Free cash flow generation is heavily concentrated in peak periods, evidenced by a 55.6% FCF margin in 2025Q3 compared to a -164.8% margin in 2025Q1.
| Cash from Operations | 192.4M | 292.4M | 164.6M | 116.3M | 151.6M | 151.6M | 51.5M | 73.4M | 126.23M | 39.33M | -6.44M | 4.96M |
| Operating CF Margin % | 12.56% | 21.68% | 12.34% | 9.56% | 13.8% | 16.78% | 5.38% | 8.84% | 21.35% | 9.74% | -2.21% | 2.27% |
| Operating CF Growth % | -34.2% | 77.64% | 41.53% | -23.29% | 0% | 194.37% | -29.84% | -41.85% | 220.95% | 710.52% | -229.88% | - |
| Net Income | 22.56M | 103.6M | 58.4M | 68.9M | 94.6M | 94.6M | 148M | 143.6M | 96.06M | 21.64M | 26.48M | 14.43M |
| Depreciation & Amortization | 131.84M | 130.7M | 126M | 109.1M | 95.8M | 95.8M | 57.1M | 22.7M | 14.22M | 8.52M | 5.92M | 3.39M |
| Stock-Based Compensation | 0 | 15.2M | 10.4M | 15M | 14M | 14M | 8.5M | 3.8M | 1.97M | 3.27M | 500K | 300K |
| Deferred Taxes | 0 | 24.5M | 17.6M | 24.6M | 23.1M | 23.1M | 10.7M | 38.9M | 29.18M | 8.9M | 6.47M | 4.71M |
| Other Non-Cash Items | 19.85M | -14.2M | -58.3M | -25.9M | 6.9M | 6.9M | -42.2M | -34.9M | -12.88M | -22.87M | -7.97M | -373K |
| Working Capital Changes | 18.15M | 32.6M | 10.5M | -75.4M | -82.8M | -82.8M | -130.6M | -100.7M | -2.32M | 19.87M | -37.85M | -17.49M |
| Change in Receivables | -8.92M | -11.2M | -12.4M | -4.6M | -8.7M | -8.7M | -10.6M | 3.4M | -3.06M | 7.68M | -3.37M | -9.24M |
| Change in Inventory | 2.21M | 62M | 27.2M | -49.9M | -60.7M | -60.7M | -141.8M | -87.3M | -39.51M | -5.96M | -49.78M | -10.62M |
| Change in Payables | 18.15M | 0 | -9.5M | 0 | 0 | 0 | 0 | -25M | 35.94M | 12.4M | 13.93M | 945K |
| Cash from Investing | -50.63M | -18.4M | -72.4M | -45.3M | -37.2M | -37.2M | -51.3M | -82.9M | -34.38M | -26.98M | -21.84M | -7.26M |
| Capital Expenditures | -50.63M | -18.2M | -55.5M | -45.9M | -35.7M | -35.7M | -45.3M | -49.3M | -33.8M | -26.27M | -21.84M | -6M |
| CapEx % of Revenue | 3.3% | 1.35% | 4.16% | 3.77% | 3.25% | 3.95% | 4.73% | 5.94% | 5.72% | 6.51% | 7.51% | 2.75% |
| Acquisitions | 0 | 0 | -15.9M | 2.8M | 0 | 0 | 0 | -33.6M | -585K | -710K | 0 | -1.26M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | -200K | -1M | -2.2M | -1.5M | -1.5M | -6M | -19M | -7.7M | -10.5M | -6.77M | -2.17M |
| Cash from Financing | -70.28M | -93.6M | -232.8M | -80.7M | -298.2M | -298.2M | -58.7M | 3.1M | -7.93M | -9.9M | 29.59M | 4.95M |
| Debt Issued (Net) | 16.64M | -94.2M | -91.3M | -62.6M | -51.1M | -51.1M | -24.7M | 0 | -8.8M | 13.4M | 27.62M | 3.2M |
| Equity Issued (Net) | 501.29K | 600K | -141.4M | -26.7M | -246.1M | -246.1M | -38.7M | 0 | 0 | -21.5M | 1.75M | 1.75M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -254.04M | 0 | 0 |
| Share Repurchases | 0 | 0 | -141.4M | -26.7M | -253.2M | -253.2M | -38.7M | 0 | 0 | -64.3M | 0 | 0 |
| Other Financing | -87.43M | 0 | -100K | 8.6M | -1M | -1M | 4.7M | 3.1M | 900K | -1.8M | 225K | 0 |
| Net Change in Cash | 85.22M | 189.5M | -141.6M | -1.2M | -190.2M | -190.2M | -56.9M | -6.7M | 85.61M | 2.45M | 1.31M | 2.65M |
| Free Cash Flow | 141.77M | 274M | 108.1M | 68.2M | 114.4M | 114.4M | 200K | 24.1M | 92.43M | 13.06M | -28.28M | -1.04M |
| FCF Margin % | 9.25% | 20.32% | 8.1% | 5.6% | 10.42% | 12.66% | 0.02% | 2.9% | 15.64% | 3.23% | -9.73% | -0.48% |
