Free cash flow remains erratic, shifting from a positive $24.0 million in 2025Q3 to a negative $5.4 million in 2026Q4, exacerbated by capital expenditures consuming 13.6% of revenue.
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 |
|---|
| Cash from Operations | -13.55M | 16M | -68.51M | -115.82M | -110.27M | -210.58M | -342.14M | -192.25M | -81.67M | -13.38M | -6.77M | -3.32M | -965.11K | -447.84K | -277.98K | -275.48K | -3.08K | -39.04K | -87.26K | 15.11K |
| Operating CF Margin % | -4.21% | 4.66% | -25.35% | -51.75% | -49.82% | -85.86% | -127.33% | -78.3% | -147.96% | -74.05% | -470.6% | - | - | - | - | - | - | -95.6% | -167.77% | - |
| Operating CF Growth % | -184.64% | 123.36% | 40.85% | -5.04% | 47.64% | 38.45% | -77.97% | -135.4% | -510.46% | -97.55% | -103.72% | -244.44% | -115.5% | -61.11% | -0.91% | -8832.49% | 92.1% | 55.26% | -677.32% | - |
| Net Income | -58.77M | 15.76M | -57.08M | -265.33M | -1.72B | -693.48M | -3.26B | -300.74M | 69.23M | -12.97M | -5.72M | -9.52M | -1.82M | -393.49K | -315.76K | -281.08K | -43.91K | -145.66K | -177.29K | 1.27K |
| Depreciation & Amortization | 14.23M | 22.55M | 32.77M | 43.57M | 93.66M | 98.08M | 114.72M | 88.25M | 12.26M | 1.09M | 593K | 304.8K | 0 | 432 | 422 | 409 | 583 | 834 | 490 | 0 |
| Stock-Based Compensation | 7.29M | 11.52M | 12.72M | 16.89M | 13.76M | 20.24M | 59.18M | 107.04M | 37.45M | 7.58M | 913K | 872.59K | 1.06M | 1.89K | 17.69K | 12.19K | 7.66K | 79.49K | 155.51K | 0 |
| Deferred Taxes | 55.14K | -3.19M | -1.67M | -18.4M | -2.19M | -6.44M | -77.14M | -23.91M | 6.44M | -4.28M | -70K | -207.71K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 40.18M | -40.85M | -39.71M | 190.11M | 1.45B | 370.63M | 2.81B | -25.61M | -181.65M | -2.35M | -2.2M | 5.25M | 0 | 11.25K | 0 | 0 | 0 | 0 | 0 | 0 |
| Working Capital Changes | -9.24M | 10.21M | -15.54M | -25.12M | 52.65M | 397K | 7.59M | -37.28M | -25.39M | -2.46M | -286K | -26.24K | -205.28K | -67.92K | 19.67K | -6.99K | 32.58K | 26.3K | -65.97K | 13.85K |
| Change in Receivables | -8.17M | 5.24M | -4.5M | 5.53M | 18.34M | 7.37M | 55.16M | -68.52M | -12.36M | -1.62M | 542K | -368.66K | -244.52K | 9K | -5.42K | -7.11K | 16.59K | 33.55K | -56.2K | -993 |
| Change in Inventory | 65.93M | -15.05M | 3.87M | 49.03M | 21.07M | 8.45M | -26.32M | -50.42M | -8.99M | -1.68M | -1.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -8.06M | 14.91M | -15.7M | -8.06M | 6.76M | -28.29M | -22.55M | 100.57M | 3.1M | 2.61M | 922K | 405.36K | 39.25K | -22.32K | 31.23K | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -73.62M | -14.33M | -3.36M | -27.29M | -36.17M | -26.91M | -245.43M | -312.3M | -536.85M | -49.34M | -1.89M | -7.84M | -2.42M | 0 | -910 | 0 | -11.69K | 40K | -3.27K | 0 |
| Capital Expenditures | -22.6M | -18.86M | -16.83M | -12.13M | -32.21M | -53.08M | -348.81M | -414.19M | -136.94M | -25.72M | -1.89M | -7.83M | -2.42M | 0 | -910 | -94.57K | -61.69K | 0 | -3.27K | 0 |
| CapEx % of Revenue | 7.03% | 5.49% | 6.23% | 5.42% | 14.55% | 21.64% | 129.81% | 168.69% | 248.11% | 142.35% | 130.99% | - | - | - | - | - | - | - | 6.29% | - |
| Acquisitions | 1.1M | 0 | -5.54M | -18.54M | -23.42M | 0 | 27.88M | 114.35M | -335.57M | -6.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 235.61K | -956K | 14.02M | 16K | 19.46M | 14.78M | -13.34M | -8.85M | -895K | -6.75M | 0 | -1.69K | 0 | 0 | 0 | -85.43K | 0 | 0 | 0 | 0 |
| Cash from Financing | 9.79M | -116K | -47.92M | -56.48M | 147.78M | 521.95M | 582.56M | 597.55M | 535.15M | 221.99M | 8.6M | 10.56M | 4.3M | 0 | 0 | 0 | 120.38K | 0 | 1.29M | 412.95K |
| Debt Issued (Net) | -5.02M | -805K | -85.37M | - | -170.83M | -122.92M | -35.91M | 583.74M | 344.82M | 104.59M | 4.08M | 7.02M | 1.85M | - | - | - | - | - | - | - |
| Equity Issued (Net) | 9.94M | 820K | 37.92M | - | 350.19M | 666.03M | 575.51M | 59.33M | 215.61M | 120.82M | 4.83M | 266.73K | 2.46M | - | - | - | 120.38K | - | 1.29M | 428.95K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -208.23K | 0 |
| Other Financing | -154.4K | -131K | -475K | -95.21M | -31.58M | -21.15M | 42.96M | -45.52M | -25.27M | -3.43M | -315K | 3.28M | -2.53K | 0 | 0 | 0 | 0 | 0 | 0 | -16K |
| Net Change in Cash | -66.81M | 1.83M | -119.5M | -140.01M | 16.35M | 259.28M | -10.55M | 95.94M | -83.01M | 159.46M | -57K | -600.91K | 916.77K | -447.84K | -278.89K | -275.48K | 105.6K | 963 | 1.2M | 428.07K |
