Free cash flow margin has deteriorated to -16.9% in 2026Q4, with operating cash flow failing to cover net losses (OCF/NI ratio of 0.76) and significant working capital outflows of -$44.6M amplifying the cash burn.
Tilray Brands, Inc. (TLRY) cash flow statement — 15-year operating, investing & financing cash flows
| Metric | May'26 | May'25 | May'24 | May'23 | May'22 | May'21 | May'20 | May'19 | May'18 | May'17 | May'16 | May'15 | May'14 | Aug'13 | Aug'12 |
|---|
| Cash from Operations | -69.14M | -129.81M | -42.11M | 10.65M | -223.45M | -53.99M | -250.16M | -46.62M | -5.89M | -3.32M | -581.74K | -3.52M | -37.82K | -608.47K | -43.51K |
| Operating CF Margin % | -7.55% | -11.52% | -3.92% | 1.26% | -35.56% | -10.52% | -84.81% | -108.08% | -28.69% | -21.89% | -9.03% | -987.07% | - | - | - |
| Operating CF Growth % | 46.73% | -208.26% | -495.43% | 104.77% | -313.87% | 78.42% | -436.65% | -691.02% | -77.46% | -470.85% | 83.46% | -9197.79% | 93.78% | -1298.5% | - |
| Net Income | -105.16M | -3B | -333.8M | -1.96B | -601.05M | -443.62M | -311.34M | -68.26M | -7.67M | -7.89M | 234.29K | -4.23M | -38.58K | -608.84K | -97.45K |
| Depreciation & Amortization | 67.6M | 183.17M | 172.93M | 175.31M | 194.88M | 81.9M | 15.36M | 3.59M | 1.82M | 1.95M | 560.57K | 246.05K | 0 | 373 | 0 |
| Stock-Based Compensation | 45.94M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 272.18K | 815K | 0 | 0 | 45.46K |
| Deferred Taxes | 17.1M | -166.06M | -52.97M | -43.04M | -34.71M | -30.03M | -8.58M | -4.52M | 0 | 0 | -706.47K | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -7.27M | 2.94B | 183.82M | 1.82B | 333.12M | 399.26M | 171.26M | 36.27M | -310.22K | 924.8K | -1.46K | 1.1M | 0 | 0 | 0 |
| Working Capital Changes | -87.36M | -85.85M | -12.09M | 19.4M | -115.68M | -61.5M | -116.88M | -13.7M | 264.08K | 1.69M | -940.85K | -1.45M | 759 | 0 | 8.48K |
| Change in Receivables | -66.42M | -24.43M | -8.96M | 5.61M | -7.36M | -28.39M | -19.4M | -16.54M | -1.66M | 316.27K | -1.05M | 0 | 759 | 0 | -2.71K |
| Change in Inventory | -13.44M | -18.61M | -21.23M | -17.42M | -57.67M | -42.6M | -99.5M | -9.3M | -3.23M | 693.6K | -458.26K | -806.92K | 0 | 0 | 0 |
| Change in Payables | 19.4M | -31.48M | 288.86K | 27M | -56.29M | 17.51M | 19.39M | 5.26M | 4.64M | 122.1K | 187.96K | -55.89K | 0 | 0 | 0 |
| Cash from Investing | -55.8M | -64.11M | 174.88M | -384.04M | -27.14M | 55.67M | -245.43M | -99.41M | -11.6M | -1.03M | -3.52M | -1.96M | 26.14K | -15.33K | -320.57K |
| Capital Expenditures | -32.99M | -45.17M | -39.85M | -28.02M | -42.94M | -46.94M | -76.21M | -54.89M | -11.62M | -1.03M | -2.64M | -1.62M | 0 | -15.33K | 0 |
| CapEx % of Revenue | 3.6% | 4.01% | 3.71% | 3.32% | 6.83% | 9.15% | 25.84% | 127.27% | 56.59% | 6.8% | 40.95% | 455.7% | - | - | - |
| Acquisitions | -53.7M | -15.49M | -71.01M | -30.19M | 15.8M | 88.4M | -152.49M | 718.68K | 22.58K | 0 | 0 | 51.16K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 2.48M | 0 | 0 | 0 | 0 | 14.2M | -2.61M | 0 | 0 | 6K | 40.61K | -387.61K | 0 | 0 | 0 |
| Cash from Financing | 130.99M | 183.2M | -102.45M | 94.5M | 161.6M | 150.09M | 111.19M | 636.02M | 12.01M | 10.93M | 9.64M | 9.92M | 0 | 623.8K | 307.26K |
| Debt Issued (Net) | -29.19M | -31.89M | -110.24M | -76.96M | -149.85M | 56.22M | 3.57M | 420.97M | 12.01M | 10.93M | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 160.18M | 221.18M | 11.74M | 172.96M | 330.91M | 123.99M | 108.1M | 215.05M | 0 | 0 | 6.07M | 11.16M | 0 | 0 | 402.8K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -159K | 0 | 0 | -1.6M | 0 | 0 | -4.86M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 1K | -6.1M | -3.95M | -1.5M | -19.46M | -30.13M | -488.57K | 0 | 0 | 0 | 3.57M | -1.24M | 0 | 623.8K | -95.53K |
| Net Change in Cash | 7.68M | -9.16M | 29.58M | -281.89M | -91.46M | 472.9M | -378.51M | 488.79M | -5.11M | 7.54M | 5.55M | 4.45M | -11.67K | 10 | -56.82K |
| Free Cash Flow | -102.13M | -174.98M | -81.96M | -17.37M | -266.39M | -100.93M | -321.65M | -97.21M | -16.6M | -3.81M | -3.22M | -5.14M | -37.82K | -623.8K | -43.51K |
| FCF Margin % | -11.16% | -15.53% | -7.62% | -2.06% | -42.39% | -19.67% | -109.05% | -225.4% | -80.84% | -25.11% | -49.99% | -1442.77% | - | - | - |
| FCF Growth % | 41.63% | -113.48% | -371.93% | 93.48% | -163.95% | 68.62% | -230.87% | -485.5% | -335.87% | -18.33% | 37.37% | -13490.23% | 93.94% | -1333.75% | - |
