Free cash flow remains deeply negative, with a $19.4 million outflow in 2025Q4, highlighting a structural inability to fund operations through internal cash generation despite reducing capital expenditures to $1.0 million.
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Dec'14 | Dec'13 | Jul'13 | Jul'12 | Jul'11 | Jul'10 |
|---|
| Cash from Operations | -63.81M | -165.75M | -281.95M | -557.55M | -545.81M | -465.73M | -772.63M | -535.03M | -81.51M | -27.09M | -12.45M | -9.75M | -1.38M | -37K | -18.65K | -28.41K | -7K |
| Operating CF Margin % | -22.42% | -61.62% | -94.89% | -167.3% | -114.74% | -85.2% | -193.75% | -236.38% | -104.56% | -67.91% | -98.01% | -513.77% | - | -892.81% | -391.58% | -633.04% | -1274.5% |
| Operating CF Growth % | 61.5% | 41.21% | 49.43% | -2.15% | -17.2% | 39.72% | -44.41% | -556.43% | -200.84% | -117.68% | -27.71% | -605.21% | -3635.03% | -98.37% | 34.35% | -306.05% | - |
| Net Income | -262.91M | -604.14M | -483.68M | -3.08B | -258.91M | -1.67B | -1.39B | -736.28M | -54.13M | -7.57M | -3.5M | -8.93M | -932.92K | -64.61K | -21.39K | -24.07K | -26.92K |
| Depreciation & Amortization | 36.47M | 43.12M | 53.18M | 80.03M | 110.94M | 127.12M | 125.01M | 46.92M | 20.49M | 6.06M | 2.26M | 362.9K | 4.19K | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 4.27M | -4.21M | 14.18M | 25.32M | 46.69M | 91.15M | 320.28M | 278.23M | 51.18M | 10.04M | 3.68M | 2.24M | 153.76K | 25.41K | 0 | 0 | 12.6K |
| Deferred Taxes | 23K | 7.14M | 12.33M | -5.73M | -8.95M | -13.14M | -121.61M | 4.11M | 1.59M | -2.7M | 126K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 137.66M | 424.3M | 118.08M | 2.36B | -640.58M | 972.23M | 342.24M | 172.07M | -72.11M | -16.58M | -37.7M | 966.3K | 386.03K | 536 | 0 | 0 | 0 |
| Working Capital Changes | 20.68M | -31.96M | 3.97M | 58.97M | 205M | 27.73M | -51.11M | -300.08M | -28.52M | -16.35M | 22.69M | -4.38M | -992.94K | 1.66K | 2.74K | -4.34K | 7.32K |
| Change in Receivables | 25.68M | -4.49M | -3.75M | 6.24M | 16.15M | -11.99M | 20.98M | -67.69M | -15.74M | -2.18M | -299K | -182.63K | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 3.71M | -17.71M | 1.03M | 68.44M | 204.22M | 23.11M | -33.95M | -144.92M | -24.49M | -12.27M | 20.06M | -1.11M | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11.4M | 0 | 2.39M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -21.35M | -47.79M | 241.59M | 433.38M | 230.82M | -884.11M | -347.65M | -3.23B | -223.58M | -18.6M | -12.3M | -11.97M | -1.06M | 25.32K | 30K | 0 | -550K |
| Capital Expenditures | -5.33M | -10.81M | -3.45M | -9.11M | -36.68M | -164.5M | -704.94M | -644.46M | -178.17M | -29.53M | -10.71M | -11.97M | -1.05M | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | 1.87% | 4.02% | 1.16% | 2.73% | 7.71% | 30.09% | 176.78% | 284.73% | 228.57% | 74.02% | 84.38% | 630.87% | - | - | - | - | - |
| Acquisitions | -41.54M | -6.97M | -955K | 14.93M | 103.2M | 7M | -503.97M | -388.02M | -29.93M | 11.19M | 1.05M | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 6.52M | 48.9M | 167.79M | -7.88M | -2.29M | -172.2M | -41.44M | -74.36M | -13.31M | 178K | -2.41M | -4K | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 332.41M | 148.66M | -465.06M | -19.69M | -45.53M | 1.26B | -57.16M | 5.85B | 525.85M | 132.1M | 18.86M | 25.4M | 4.53M | 0 | 1K | 0 | 594.98K |
| Debt Issued (Net) | -13.52M | -220.78M | -509.78M | 16.98M | -50.76M | 877.54M | -100.19M | 595.32M | -1.51M | 2.8M | -1.9M | 1.83M | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 374.17M | 385.39M | 81.06M | 1.05M | 2.7M | 0 | 0 | 5.23B | 525.55M | 130.28M | 20.7M | 23.94M | 4.9M | 0 | 0 | 0 | 725K |
| Dividends Paid | 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 |
| Other Financing | -28.24M | -15.96M | -36.34M | -37.72M | 2.53M | 387.23M | 43.03M | 28.92M | 1.81M | -979K | 52.07K | -380.85K | -367.86K | 0 | 1K | 0 | -130.02K |
| Net Change in Cash | 250.87M | -56.49M | -506.71M | -99M | -378.65M | -148.52M | -1.18B | 2.16B | 220.76M | 86.4M | -6.05M | 3.68M | 2.09M | -11.68K | 12.35K | -28.41K | 37.99K |
| Free Cash Flow | -69.76M | -177.03M | -285.95M | -568M | -593.92M | -639.87M | -1.49B | -1.25B | -259.6M | -56.63M | -23.16M | -21.71M | -2.43M | -37K | -18.65K | -28.41K | -7K |
