	271.60	270.81	530.20	554.37
Cash at End of Period	166.51	429.30	406.96	314.68	474.64	567.94	271.60	270.81	464.34
Free Cash Flow	249.05	87.99	232.48	84.91	117.45	39.18	-17.66	36.00	-31.52
Supplemental Disclosures
Interest Paid	93.37	94.67	92.00	91.01	77.61	75.42	-	-	-
Income Taxes Paid	1.64	0.87	0.71	0.20	0.64	1.28	-	-	-

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

Frequently Asked Questions About Empire State Realty OP, L.P. Cash Flow

What is Empire State Realty OP, L.P.'s free cash flow?

Empire State Realty OP, L.P. generated free cash flow of $249.05M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $249.05M minus $198.50M of capital expenditures. That was up 183.1% from $87.99M a year earlier. Free cash flow equaled 32.4% of revenue.

How much does Empire State Realty OP, L.P. spend on capital expenditures?

Empire State Realty OP, L.P. spent $198.50M on capital expenditures in fiscal 2025, compared with $172.91M a year earlier. That equals 79.7% of operating cash flow.

Does Empire State Realty OP, L.P. pay dividends or buy back shares?

Yes. In fiscal 2025 Empire State Realty OP, L.P. returned $38.98M in dividends and $8.12M 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