FFilingLens
Quarterly TTM Annual
Income Balance Cash flow
8P

Three-Statement Breakdown

ARE
2026-06-30 · figures in $M

FCF DOWN

Free cash flow moved from -$368.4M to -$459.8M.

CASH FROM OPS -8.8%
1,279 45.0% MGN
CAPITAL EXPENDITURE -1.8%
1,739
FREE CASH FLOW —
-460
FCF / NET INCOME —
— TARGET >1.0×
Cash flow TTM 24-09 TTM 24-12 TTM 25-03 TTM 25-06 TTM 25-09 TTM 25-12 TTM 26-03 vs prior TTM YoY TTM 8Q
Net income
10-Q
297 323 143 -10 -411 -1,430 -1,059 -1,025 — — -1,025 2024-09-30 · $167.9M2024-12-31 · -$62.2M2025-03-31 · -$8.9M2025-06-30 · -$107.0M2025-09-30 · -$232.8M2025-12-31 · -$1.1B2026-03-31 · $361.7M2026-06-30 · -$72.8M
Depreciation & amortization
10-Q
1,158 1,202 1,257 1,312 1,359 1,350 1,314 1,272 -3.2% -3.1% 1,272
Stock-based comp
82 60 53 51 45 41 42 40 -5.7% -21.5% 40
Cash from operations
1,659 1,505 1,371 1,420 1,376 1,414 1,403 1,279 -8.8% -9.9% 1,279 2024-09-30 · $477.4M2024-12-31 · $274.2M2025-03-31 · $207.9M2025-06-30 · $460.2M2025-09-30 · $433.5M2025-12-31 · $312.4M2026-03-31 · $196.6M2026-06-30 · $337.0M
Cash conversion
NOT DISCLOSED
5.59× 4.66× 9.56× — — — — — — — —
Capital expenditures
(2,750) (2,423) (2,375) (2,262) (2,029) (1,871) (1,771) (1,739) -1.8% -23.1% (1,739)
Free cash flow
-1,091 -918 -1,004 -843 -653 -457 -368 -460 — — -460 2024-09-30 · -$213.7M2024-12-31 · -$216.1M2025-03-31 · -$437.9M2025-06-30 · $25.1M2025-09-30 · -$24.1M2025-12-31 · -$19.9M2026-03-31 · -$349.4M2026-06-30 · -$66.4M
FCF margin
-35.4% -29.5% -32.3% -27.2% -21.3% -15.1% -12.5% -16.2% — — -16.2%
Cash from investing
-2,347 -1,511 -1,271 -1,072 -991 362 432 397 -8.1% — 397
Dividends paid
886 899 907 912 912 911 805 702 -12.8% -23.0% 702
Share repurchases
NOT DISCLOSED
— 50 258 258 258 208 0 0 — PAUSED 0
Debt repayment
NOT DISCLOSED
— — — 600 600 600 1,852 1,602 -13.5% +167.0% 1,602
Cash from financing
701 -93 -347 -384 -378 -1,784 -1,897 -1,731 — — -1,731
Net change in cash
12 -101 -248 -38 5 -6 -60 -53 — — -53
Ending cash balance
563 552 476 521 579 549 419 470 +12.4% -9.6% 470

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SELECTED · FREE CASH FLOW · QoQ BRIDGE
FROM-368 CASH FROM OPERATIONS-123 CAPITAL EXPENDITURES+32 ROUNDING-1 TO-460
↹ CLICK A LINE TO SELECT · ⌘F FIND LINE ITEM SRC 10-Q FILED 2026-08-03 ↗