| FCF per Share | -0.91 | -1.97 | -1.10 | -0.28 | -5.54 | -3.74 | -14.10 | -4.78 | -1.19 | -0.41 | -0.66 | -1.35 | -0.00 | -1.87 | -0.13 |
| FCF Conversion (FCF/Net Income) | 0.56x | 0.04x | 0.13x | -0.01x | 0.47x | 0.15x | 3.35x | 0.69x | 0.75x | -1.07x | -1.91x | 0.83x | 0.03x | 15.25x | 0.45x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 5.62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying TLRY stock.
Tilray Brands, Inc. (TLRY) generated $-69.1M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
Tilray Brands, Inc. (TLRY) reported negative free cash flow of $102.1M in 2026, indicating capital requirements exceeded cash from operations.
Tilray Brands, Inc. (TLRY) spent $33.0M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2026, Tilray Brands, Inc. (TLRY) spent $0.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Persistent cash burn and negative conversion
Metrics are mathematically derived from official filings.
Negative Conversion Signals Structural Weakness
Tilray's operating cash flow has consistently failed to cover net losses, with the OCF/NI ratio falling to 0.76 in 2026Q4, indicating that reported losses are not being offset by cash generation and suggesting underlying operational inefficiencies.
The persistent gap between net income and operating cash flow, where OCF is often less negative than net income, is driven by substantial non-cash charges like depreciation and amortization. However, the negative OCF itself, particularly the large working capital outflows, indicates that the core business is not generating cash to fund its operations, a critical concern for a company with ongoing losses.
Free Cash Flow Deepens into Negative Territory
Tilray's free cash flow margin has deteriorated significantly, reaching -16.9% in 2026Q4, a stark reversal from the brief positive 9.4% margin in 2024Q4, indicating the company is burning cash at an accelerating rate relative to its revenue.
The FCF trajectory is deeply concerning, with the company posting negative FCF in nine of the last ten quarters. The recent quarters show a worsening trend, with FCF losses expanding from -$29.3M in 2025Q4 to -$47.7M in 2026Q4, suggesting that operational cash generation is deteriorating despite revenue fluctuations.
Working Capital Drains Amplify Cash Burn
Significant working capital outflows, such as the -$44.6M in 2026Q4, have been a primary driver of negative operating cash flow, suggesting potential issues with inventory management, receivables collection, or payables timing that are consuming cash.
The large and volatile working capital changes, including a -$49.6M outflow in 2025Q1 and a -$44.6M outflow in 2026Q4, indicate an unstable cash conversion cycle. This pattern suggests the company may be struggling to efficiently manage its operational assets and liabilities, which directly exacerbates its cash burn and complicates financial planning.
Acquisitions Consume Scarce Cash Reserves
Tilray deployed $52.2M for acquisitions in 2026Q4, a significant use of cash for a company with negative operating cash flow, raising questions about the strategic prioritization of growth investments over achieving operational cash flow breakeven.
The company's capital deployment is focused on acquisitions, with $52.2M spent in the latest quarter and $7.8M in 2025Q4, while returning no cash to shareholders via dividends or buybacks. This strategy appears to prioritize inorganic growth, but it is being funded while the core business is cash-flow negative, which may strain liquidity and increase financial risk.
Cash Flow Statement Obscures True Burn Rate
The cash flow statement may understate the true economic cost of operations, as significant non-cash items like depreciation and stock-based compensation, which totaled $13.7M in 2026Q3, are added back to net income to arrive at operating cash flow.
While depreciation is a non-cash charge, it represents the ongoing cost of maintaining the asset base. The substantial D&A figures, ranging from $16.7M to $48.5M per quarter, suggest a capital-intensive business model. Furthermore, the inclusion of stock-based compensation as a non-cash add-back can mask the dilutive impact on shareholders, which is a real economic cost not reflected in the cash flow from operations.