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Ascend Wellness Holdings cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$16.7M in Q2 2026 · −$6.9M over twelve months

Operating cash flow$22.5M
Capital spending−$5.8M
Free cash flow+$16.7M
Cash conversion cycle84 days

Analysis

In Q2 2026, Ascend Wellness Holdings generated $22.5M of operating cash flow and spent $5.8M on capital projects, leaving free cash flow of $16.7M. That is $5.1M more than in Q2 2025 ($11.6M).

Over the twelve months to Jun 30, 2026, operating cash flow was $17.4M; the largest uses were capital spending ($24.3M), acquisitions ($17.2M), other investing ($6.7M); besides operations, cash came from net borrowing (+) / repaid (−) ($6.1M), asset & business sales ($1.0M); the cash balance fell by $28.3M.

Operating cash flow was $22.5M against net income of −$9.8M. The largest differences: depreciation & amortization +$21.1M, payables +$14.2M, income taxes payable −$4.2M.

Its cash conversion cycle was 84 days (receivables 19 + inventory 96 − payables 30).

Free cash flow

Ascend Wellness Holdings: free cash flow by quarterAscend Wellness Holdings: free cash flow by quarter−$3.0MQ3 2024$30.1MQ4 2024−$484KQ1 2025$11.6MQ2 2025−$8.5MQ3 2025$9.4MQ4 2025−$24.6MQ1 2026$16.7MQ2 2026
Operating cash flow less capital spending.
Ascend Wellness Holdings: operating cash flow against capital spendingAscend Wellness Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$2.0M$5.0MQ3 2024$35.2M$5.0MQ4 2024$5.9M$6.4MQ1 2025$17.8M$6.2MQ2 2025−$2.0M$6.4MQ3 2025$16.3M$6.9MQ4 2025−$19.4M$5.2MQ1 2026$22.5M$5.8MQ2 2026
Latest (Q2 2026): Operating cash flow $22.5M, Capital spending $5.8M.

Capital allocation, year by year

Ascend Wellness Holdings: where the cash came from (up) and went (down), by fiscal yearAscend Wellness Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow −$41.7MFY2021: Net borrowing $180MFY2021: Shares issued $86.1MFY2021: Asset sales $930KFY2021: Capital spending −$88.4MFY2021: Acquisitions −$23.1M$267MFY2021FY2022: Operating cash flow −$38.4MFY2022: Net borrowing $81.2MFY2022: Asset sales $39.2MFY2022: Capital spending −$81.6MFY2022: Acquisitions −$25.1M$120MFY2022FY2023: Operating cash flow $75.3MFY2023: Net borrowing −$23.6MFY2023: Shares issued $186KFY2023: Asset sales $15.0MFY2023: Capital spending −$24.2MFY2023: Acquisitions −$19.9M$90.5MFY2023FY2024: Operating cash flow $73.3MFY2024: Net borrowing $735KFY2024: Shares issued $175KFY2024: Asset sales $11KFY2024: Capital spending −$22.5MFY2024: Acquisitions −$9.8MFY2024: Buybacks −$2.8M$74.2MFY2024FY2025: Operating cash flow $38.1MFY2025: Net borrowing $8.6MFY2025: Shares issued $140KFY2025: Asset sales $27KFY2025: Capital spending −$26.0MFY2025: Acquisitions −$11.9MFY2025: Buybacks −$2.3M$46.8MFY2025
Over these 5 years operating cash flow totalled $107M; the largest uses were capital spending ($243M) and acquisitions ($89.8M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$67.0M
Debt$334M
Net debt$267M
Due within a year$25.3M

Ascend Wellness Holdings's operations bring cash in ($17.4M over twelve months), and it spends more than that on capital projects: a gap of $6.9M funded from its $67.0M of cash and investments and from borrowing ($334M of debt, $25.3M due within a year). That is a choice to invest, not a cash runway running down.

Where the cash came from and went

Ascend Wellness Holdings: sources (+) and uses (−) of cash, Q2 2026Ascend Wellness Holdings: sources (+) and uses (−) of cash, Q2 2026Operating cash flow$22.5MCash drawn (+) / kept (−)−$6.1MCapital spending−$5.8MAcquisitions−$5.6MOther financing−$2.9MOther investing−$1.8MNet borrowing (+) / repaid (−)−$338K
Ascend Wellness Holdings: sources (+) and uses (−) of cash, TTM to Q2 2026Ascend Wellness Holdings: sources (+) and uses (−) of cash, TTM to Q2 2026Cash drawn (+) / kept (−)$28.3MCapital spending−$24.3MOperating cash flow$17.4MAcquisitions−$17.2MOther investing−$6.7MNet borrowing (+) / repaid (−)$6.1MOther financing−$4.4MAsset & business sales$1.0MTaxes on employees’ shares−$346KShares issued$167K

From profit to cash

Ascend Wellness Holdings: net income to operating cash flow, Q2 2026Ascend Wellness Holdings: net income to operating cash flow, Q2 2026Net income−$9.8MDepreciation & amortization$21.1MStock-based pay$499KDeferred taxes−$2.4MReceivables$162KInventory$3.3MPayables$14.2MPrepaid and other assets$9KOther liabilities$753KIncome taxes payable−$4.2MOperating cash flow$22.5M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 202619963084
Q1 2026211072999
Q4 2025211022796
Q3 202522942689
Q2 202524892786
Q1 202526892887
Q4 202425962993
Q3 202424953187

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026$22.5M−$5.8M−$5.6M—−$338K—−$6.1M$16.7M
Q1 2026−$19.4M−$5.2M−$3.2M—−$273K$27K$24.8M−$24.6M
Q4 2025$16.3M−$6.9M−$2.4M—−$473K$80K$1.6M$9.4M
Q3 2025−$2.0M−$6.4M−$6.0M−$586K$7.2M$60K$8.0M−$8.5M
Q2 2025$17.8M−$6.2M−$2.4M−$649K−$12.3M—$4.8M$11.6M
Q1 2025$5.9M−$6.4M−$1.0M−$345K$14.2M—−$11.8M−$484K
Q4 2024$35.2M−$5.0M——−$526K—−$23.0M$30.1M
Q3 2024$2.0M−$5.0M$200K—$2.3M—$18.4M−$3.0M

Ascend Wellness Holdings: income statement and cash flow

Ascend Wellness Holdings, Q2 2026: revenue $126M (-0.9% year over year), operating margin 4.2%. The chart follows the revenue to costs, profit and cash.

Ascend Wellness Holdings: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.