Cash flow generation remains highly volatile, highlighted by a $302 million capital expenditure outflow in 2025Q3 that severely impacted distributable cash flow.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 397.98M | 402.27M | 400.23M | 368.36M | 365.17M | 389.48M | 351.09M | 303.18M | 229.03M | 211.65M | 111.28M | 151.66M | 142.4M | 137.34M | 95.32M | 55.58M | 79.7M | 43.16M | 40.57M | 8.37M | 226.28M | 57.08M | 245.95M | 100.9M | 102.75M | 94.02M | 103.59M | 91.83M | 89.54M | 57.95M | 57.1M |
| Operating CF Growth % | -20.61% | 0.51% | 8.65% | 0.88% | -6.24% | 10.93% | 15.8% | 32.37% | 8.21% | 90.19% | -26.62% | 6.5% | 3.68% | 44.08% | 71.5% | -30.26% | 84.64% | 6.4% | 384.57% | -96.3% | 296.46% | -76.79% | 143.75% | -1.79% | 9.28% | -9.23% | 12.81% | 2.56% | 54.5% | 1.49% | 51.39% |
| Operating CF / Revenue % | 39.54% | 40.48% | 46.71% | 45.88% | 47.9% | 51.58% | 47.42% | 46.11% | 48.2% | 45.4% | 42.93% | 39.74% | 39.4% | 65.17% | 64.29% | 31.14% | 34.88% | 19.19% | 18.9% | 5.06% | 133.22% | 36.65% | 179.78% | 53.22% | 51.42% | 52.91% | 71.62% | 93.87% | 91.08% | 67.39% | 97.56% |
| Net Income | -5.25M | -749K | 45.96M | 83.82M | 167.44M | 279M | 238.11M | 150.42M | 80.77M | 219.96M | 80.1M | 125.63M | 53.01M | 126.83M | 47.92M | -123.47M | -12.03M | 29.55M | 22.55M | 32.92M | 250.9M | 49.74M | 203.81M | 40.67M | 43.72M | 47.32M | 62.61M | 104.1M | 45.3M | 37.3M | 41M |
| Depreciation & Amortization | 421.65M | 415.36M | 365.05M | 314.9M | 295.59M | 288.09M | 288.65M | 257.15M | 181.38M | 196.75M | 145.29M | 135.46M | 141.02M | 76.48M | 52.44M | 54.06M | 59.96M | 55.83M | 53.41M | 40.64M | 43.69M | 39.72M | 37.23M | 52.9M | 54.84M | 45.58M | 31.52M | 16.66M | 15.17M | 14.05M | 7.22M |
| Stock-Based Compensation | 16.43M | 16.45M | 14.79M | 11.97M | 10.14M | 7.46M | 5.3M | 13.73M | 3.4M | 2.99M | 2.15M | 1.58M | 7.34M | 7.04M | 2.24M | 2.11M | 2.35M | 3.74M | 4.73M | 5.62M | 7.04M | 3.13M | 1.71M | 591K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -19.81M | -16.35M | -47.64M | -43.06M | -100.56M | -200.8M | -173.19M | -162.61M | -29.98M | -42.55M | -22.94M | -102.96M | -60.01M | -81.18M | -1.22M | 114.13M | 17.22M | -40.44M | -38.45M | -69.82M | -88.39M | -21.37M | 4.83M | 6.53M | 3.26M | 4.29M | 9.55M | -29.73M | 15.65M | 10.51M | 1.93M |
| Working Capital Changes | -15.78M | -12.44M | 22.07M | 748K | -7.45M | 15.73M | -7.78M | 44.49M | -5.62M | 5.87M | -18.59M | -6.47M | 8.38M | 15.21M | 3.91M | -157K | 3.31M | -14.42M | 7.52M | -351K | 15.68M | -15.16M | -4.64M | -1.45M | 928K | -3.17M | -91K | 803K | 13.42M | -3.9M | 6.96M |
| Cash from Investing | -835.75M | -425.66M | -1.31B | -295.74M | -334.5M | -191.07M | -132.46M | -357.42M | -284.48M | 112.11M | 460.94M | 38.48M | -461.62M | -1.27B | 241.96M | -44.86M | 26.85M | -45.35M | -133.73M | -248.55M | 178M | -215.25M | 370.05M | 174.78M | -82.96M | -120.69M | -230.89M | -158.88M | -99.96M | -55.56M | -124.74M |
| Acquisitions (Net) | -29.13M | 0 | 0 | -31.39M | -9.06M | 1.99M | 49.32M | 85.99M | -50.93M | -7.57M | 34.66M | -9.98M | -18.34M | -7.34M | 1.63M | 300.68M | 258.76M | -404K | -24.6M | 37.95M | 299.39M | 35.76M | 199.98M | 194.02M | 7.43M | 23.5M | 11.94M | 58.77M | 3.94M | 5.97M | 12.8M |
| Purchase of Investments | -578.3M | 0 | -167.22M | 0 | -47.89M | 0 | 0 | 0 | -50.93M | -20.08M | -26.19M | -9.98M | 0 | 0 | 0 | -23.34M | -26.23M | -34K | -49K | -14.41M | -23.75M | -35.43M | -36.01M | -34.42M | -9.48M | -44.03M | -36.82M | -36.2M | -34.71M | -8.86M | -268K |
| Sale of Investments | 55.9M | 0 | 0 | 0 | -56.27M | 0 | 0 | 0 | -5.07M | 237.88M | 545.53M | 145.46M | 212.58M | 110.77M | 258.38M | -157.06M | -157.06M | 11.78M | 62.72M | 14.87M | 88.13M | 29.61M | 2.48M | 28.04M | 5K | 2.92M | 2.74M | 6.26M | 30.53M | 3.47M | 27.7M |
