Management has pivoted toward an asset-light model, reducing capital expenditure to 4.4% of revenue in 2026Q1 while deploying $16.5 million toward share repurchases.
| 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 | 38.91M | 26.32M | 18.84M | -42.84M | -88.95M | -153.62M | -144.87M | -130.01M | -7.15M | -4.41M | -4.82M | -992.64K | -1.43M | -119.29K |
| Operating CF Margin % | - | 13.61% | 16.02% | -49.1% | -102.53% | -237.94% | -310.09% | -547.4% | -58.99% | -135.92% | -1168.46% | -29.15% | 215.4% | 60.86% |
| Operating CF Growth % | 745.08% | 39.67% | 143.99% | 51.84% | 42.1% | -6.04% | -11.43% | -1718.19% | -62.07% | 8.42% | -385.35% | 30.7% | -1100.8% | - |
| Net Income | -2.01M | 0 | 40.02M | -74.55M | -168.73M | -397.2M | -75.27M | 1.17B | -14.1M | 1.98M | -885.4K | 278.28K | -4.15M | -619.48K |
| Depreciation & Amortization | 835.37K | 0 | 9.34M | 8.11M | 13.12M | 15.4M | 7.04M | 3.91M | 1.84M | 792.05K | 284.76K | 81.66K | 28.11K | 0 |
| Stock-Based Compensation | -2.09M | 0 | 8.7M | 8.77M | 15.12M | 10.15M | 15.36M | 11.62M | 3.11M | 1.48M | 228.27K | 0 | 724.38K | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 1.35M | -1.26B | 359.02K | 236.98K | -422.59K | -123.23K | 624.16K | 0 |
| Other Non-Cash Items | 54.02M | 61.34M | -38.9M | 41.31M | 35.89M | 222.88M | -85.7M | 4.63M | -1.85M | -3.99M | -429.9K | 266.75K | 1.15M | 328.06K |
| Working Capital Changes | -19.7M | -35.02M | -311K | -26.47M | 15.66M | -4.84M | -7.65M | -54.21M | 3.48M | -4.91M | -3.59M | 424.29K | 192.81K | 172.12K |
| Change in Receivables | -19.82M | -26.2M | -917K | -6.59M | -8.55M | -12.16M | -10.02M | -5.41M | -2.22M | -821.47K | -42.05K | 0 | -31.48K | 0 |
| Change in Inventory | -10.72M | -10.58M | 5.28M | 7.4M | -7.22M | 11.56M | -735K | 29.44M | -3.89M | -6.71M | -1.22M | 0 | 918 | 0 |
| Change in Payables | 1.6M | 1.13M | -7.45M | -773K | -863K | -1.6M | -2.78M | 13.79M | 5.49M | 5.33M | -2.04M | 340.35K | 219.19K | 0 |
| Cash from Investing | 16.4M | -77.9M | 175.15M | -59.5M | -1.84M | -28.9M | 20.15M | -603.54M | -89.19M | -30.83M | -5.96M | -1.05M | -6.34M | -1.41M |
| Capital Expenditures | 13.31M | -26.51M | -12.52M | -2.5M | -3.45M | -11.14M | -31.41M | -38.95M | -84.26M | -33.96M | -1.13M | -1.09M | -959.55K | 0 |
| CapEx % of Revenue | 6.47% | 13.71% | 10.65% | 2.87% | 3.98% | 17.26% | 67.24% | 164.01% | 695.17% | 1046.12% | 274.85% | 31.95% | -144.29% | - |
| Acquisitions | 0 | 2.9M | 5.71M | 0 | 0 | 0 | 0 | -225.95M | -455.94K | -1.66M | -4.57M | 0 | -2.61M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -76.36M | 0 | 8.41M | 18.41M | 4.12M | -3.06M | -43.84M | -58.32M | -5.1M | -2.06M | -258.02K | 36.03K | -615.71K | 0 |
| Cash from Financing | -35.11M | -20.25M | -1.23M | -1.03M | -2.9M | -13.44M | -3.05M | 1.86B | 113.54M | 39.81M | 16.82M | 2.28M | 8.45M | 1.53M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | -2.41M | -15.56M | 11.58M | 1.94M | -2.69M | 900.78K | 0 | 130K |
| Equity Issued (Net) | -22.7M | -9.91M | 0 | 0 | 0 | 0 | 0 | 0 | 115.51M | 0 | 0 | 1.39M | 9.8M | 1.41M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -22.7M | -9.91M | 0 | 0 | 0 | 0 | 0 | -1.19M | 0 | 0 | 0 | -216.19K | -105.53K | 0 |
| Other Financing | -12.41M | -10.34M | -1.23M | -1.03M | -2.9M | -13.44M | -637K | 1.87B | -4.98M | 37.87M | 15.2M | -8.84K | -1.35M | -3.97K |
| Net Change in Cash | 27.5M | -67.94M | 189.51M | -95.35M | -122.33M | -191.05M | -121.67M | 1.18B | 17.2M | 4.57M | 1.74M | 239.11K | 679.01K | 7.29K |
| Free Cash Flow | 26.47M | 151.61K | 5.69M | -46.26M | -93.98M | -165.88M | -180.26M | -168.96M | -91.41M | -38.37M | -5.95M | -2.08M | -2.39M | -119.29K |