| FCF Growth % | -48.26% | 153.47% | 58.5% | -40.38% | 0% | 57100% | -99.17% | -73.93% | 607.69% | 146.18% | -2611.79% | - |
| FCF per Share | 1.43 | 2.79 | 1.06 | 0.65 | 1.05 | 1.03 | 0.00 | 0.22 | 0.83 | 0.13 | -0.26 | -0.01 |
| FCF Conversion (FCF/Net Income) | 8.53x | 3.08x | 2.82x | 1.60x | 1.60x | 2.16x | 0.35x | 0.51x | 1.31x | 1.82x | -0.24x | 0.34x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Seasonal working capital volatility
As reported in recent financial filings, the company's operating cash flow to net income ratio exhibits extreme volatility, ranging from 2.90 in 2026Q4 to a negative 26.46 in 2025Q2, illustrating that reported net income is a poor proxy for actual cash generation in any single quarter.
The wide divergence between net income and operating cash flow suggests that accrual-based accounting significantly obscures the underlying cash reality of the business. Investors should interpret these fluctuations as a byproduct of the company's intense seasonality rather than a reflection of consistent earnings quality.
Based on the provided cash flow statements, free cash flow margins fluctuate wildly from a peak of 55.6% in 2025Q3 to a low of -164.8% in 2025Q1, confirming that the company's ability to generate cash is entirely tethered to the winter-heavy third fiscal quarter.
The inability to maintain positive free cash flow outside of the peak season suggests that the company's fixed cost structure remains a significant burden on liquidity. This trajectory implies that the business is perpetually reliant on a single quarter to fund the entirety of its annual operational and capital requirements.
According to the company's quarterly cash flow data, working capital changes are the primary driver of cash flow variance, with a massive $118.4 million inflow in 2026Q3 contrasting sharply with a $77.1 million outflow in 2026Q2, highlighting the aggressive nature of seasonal inventory management.
These swings suggest that the company is highly sensitive to inventory build-up and sell-through timing, which can rapidly deplete cash reserves during off-peak periods. The reliance on these working capital shifts warrants further investigation into whether current inventory levels are becoming structurally bloated relative to sales.
As indicated by the financial statements, capital expenditures have remained relatively contained, peaking at 3.7% of revenue in 2026Q4, which suggests that the company is not currently engaged in a heavy infrastructure-led expansion phase despite its aggressive retail footprint growth.
While the capital intensity appears low, the maintenance of these assets alongside high lease obligations may be masking the true cost of the DTC transition. Analysts should monitor whether this level of investment is sufficient to support the brand's luxury positioning without requiring significant future capital injections.
Quick answers to the most common questions about buying GOOS stock.
Canada Goose Holdings Inc. (GOOS) generated $192.4M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
Canada Goose Holdings Inc. (GOOS) generated $141.8M in free cash flow in 2026. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Canada Goose Holdings Inc. (GOOS) spent $50.6M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.