Free cash flow turned positive at $17.1M in Q2 2026 (24.2% margin), but operating cash flow of $18.8M versus net income of $32.1M (OCF/NI of 0.59) indicates earnings quality is partially driven by non-cash gains.
Cronos Group Inc. (CRON) cash flow statement — 13-year operating, investing & financing cash flows
| 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 |
|---|
| Cash from Operations | 81.13M | 26.32M | 18.84M | -42.84M | -88.95M | -153.62M | -144.87M | -97.64M | -9.9M | -4.41M | -4.82M | -992.64K | -1.43M | -119.29K |
| Operating CF Margin % | - | 17.65% | 16.02% | -49.1% | -102.53% | -237.94% | -310.09% | -547.4% | -81.65% | -106.53% | -1168.46% | -29.15% | 215.4% | 60.86% |
| Operating CF Growth % | 1578.61% | 39.67% | 143.99% | 51.84% | 42.1% | -6.04% | -48.37% | -886.59% | -124.32% | 8.42% | -385.35% | 30.7% | -1100.8% | - |
| Net Income | 57.63M | -2.93M | 40.02M | -74.55M | -168.73M | -397.2M | -75.27M | 875.41M | -14.1M | 1.98M | -885.4K | 278.28K | -4.15M | -619.48K |
| Depreciation & Amortization | 15.42M | 14.48M | 9.34M | 8.11M | 13.12M | 15.4M | 7.04M | 3.27M | 1.94M | 792.05K | 284.76K | 81.66K | 28.11K | 0 |
| Stock-Based Compensation | -622K | 7.05M | 8.7M | 8.77M | 15.12M | 10.15M | 15.36M | 8.73M | 3.11M | 1.48M | 228.27K | 0 | 724.38K | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 1.35M | -947.48M | 359.02K | 236.98K | -422.59K | -123.23K | 624.16K | 0 |
| Other Non-Cash Items | -10.75M | 42.73M | -38.9M | 41.31M | 35.89M | 222.88M | -85.7M | 3.15M | -4.69M | -3.99M | -429.9K | 266.75K | 1.15M | 328.06K |
| Working Capital Changes | 7.59M | -35.02M | -311K | -26.47M | 15.66M | -4.84M | -7.65M | -40.71M | 3.48M | -4.91M | -3.59M | 424.29K | 192.81K | 172.12K |
| Change in Receivables | -28.18M | -26.2M | -917K | -6.59M | -8.55M | -12.16M | -10.02M | -4.06M | -2.22M | -821.47K | -42.05K | 0 | -31.48K | 0 |
| Change in Inventory | -6.2M | -10.58M | 5.28M | 7.4M | -7.22M | 11.56M | -735K | 22.11M | -3.89M | -6.71M | -1.22M | 0 | 918 | 0 |
| Change in Payables | 6.84M | 1.13M | -7.45M | -773K | -863K | -1.6M | -2.78M | 10.36M | 5.49M | 5.33M | -2.04M | 340.35K | 219.19K | 0 |
| Cash from Investing | -393.56M | -77.9M | 175.15M | -59.5M | -1.84M | -28.9M | 20.15M | -453.29M | -121.15M | -30.83M | -5.96M | -1.05M | -6.34M | -1.41M |
| Capital Expenditures | 9.95M | -26.51M | -12.52M | -2.5M | -3.45M | -11.14M | -31.41M | -29.26M | -84.26M | -33.96M | -1.13M | -1.09M | -959.55K | 0 |
| CapEx % of Revenue | 3.94% | 17.78% | 10.65% | 2.87% | 3.98% | 17.26% | 67.24% | 164.01% | 695.17% | 819.89% | 274.85% | 31.95% | -144.29% | - |
| Acquisitions | 0 | 2.9M | 5.71M | 0 | 0 | 0 | 0 | -169.7M | -455.94K | -1.66M | -4.57M | 0 | -2.61M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -62.36M | 0 | 8.41M | 18.41M | 4.12M | -3.06M | -43.84M | -43.8M | -37.06M | -2.06M | -258.02K | 36.03K | -615.71K | 0 |
| Cash from Financing | -55.86M | -20.25M | -1.23M | -1.03M | -2.9M | -13.44M | -3.05M | 1.39B | 157.77M | 39.81M | 12.51M | 2.28M | 8.45M | 1.53M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | -2.41M | -15.93M | 11.58M | 1.94M | -1.46M | 900.78K | 0 | 130K |
| Equity Issued (Net) | -46.38M | -9.91M | 0 | 0 | 0 | 0 | 0 | 66.29M | 142.83M | 49.76M | 21.32M | 1.39M | 9.8M | 1.41M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -46.38M | -9.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -216.19K | -105.53K | 0 |
| Other Financing | -9.48M | -10.34M | -1.23M | -1.03M | -2.9M | -13.44M | -637K | 1.34B | 3.36M | -11.88M | -7.34M | -8.84K | -1.35M | -3.97K |
| Net Change in Cash | -365.69M | -67.94M | 189.51M | -95.35M | -122.33M | -191.05M | -121.67M | 883.07M | 22.57M | 4.57M | 1.74M | 239.11K | 679.01K | 7.29K |
| Free Cash Flow | 65.39M | 151.61K | 5.69M | -46.26M | -93.98M | -165.88M | -180.26M | -126.9M | -91.41M | -38.37M | -5.95M | -2.08M | -2.39M | -119.29K |
| FCF Margin % | 25.91% | 0.1% | 4.84% | -53.02% | -108.34% | -256.93% | -385.84% | -711.41% | -754.16% | -926.41% | -1443.3% | -61.1% | 359.7% | 60.86% |
| FCF Growth % | 1239.32% | -97.34% | 112.3% | 50.78% | 43.34% | 7.98% | -42.05% | -38.82% | -138.24% | -544.74% | -186.05% | 13.03% | -1905.19% | - |
| FCF per Share | 0.19 | 0.00 | 0.01 | -0.12 | -0.25 | -0.45 | -0.51 | -0.37 | -0.53 | -0.22 | -0.08 | -0.05 | -0.07 | -0.01 |
| FCF Conversion (FCF/Net Income) | 1.13x | -2.74x | 0.46x | 0.58x | 0.53x | 0.39x | 1.98x | -0.08x | 0.46x | -1.75x | 4.02x | -3.57x | 0.35x | 0.19x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 52K | 104K | 647K | 33.01M | 177K | 892K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying CRON stock.