| FCF Margin % | 12.87% | 0.08% | 4.84% | -53.02% | -108.34% | -256.93% | -385.84% | -711.41% | -754.16% | -1182.04% | -1443.3% | -61.1% | 359.7% | 60.86% |
| FCF Growth % | 449.92% | -97.34% | 112.3% | 50.78% | 43.34% | 7.98% | -6.69% | -84.83% | -138.24% | -544.74% | -186.05% | 13.03% | -1905.19% | - |
| FCF per Share | 0.07 | 0.00 | 0.01 | -0.12 | -0.25 | -0.45 | -0.51 | -0.49 | -0.53 | -0.22 | -0.08 | -0.05 | -0.07 | -0.01 |
| FCF Conversion (FCF/Net Income) | -13.19x | -2.79x | 0.46x | 0.58x | 0.53x | 0.39x | 1.98x | -0.11x | 0.33x | 2.98x | 5.44x | -3.57x | 0.35x | 0.19x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 18K | 104K | 647K | 33.01M | 177K | 892K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Regulatory and geopolitical volatility
As reported in recent financial statements, the relationship between net income and operating cash flow for CRON is frequently disconnected, with the OCF/NI ratio fluctuating wildly from -6.63 in 2025Q4 to 0.79 in 2026Q1, highlighting significant non-cash adjustments that obscure the firm's true operational cash generation.
The wide variance between net income and operating cash flow suggests that reported earnings are heavily influenced by non-operating items, such as derivative revaluations or asset impairments. Investors should monitor this divergence closely, as it implies that accounting profits may not be a reliable proxy for the company's ability to generate actual liquidity from its core cannabis operations.
Based on the provided cash flow data, CRON's free cash flow trajectory remains erratic, with margins swinging from a high of 62.8% in 2023Q4 to a low of -54.1% in 2025Q1, indicating that the company has yet to establish a predictable pattern of self-sustaining cash generation.
While the company achieved positive free cash flow in several recent quarters, the lack of a consistent trend suggests that operational efficiency is still highly sensitive to external market conditions and inventory cycles. This volatility warrants further investigation into whether the recent improvements are sustainable or merely the result of temporary working capital management.
According to historical cash flow filings, CRON's capital expenditure as a percentage of revenue has shown significant volatility, peaking at 47.3% in 2025Q1 before moderating to 4.4% in 2026Q1, which appears to reflect the company's strategic transition toward a leaner, asset-light operating model.
The reduction in capital intensity suggests that management is successfully curbing the high fixed-cost requirements typical of the cannabis sector. However, the periodic spikes in capex indicate that the company may still be forced to deploy capital to maintain its infrastructure or support specific growth initiatives, potentially limiting the cash available for other strategic uses.
As evidenced by recent quarterly data, CRON has utilized its substantial cash reserves to execute share repurchases, including a $16.5 million buyback in 2026Q1, signaling management's confidence in the company's valuation despite the ongoing challenges in achieving consistent, long-term operational profitability.
The decision to return capital to shareholders via buybacks, rather than aggressive M&A, appears to be a defensive strategy aimed at supporting the stock price during periods of sector-wide weakness. Investors should monitor whether this capital allocation strategy continues to be viable if the core business fails to reach sustained cash-flow positivity.
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.