RLJ Lodging Trust (RLJ) Cash Flow: Operating & Free Cash Flow

RLJ Lodging Trust (RLJ) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), RLJ Lodging Trust generated $243.80M of operating cash flow and spent $126.40M on capital expenditures. That left free cash flow of $243.80M, down 14.6% from $285.42M a year earlier, or 18.1% of revenue. It returned $148.62M to shareholders through $116.48M in dividends and $32.15M in share buybacks.

RLJ Lodging Trust 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 RLJ Lodging Trust (RLJ) - 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	30.85	68.19	76.62	42.22	-311.09	-404.44	129.38	190.86	75.74
Depreciation & Amortization	190.55	184.94	179.10	184.88	185.69	191.76	209.53	238.56	184.90
Deferred Income Tax	0.00	0.00	0.00	0.00	146.81	51.45	-6.82	8.38	40.14
Stock Based Compensation	15.34	20.80	24.29	21.66	17.05	12.40	11.46	12.25	10.61
Change in Working Capital	0.14	13.06	24.29	5.83	-12.04	-25.30	22.65	-23.75	-43.74
Change in Accounts Receivable	-4.32	0.65	12.37	-7.56	-17.97	26.41	8.81	5.58	-5.69
Change in Inventory	0.00	0.00	0.00	0.00	17.97	-26.41	0.00	0.00	-5.17
Change in Accounts Payable	-5.17	1.91	-11.06	13.15	7.20	-48.79	-10.71	-20.59	-27.58
Change in Other Working Capital	7.55	10.50	12.65	-4.67	-19.25	23.49	24.54	-3.16	-5.31
Other Operating Activities	7.55	-1.57	10.84	1.93	16.54	9.79	31.13	-31.48	-7.05
Net Cash from Operating Activities	243.80	285.42	315.14	256.52	42.96	-168.71	397.33	394.83	260.60
Investing Activities
Capital Expenditures	-126.40	-136.48	-132.35	-183.59	-48.26	-73.34	0.00	-0.28	-0.22
Acquisitions	0.00	-158.75	0.00	-59.31	-0.33	-0.10	-0.60	-0.35	-24.88
Purchases of Investments	0.00	0.00	0.00	0.00	-175.01	-0.10	0.00	-0.35	0.00
Sales/Maturities of Investments	0.00	0.00	0.00	0.00	198.64	5.17	0.00	475.06	12.79
Other Investing Activities	-57.36	-116.98	-2.40	-76.21	0.33	1.68	531.02	277.74	77.29
Net Cash from Investing Activities	-57.36	-275.73	-134.75	-135.52	-24.63	-66.69	530.41	277.11	64.98
Financing Activities
Debt Repayment	-126.25	-5.41	-318.66	-200.00	-191.41	-3.38	2.41	-662.14	-5.76
Common Stock Repurchased	-32.15	-31.01	-80.37	-61.24	-2.54	-64.25	-125.22	-25.40	-5.66
Dividends Paid	-116.48	-94.93	-49.19	-13.29	-31.82	-61.00	-253.71	-257.79	-176.72
Other Financing Activities	-2.83	-0.34	-8.11	-3.85	-13.49	-3.23	-54.48	-2.34	-2.74
Net Cash from Financing Activities	-177.70	-131.69	-161.45	-298.49	-239.26	243.03	-385.42	-946.18	-190.38
Summary
Net Change in Cash	8.74	-122.00	18.94	-177.48	-220.92	7.63	542.32	-274.23	135.20
Cash at Beginning of Period	433.33	555.33	536.39	713.87	934.79	927.16	384.84	659.08	523.88
Cash at End of Period	442.06	433.33	555.33	536.39	713.87	934.79	927.16	384.84	659.08
Free Cash Flow	243.80	285.42	182.79	72.93	-5.30	-242.05	397.33	394.56	260.38
Supplemental Disclosures
Interest Paid	104.33	103.71	89.83	87.18	92.73	98.51	-	-	-
Income Taxes Paid	0.83	2.22	2.54	1.26	0.48	1.50	-	-	-

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

Frequently Asked Questions About RLJ Lodging Trust Cash Flow

What is RLJ Lodging Trust's free cash flow?

RLJ Lodging Trust generated free cash flow of $243.80M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $243.80M minus $126.40M of capital expenditures. That was down 14.6% from $285.42M a year earlier. Free cash flow equaled 18.1% of revenue.

How much does RLJ Lodging Trust spend on capital expenditures?

RLJ Lodging Trust spent $126.40M on capital expenditures in fiscal 2025, compared with $136.48M a year earlier. That equals 51.8% of operating cash flow.

Does RLJ Lodging Trust pay dividends or buy back shares?

Yes. In fiscal 2025 RLJ Lodging Trust returned $116.48M in dividends and $32.15M 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