| Free Cash Flow | -36.15M | -2.85M | -85.34M | -127.95M | -142.48M | -263.66M | -690.96M | -606.43M | -218.61M | -39.1M | -8.66M | -11.16M | -3.39M | -447.84K | -278.89K | -275.48K | -64.77K | -39.04K | -90.53K | 15.11K |
| FCF Margin % | -11.25% | -0.83% | -31.58% | -57.17% | -64.37% | -107.51% | -257.14% | -246.98% | -396.06% | -216.39% | -601.6% | - | - | - | - | - | - | -95.6% | -174.05% | - |
| FCF Growth % | -1166.61% | 96.66% | 33.3% | 10.2% | 45.96% | 61.84% | -13.94% | -177.4% | -459.17% | -351.61% | 22.41% | -229.47% | -656.21% | -60.58% | -1.24% | -325.3% | -65.92% | 56.88% | -698.95% | - |
| FCF per Share | -0.64 | -0.05 | -1.66 | -3.96 | -6.63 | -15.59 | -71.41 | -75.69 | -55.66 | -16.81 | -8.05 | -11.57 | -25.17 | -3.35 | -2.11 | -2.08 | -0.53 | -0.33 | -0.97 | 0.93 |
| FCF Conversion (FCF/Net Income) | 0.11x | 10.06x | 0.99x | 0.14x | 0.06x | 0.30x | 0.10x | 0.65x | -1.14x | 1.03x | 1.18x | 0.35x | 2.41x | 1.14x | 0.88x | 0.85x | 0.07x | 0.27x | 0.49x | 11.93x |
| Interest Paid | 2.35M | 6.84M | 14.87M | - | 27.73M | 34.16M | 47.9M | 18.05M | 7.07M | 471K | - | - | - | - | - | - | - | - | - | - |
| Taxes Paid | 0 | 928K | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Persistent Cash Burn Risk
As reported in recent financial filings, the relationship between net income and operating cash flow for Aurora Cannabis is highly inconsistent, with the OCF/NI ratio fluctuating wildly from 0.00 in 2026Q4 to 9.34 in 2026Q3, indicating significant disconnects between accounting profits and actual cash generation.
The extreme variance in the OCF/NI ratio suggests that reported net income is frequently distorted by non-cash items, such as fair value adjustments on biological assets. Investors should monitor this divergence closely, as it implies that the company's bottom-line performance is not a reliable proxy for its underlying cash-generating capacity.
Based on the company's reported figures, free cash flow margins have swung from a positive 27.2% in 2025Q3 to a negative 14.2% in 2026Q4, highlighting a persistent inability to maintain consistent cash flow generation amidst ongoing operational challenges and revenue contraction.
The inability to sustain positive free cash flow suggests that the company's current business model remains structurally challenged by high fixed costs. This volatility warrants further investigation into whether the recent rationalization of the facility footprint will eventually lead to a more stable and predictable cash flow profile.
According to quarterly cash flow statements, working capital changes have been a primary driver of cash flow volatility, with swings ranging from a $36.4 million outflow in 2026Q2 to a $15.8 million inflow in 2025Q3, reflecting inconsistent efficiency in managing inventory and accounts receivable.
These significant fluctuations in working capital suggest that the company's cash position is highly sensitive to timing differences in collections and inventory management. Such instability may indicate underlying difficulties in aligning production cycles with actual market demand, potentially leading to further liquidity pressure.
As indicated by financial data, the company's capital expenditure as a percentage of revenue reached 13.6% in 2026Q4, a notable increase from 4.3% in 2024Q3, which suggests that maintaining the current asset base continues to consume a disproportionate share of available financial resources.
The elevated capital intensity appears to be a significant drag on free cash flow, particularly given the company's current revenue contraction. This trend suggests that the firm may be struggling to balance necessary maintenance capex with the need to preserve cash, which could limit future strategic flexibility.
Quick answers to the most common questions about buying ACB stock.
Aurora Cannabis Inc. (ACB) generated $-13.5M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
Aurora Cannabis Inc. (ACB) reported negative free cash flow of $36.1M in 2026, indicating capital requirements exceeded cash from operations.
Aurora Cannabis Inc. (ACB) spent $22.6M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.