Operating cash flow remains disconnected from accounting results, with a $25.5M free cash flow deficit in 2026Q2 highlighting the ongoing struggle to fund operations internally.
| Cash from Operations | -38.72M | -129.81M | -42.11M | 10.65M | -223.45M | -53.99M | -343.77M | -62.97M | -7.63M | -4.48M | -757.62K | -4.38M | -43.05K |
| Operating CF Margin % | - | -11.52% | -3.92% | 1.26% | -28.21% | -8.71% | -84.81% | -35.12% | -26.66% | -29.55% | -11.72% | -987.07% | - |
| Operating CF Growth % | 104.96% | -208.26% | -495.43% | 104.77% | -313.87% | 84.29% | -445.97% | -725.08% | -70.25% | -491.64% | 82.7% | -10073.18% | - |
| Net Income | -2.95B | -3B | -333.8M | -1.96B | -601.05M | -443.62M | -427.83M | -92.2M | -9.93M | -10.65M | 305.12K | -5.27M | -96.43K |
| Depreciation & Amortization | 138.89M | 183.17M | 172.93M | 175.31M | 194.88M | 81.9M | 21.11M | 4.85M | 2.36M | 2.64M | 730.05K | 306.47K | 0 |
| Stock-Based Compensation | 24.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 354.46K | 1.02M | 44.98K |
| Deferred Taxes | -164.95M | -166.06M | -52.97M | -43.04M | -34.71M | -30.03M | -11.79M | -6.11M | 0 | 0 | -920.06K | 0 | 0 |
| Other Non-Cash Items | 2.94B | 2.94B | 183.82M | 1.82B | 333.12M | 399.26M | 235.34M | 49M | -401.72K | 1.25M | -1.9K | 1.37M | 0 |
| Working Capital Changes | -33.8M | -85.85M | -12.09M | 19.4M | -115.68M | -61.5M | -160.61M | -18.5M | 341.97K | 2.28M | -1.23M | -1.81M | 8.39K |
| Change in Receivables | 5.84M | -24.43M | -8.96M | 5.61M | -7.36M | -28.39M | -26.66M | -22.34M | -2.15M | 426.9K | -1.36M | 0 | -2.68K |
| Change in Inventory | -24.07M | -18.61M | -21.23M | -17.42M | -57.67M | -42.6M | -136.73M | -12.56M | -4.19M | 936.2K | -596.8K | -1.01M | 0 |
| Change in Payables | 1.89M | -31.48M | 288.86K | 27M | -56.29M | 17.51M | 26.65M | 7.1M | 6.01M | 164.81K | 244.79K | -69.61K | 0 |
| Cash from Investing | -28.61M | -64.11M | 174.88M | -384.04M | -27.14M | 55.67M | -337.26M | -134.27M | -15.02M | -1.38M | -4.58M | -2.44M | -317.2K |
| Capital Expenditures | -55.76M | -45.17M | -39.85M | -28.02M | -42.94M | -46.94M | -104.72M | -74.14M | -15.05M | -1.39M | -3.43M | -2.02M | 0 |
| CapEx % of Revenue | 4.77% | 4.01% | 3.71% | 3.32% | 5.42% | 7.57% | 25.84% | 41.35% | 52.57% | 9.18% | 53.12% | 455.7% | - |
| Acquisitions | 8.75M | -15.49M | -71.01M | -30.19M | 15.8M | 88.4M | -209.55M | 970.73K | 29.24K | 0 | 0 | 63.72K | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -47.88M | 0 | 0 | 0 | 0 | 14.2M | -3.58M | 0 | 0 | 8.11K | 52.89K | -482.79K | 0 |
| Cash from Financing | 142.03M | 183.2M | -102.45M | 94.5M | 161.6M | 150.09M | 152.79M | 859.09M | 15.55M | 14.75M | 12.56M | 12.36M | 304.04K |
| Debt Issued (Net) | -26.22M | -31.89M | -110.24M | -76.96M | -149.85M | 56.22M | 4.91M | 568.61M | 15.55M | 14.75M | 0 | 0 | 0 |
| Equity Issued (Net) | 4M | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 1000K | 1000K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | -1.6M | 0 | 0 | -6.68M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -1.81M | -6.1M | -3.95M | -1.5M | -19.46M | -30.13M | -671.38K | 0 | 0 | 0 | 4.65M | -1.54M | -98.76K |
| Net Change in Cash | 78.58M | -9.16M | 29.58M | -281.89M | -91.46M | 472.9M | -520.14M | 660.22M | -6.62M | 10.17M | 7.22M | 5.54M | -56.22K |
| Free Cash Flow | -94.48M | -174.98M | -81.96M | -17.37M | -266.39M | -100.93M | -442M | -131.31M | -21.5M | -5.14M | -4.19M | -6.4M | -43.05K |
| FCF Margin % | -8.09% | -15.53% | -7.62% | -2.06% | -33.63% | -16.29% | -109.05% | -73.23% | -75.1% | -33.89% | -64.83% | -1442.77% | - |
| FCF Growth % | 25.25% | -113.48% | -371.93% | 93.48% | -163.95% | 77.17% | -236.61% | -510.71% | -318.17% | -22.64% | 34.51% | -14769.76% | - |
| FCF per Share | -0.86 | -1.97 | -1.10 | -0.28 | -5.54 | -3.74 | -19.37 | -6.45 | -1.55 | -0.55 | -0.86 | -1.68 | -0.13 |
| FCF Conversion (FCF/Net Income) | 0.03x | 0.04x | 0.13x | -0.01x | 0.37x | 0.12x | 3.35x | 2.51x | -0.33x | -1.44x | -2.48x | 0.83x | 0.45x |