| FCF Margin % | -24.51% | -65.81% | -96.23% | -170.44% | -124.85% | -117.05% | -374.78% | -553.96% | -333.04% | -141.94% | -182.38% | -1144.64% | - | -892.81% | -391.58% | -633.04% | -1274.5% |
| FCF Growth % | 60.59% | 38.09% | 49.66% | 4.37% | 7.18% | 57.19% | -19.2% | -382.99% | -358.45% | -144.48% | -6.68% | -792.47% | -6475.34% | -98.37% | 34.35% | -306.05% | - |
| FCF per Share | -0.02 | -1.65 | -3.82 | -12.25 | -15.18 | -1.70 | -4.20 | -3.71 | -1.46 | -0.48 | -0.30 | -0.73 | -2.43 | -0.04 | -0.02 | -0.03 | -0.01 |
| FCF Conversion (FCF/Net Income) | 0.24x | 0.28x | 0.43x | 0.17x | 1.76x | 0.27x | 0.58x | 0.73x | 1.21x | 3.60x | 3.56x | 1.09x | 1.48x | 0.57x | 0.87x | 1.18x | 0.26x |
| Interest Paid | 29.02M | 64.9M | 98.12M | 131.82M | 119.25M | 25.65M | 25.47M | 14.52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 469K | 783K | 2.08M | 1.18M | 2.64M | 22.77M | 5.46M | 502K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent liquidity and solvency
According to recent financial disclosures, CGC's operating cash flow consistently fails to track with net income, as evidenced by the 2025Q4 period where the company reported a $157.1 million net loss while simultaneously burning $18.3 million in cash from core operations.
The persistent gap between net income and operating cash flow suggests that accounting losses are not merely non-cash paper adjustments but are reflective of underlying operational inefficiencies. Investors should monitor this divergence, as it implies that the company's core business model remains unable to generate positive cash flow regardless of how net income is adjusted for non-cash items.
As reported in quarterly filings, the company's free cash flow trajectory remains firmly in negative territory, with a 2024Q2 low of -$56.4 million, highlighting a structural inability to fund operations through internal cash generation despite ongoing efforts to pivot toward an asset-light model.
The consistent negative free cash flow margins, which reached -89.6% in 2024Q2, indicate that the business is currently consuming capital at a rate that necessitates external financing. This trajectory warrants further investigation into whether the recent cost-cutting measures are sufficient to reach a cash-flow-neutral state before existing liquidity is exhausted.
Based on reported figures, capital expenditures have significantly moderated from historical levels, dropping to just $1.0 million in 2025Q4, which suggests a strategic shift away from heavy infrastructure investment toward a more conservative, maintenance-focused capital allocation strategy in the current fiscal environment.
The reduction in capital intensity, with CapEx/Revenue ratios falling from 5.9% in 2024Q1 to 1.4% in 2025Q4, appears to be a direct consequence of the company's decision to shutter underperforming greenhouse facilities. While this preserves cash in the short term, it may limit the company's ability to scale production capacity should market demand for premium cannabis products accelerate unexpectedly.
As indicated by recent SEC filings, working capital changes have been highly erratic, swinging from a $26.4 million inflow in 2023Q4 to a $23.3 million outflow in 2024Q2, which complicates the assessment of the company's ability to manage inventory and receivables effectively.
This volatility suggests that the company may be struggling to align its inventory levels with fluctuating consumer demand, leading to periodic cash traps. Analysts should monitor whether these swings are indicative of seasonal inventory build-ups or deeper issues in the cash conversion cycle that could further strain the company's limited liquidity.
Quick answers to the most common questions about buying CGC stock.
Canopy Growth Corporation (CGC) generated $-63.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Canopy Growth Corporation (CGC) reported negative free cash flow of $69.8M in 2025, indicating capital requirements exceeded cash from operations.
Canopy Growth Corporation (CGC) spent $5.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.