| Other Investing | 236.17M | -158.43M | -885.45M | -264.35M | 120.97M | -193.06M | -181.78M | -443.41M | -228.49M | -118.21M | 15.99M | -97M | -655.85M | -1.37B | -18.05M | 16.77M | -14.86M | -2.81M | -12.66M | -2.99M | 275.15M | 11.23M | 378.11M | 96.9M | 7.08M | 37.27M | 7.21M | 150.25M | 94.54M | 24.48M | -2.82M |
| Cash from Financing | 438.74M | 21.76M | 906.47M | -71.72M | -35.69M | -194.38M | -230.09M | 69.16M | -147.6M | -169.34M | -538.54M | -188.14M | 318.24M | 952.94M | -165.25M | -13.46M | -108.41M | -71.32M | 158.3M | 246.46M | -402.08M | 78.02M | -548.76M | -278.02M | -21.24M | 35.53M | 127.53M | 67.17M | -20.93M | 28.71M | 67.68M |
| Dividends Paid | -216.54M | -215.8M | -195.41M | -194.35M | -192.28M | -182.84M | -176.26M | -142.94M | -107.17M | -99.15M | -243.3M | -69.2M | -64.51M | -37.2M | -31.66M | -31.56M | -25.08M | -42.89M | -92.71M | -2.64M | -21.2M | -91.77M | -456.03M | -174.63M | -73.34M | -68.59M | -60.31M | -53.89M | -47.06M | -37.61M | -31.91M |
| Common Dividends | -161.23M | -215.8M | -195.41M | -194.35M | -192.28M | -182.84M | -176.26M | -142.94M | -107.17M | -99.15M | -50.55M | -69.2M | -61.55M | -27.19M | -18.75M | -18.65M | -12.18M | -22.71M | -77.46M | -79.42M | -5.95M | -77.17M | -448.28M | -172.24M | -73.34M | -68.59M | -60.31M | -53.89M | -47.06M | -37.6M | -31.9M |
| Debt Issuance (Net) | 2M | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | 1000K | -1000K | -1000K | 1000K | -1000K | 1000K | 1000K | -1000K | 1000K | -1000K | -1000K | 1000K | 1000K | -1000K | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K |
| Share Repurchases | -89.73M | 0 | -1.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -13.74M | -47.79M | -94.78M | -74.83M | 0 | 0 | -191.17M | 0 | -15.84M | -21.95M | 0 | 0 | 0 | -5.54M | -41.89M | -12.47M | 0 | -4.99M | 0 | 0 | 0 |
| Other Financing | -7.79M | -9.34M | -10.66M | 1.95M | -48.87M | 1.83M | 3.97M | 1.78M | -9.03M | -1.79M | -478.95M | -111K | -6.57M | -27.73M | -16.14M | -15.23M | -2.54M | -7.29M | -35K | 1.2M | -280M | 0 | 432.52M | 248.87M | 0 | 1K | 0 | 0 | 0 | 6K | -20K |
| Net Change in Cash | 966K | -1.63M | 1.3M | 902K | -5.02M | 4.03M | -11.47M | 14.91M | -203.05M | 154.42M | 33.68M | 2M | -975K | -175.92M | 172.03M | -2.74M | -1.86M | -73.5M | 65.14M | 6.29M | 2.2M | -80.15M | 76.43M | 6.41M | -1.08M | 8.86M | 223K | 124K | -31.35M | 31.1M | 46K |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9.19M | 8.75M | 366K | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 5.72M | 7.35M | 6.05M | 5.14M | 10.17M | 6.14M | 17.61M | 2.69M | 205.75M | 51.32M | 2M | 0 | 975K | 176.89M | 4.86M | 7.6M | 9.46M | 82.96M | 17.82M | 11.54M | 9.34M | 89.49M | 13.06M | 6.66M | 10.56M | 1.7M | 1.47M | 1.35M | 32.69M | 1.6M | 1.55M |
| Cash at End | 6.3M | 5.72M | 7.35M | 6.05M | 5.14M | 10.17M | 6.14M | 17.61M | 2.69M | 205.75M | 35.69M | 2M | 0 | 975K | 176.89M | 4.86M | 7.6M | 9.46M | 82.96M | 17.82M | 11.54M | 9.34M | 89.49M | 13.06M | 9.47M | 10.56M | 1.7M | 1.47M | 1.35M | 32.69M | 1.6M |
| Free Cash Flow | -122.41M | 135.04M | 147.5M | 88.84M | 22.93M | 389.48M | 351.09M | 303.18M | -2.92M | -121.71M | 2.23M | -33.33M | 142.4M | 137.34M | 95.32M | -126.33M | 45.94M | -10.71M | -118.56M | -275.59M | -234.63M | -199.35M | 71.44M | -8.85M | 14.76M | -46.33M | -112.37M | -246.13M | -104.72M | -22.68M | -105.05M |
| FCF Growth % | -167.28% | -8.45% | 66.03% | 287.54% | -94.11% | 10.93% | 15.8% | 10486.33% | 97.6% | -5555.31% | 106.69% | -123.4% | 3.68% | 44.08% | 175.46% | -375.01% | 528.9% | 90.97% | 56.98% | -17.46% | -17.7% | -379.06% | 906.83% | -160% | 131.85% | 58.77% | 54.35% | -135.05% | -361.82% | 78.42% | -112.16% |