Cronos Group Inc. (CRON) generated $26.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Cronos Group Inc. (CRON) generated $0.2M 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.
Cronos Group Inc. (CRON) spent $26.5M 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, Cronos Group Inc. (CRON) spent $9.9M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Geopolitical exposure in Israel
Metrics are mathematically derived from official filings.
Earnings Quality Diverges from Cash
In Q2 2026, Cronos reported net income of $32.1M against operating cash flow of $18.8M, an OCF/NI ratio of 0.59, according to the latest quarterly filing, suggesting non-cash gains inflate reported profitability.
The persistent gap between net income and operating cash flow, particularly in quarters like Q2 2026 and Q3 2025, appears driven by non-operating items such as fair value adjustments and interest income, which do not convert to operational cash. Investors should monitor whether this divergence narrows as the company scales, as it currently implies that reported earnings overstate the cash-generating power of the core business.
Free Cash Flow Turns Positive
Cronos generated positive free cash flow of $17.1M in Q2 2026, a sharp reversal from negative FCF in early 2025, as reported in financial statements, with FCF margin expanding to 24.2% from -54.1% in Q1 2025.
The trajectory shows a clear inflection: after burning cash in Q1 2025, the company has delivered four consecutive quarters of positive FCF, culminating in record Q2 2026 performance. This improvement appears driven by revenue growth and disciplined capex, though the sustainability depends on maintaining gross margins above 40% and controlling working capital outflows.
Capital Spending Remains Restrained
Capex averaged roughly 2-4% of revenue in recent quarters, per SEC filings, with Q2 2026 capex of $1.7M versus revenue of $70.6M, indicating a lean, asset-light model that prioritizes brand and distribution over cultivation capacity.
The low capital intensity relative to peers like Tilray and Canopy Growth suggests Cronos is avoiding the 'cultivation trap' of high fixed costs. However, the Q4 2025 capex spike to $23.6M (25.8% of revenue) may indicate a one-time investment, possibly in automation or international expansion, which investors should monitor for follow-on spending.
Working Capital Drag Persists
Working capital changes consumed $5.6M in Q2 2026 and have been negative in most quarters, as per the cash flow statement, reflecting inventory build-up and receivable timing that offset operational gains.
The consistent negative working capital adjustments, despite revenue growth, suggest that inventory and receivables are expanding faster than payables, a common issue in cannabis where provincial buyers dictate terms. This drag may continue to pressure operating cash flow conversion, but the magnitude appears manageable given the company's cash reserves.
Buybacks Signal Capital Confidence
Cronos repurchased $16.4M of shares in Q2 2026 and $16.5M in Q1 2026, according to the cash flow statement, marking a shift from zero buybacks in prior quarters and signaling management's view that the stock is undervalued.
The initiation of buybacks, alongside zero dividends and no debt, indicates a capital allocation strategy focused on returning value to shareholders while preserving the cash pile for strategic opportunities. This deployment contrasts with peers' debt-funded M&A and suggests management is confident in the company's liquidity position, though the impact on per-share metrics will depend on execution.
Cumulative Cash Lags Earnings
Over the last ten quarters, cumulative net income totals roughly $77M while operating cash flow sums to about $74M, based on reported figures, a narrow gap that suggests earnings quality is improving but still subject to non-cash adjustments.
The near-parity between cumulative net income and operating cash flow is notable for a cannabis company, indicating that non-cash items like biological asset revaluations are not as distortive as in peers. However, the quarterly volatility—such as the $39.7M loss in Q2 2025—highlights the lumpiness of fair value adjustments, which investors should normalize when assessing long-term cash generation.
Cash Flow Obscures Non-Operating Gains
Q2 2026 net income of $32.1M includes significant non-operating items, as operating cash flow of $18.8M and SBC of $1.6M suggest, per the cash flow statement, that reported profitability is partly driven by interest income and fair value gains.
The cash flow statement reveals that stock-based compensation is modest, but the gap between net income and operating cash flow in quarters like Q2 2026 (OCF/NI of 0.59) implies that earnings are boosted by non-cash gains, likely from the revaluation of derivative liabilities or investments. Investors should adjust for these items to assess the underlying cash-generating ability of the core cannabis operations, which appears to be improving but remains below reported net income.