| Interest Paid | 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 |
Persistent Operating Cash Burn
According to reported financial statements, Tilray's operating cash flow consistently fails to track with net income, as evidenced by the 2025Q4 period where a $1.7B net loss was accompanied by a $19.9M cash outflow, highlighting a persistent inability to convert accounting earnings into tangible liquidity.
The wide divergence between net income and operating cash flow suggests that significant non-cash charges and impairment events are masking the underlying cash-generative capacity of the business. Investors should monitor this gap, as it indicates that the company's reported profitability metrics are not currently reflective of its actual cash-generating performance.
Based on the provided data, Tilray's free cash flow trajectory remains firmly in negative territory, with the company recording a $25.5M outflow in 2026Q2, underscoring the ongoing difficulty in achieving self-sustaining operations despite the company's aggressive pivot toward a diversified beverage and wellness conglomerate model.
The consistent negative FCF margins, which reached as low as -21.8% in 2025Q2, suggest that the firm's current operational scale is insufficient to cover both its capital expenditure requirements and its operating expenses. This trend warrants further investigation into whether the recent acquisition of craft beer assets can eventually provide the necessary cash flow stability to offset the volatility of the cannabis segment.
As reported in recent filings, working capital fluctuations have been a significant drag on cash flow, with a $11.0M outflow in 2026Q2 following a $13.4M outflow in the prior quarter, indicating that the company is struggling to optimize its cash conversion cycle across its disparate business segments.
The erratic nature of these working capital changes suggests potential inefficiencies in inventory management or collection cycles, particularly within the low-margin pharmaceutical distribution business. Such volatility complicates the company's ability to maintain a predictable cash position, leaving it vulnerable to liquidity shocks during periods of operational stress.
Based on the reported figures, Tilray's capital expenditure remains a persistent burden on cash flow, with CapEx/Revenue ratios reaching as high as 7.4% in 2025Q3, reflecting the heavy investment required to maintain and integrate its extensive cultivation and brewery infrastructure across multiple international jurisdictions.
While these investments are intended to support long-term growth, the current level of capital intensity appears to be outpacing the company's ability to generate internal cash. This suggests that the firm may remain reliant on external financing or further dilution to fund its ongoing infrastructure requirements until utilization rates improve significantly.
As evidenced by the 2026Q2 data, stock-based compensation of $17.2M serves as a significant non-cash adjustment that obscures the true cost of operations, while massive depreciation and amortization charges continue to mask the underlying cash burn inherent in the company's current asset-heavy business model.
The reliance on non-cash adjustments to reconcile operating cash flow suggests that the company's reported figures may be overstating its operational health. Investors should be cautious, as these adjustments do not mitigate the actual cash requirements of the business and may indicate a reliance on equity-based incentives to preserve cash.
Quick answers to the most common questions about buying TLRY stock.
Tilray Brands, Inc. (TLRY) generated $-129.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Tilray Brands, Inc. (TLRY) reported negative free cash flow of $175.0M in 2025, indicating capital requirements exceeded cash from operations.
Tilray Brands, Inc. (TLRY) spent $45.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.