Gladstone Commercial (GOOD) Cash Flow: Operating & Free Cash Flow

Gladstone Commercial (GOOD) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Gladstone Commercial generated $88.15M of operating cash flow and spent $20.98M on capital expenditures. That left free cash flow of $67.17M, up 52.1% from $44.16M a year earlier, or 41.6% of revenue. It returned $72.67M to shareholders through $68.17M in dividends and $4.50M in share buybacks.

Gladstone Commercial 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 Gladstone Commercial Corporation (GOOD) - 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	19.29	24.04	4.56	10.78	10.90	14.12	9.54	12.32	5.94
Depreciation & Amortization	52.22	55.79	57.86	60.15	59.19	55.42	52.09	47.62	42.80
Change in Working Capital	-4.26	-5.30	-5.52	-1.37	2.43	-0.30	0.35	-2.00	-4.98
Change in Accounts Receivable	-3.03	0.00	-3.16	-1.33	-2.90	-1.90	-1.48	-2.55	-3.08
Change in Accounts Payable	0.80	-0.04	-0.01	1.60	3.31	-1.68	1.54	0.75	-0.52
Change in Other Working Capital	-2.03	-5.26	-2.35	-4.77	-3.53	3.28	0.29	-2.75	-4.46
Other Operating Activities	20.91	-17.58	3.48	1.48	-3.53	-3.75	-1.79	-2.35	3.09
Net Cash from Operating Activities	88.15	56.95	60.37	69.18	70.13	65.49	60.19	55.60	46.84
Investing Activities
Capital Expenditures	-20.98	-12.80	-6.67	-119.79	-105.50	-6.36	0.00	-32.26	-97.55
Acquisitions	0.00	0.00	0.00	0.00	0.00	0.00	-1.54	-1.59	-3.15
Purchases of Investments	0.00	0.00	-33.69	-120.43	0.00	-131.18	0.00	-44.73	-126.94
Sales/Maturities of Investments	0.00	0.00	42.08	45.93	0.00	37.14	0.00	14.69	37.43
Other Investing Activities	-221.38	-1.73	-0.48	-2.22	1.88	0.12	-130.50	-0.59	1.46
Net Cash from Investing Activities	-221.38	-1.73	1.24	-82.51	-94.78	-100.28	-132.04	-34.44	-99.23
Financing Activities
Debt Repayment	150.54	-45.17	-8.98	-158.74	-118.72	40.51	61.31	15.48	22.83
Common Stock Issued	61.31	55.43	9.69	49.68	144.68	62.62	134.53	18.57	86.26
Common Stock Repurchased	-4.50	-1.71	-1.55	-0.18	-87.74	0.00	0.00	-0.03	-0.02
Dividends Paid	-68.17	-62.79	-60.62	-71.09	-67.59	-63.76	-58.89	-54.38	-50.41
Other Financing Activities	-4.43	-2.04	0.00	-5.94	-5.27	0.00	-62.70	-0.78	-4.24
Net Cash from Financing Activities	134.74	-56.29	-61.47	16.15	21.75	39.37	74.25	-21.16	54.42
Summary
Effect of Forex Changes on Cash	0.00	0.00	-1.30	1.51	0.00	1.92	0.00	0.00	0.00
Net Change in Cash	1.52	-1.06	-1.16	2.81	-2.90	6.51	2.41	0.00	2.03
Cash at Beginning of Period	15.07	16.14	24.81	13.18	16.08	18.71	9.08	9.08	4.66
Cash at End of Period	16.59	15.07	23.65	15.99	13.18	25.22	11.49	9.08	6.68
Free Cash Flow	67.17	44.16	53.69	-50.62	70.13	59.13	60.19	23.34	-50.70
Supplemental Disclosures
Interest Paid	38.71	35.67	33.14	27.84	23.39	-	-	-	-

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

Frequently Asked Questions About Gladstone Commercial Cash Flow

What is Gladstone Commercial's free cash flow?

Gladstone Commercial generated free cash flow of $67.17M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $88.15M minus $20.98M of capital expenditures. That was up 52.1% from $44.16M a year earlier. Free cash flow equaled 41.6% of revenue.

How much does Gladstone Commercial spend on capital expenditures?

Gladstone Commercial spent $20.98M on capital expenditures in fiscal 2025, compared with $12.80M a year earlier. That equals 23.8% of operating cash flow.

Does Gladstone Commercial pay dividends or buy back shares?

Yes. In fiscal 2025 Gladstone Commercial returned $68.17M in dividends and $4.50M 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