| FCF / Revenue % | -12.16% | 13.59% | 17.22% | 11.07% | 3.01% | 51.58% | 47.42% | 46.11% | -0.61% | -26.11% | 0.86% | -8.73% | 39.4% | 65.17% | 64.29% | -70.79% | 20.1% | -4.76% | -55.24% | -166.64% | -138.13% | -128.01% | 52.22% | -4.67% | 7.39% | -26.07% | -77.7% | -251.61% | -106.52% | -26.37% | -179.47% |
Sun Belt geographic concentration
As reported in financial statements, the relationship between FFO and GAAP operating cash flow remains highly inconsistent, with FFO/NI ratios fluctuating wildly from -33.02 in 2025Q4 to 14.03 in 2025Q3, suggesting that non-cash adjustments and working capital timing significantly obscure the company's true underlying cash generation capability.
The extreme variance in FFO relative to GAAP metrics indicates that reliance on headline FFO may be insufficient for gauging liquidity. Investors should monitor whether these discrepancies stem from aggressive capitalization policies or the inherent volatility of leasing-related working capital movements.
Based on Cousins Properties' reported figures, the dividend payout ratio relative to AFFO has shown significant instability, ranging from 0.44 in 2025Q1 to a negative AFFO result in 2025Q3, which implies that the dividend's long-term sustainability is sensitive to periodic spikes in capital-intensive leasing activity.
While the dividend appears covered on a trailing basis, the negative AFFO observed in 2025Q3 highlights the risk that recurring capital expenditures can rapidly erode distributable cash. This volatility suggests that the dividend policy may be vulnerable if the company faces sustained pressure to fund tenant improvements in a competitive leasing environment.
According to recent SEC filings, the company's recurring capital expenditures, including tenant improvements and leasing commissions, frequently exceed $50 million per quarter, with a peak of $302 million in 2025Q3, indicating a high-cost environment for maintaining occupancy within the firm's trophy Sun Belt office portfolio.
The heavy reliance on capital-intensive leasing strategies suggests that the 'flight-to-quality' moat requires constant reinvestment. This ongoing capital treadmill may continue to suppress free cash flow, limiting the firm's ability to deleverage or return excess capital to shareholders without external financing.
As evidenced by the provided cash flow data, the company's FCF is frequently distorted by massive swings in capital deployment, such as the $302 million outflow in 2025Q3, which masks the true cash-generating potential of the stabilized portfolio by burying development costs within the broader capital expenditure line.
The significant disparity between FFO and FCF suggests that the company's growth strategy is heavily reliant on continuous development, which may be obscuring the true maintenance cost of the existing asset base. Analysts should be wary of treating development-heavy cash flows as representative of long-term, sustainable dividend-paying capacity.
Quick answers to the most common questions about buying CUZ stock.
Cousins Properties Incorporated (CUZ) generated $402.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Cousins Properties Incorporated (CUZ) generated $135.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Cousins Properties Incorporated (CUZ) spent $267.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Cousins Properties Incorporated (CUZ) returned $215.8M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.