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Canopy Growth cash flow, quarter by quarter

Latest: Q2 FY27 · from the cash-flow statements filed with the SEC

Free cash flow−$15.5M in Q2 FY27 · −$79.6M over twelve months

Operating cash flow−$12.6M
Capital spending−$3.0M
Free cash flow−$15.5M
Cash conversion cycle152 days

Analysis

In Q2 FY27, Canopy Growth generated −$12.6M of operating cash flow and spent $3.0M on capital projects, leaving free cash flow of −$15.5M. That is $3.7M more than in Q2 FY26 (−$19.2M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$73.1M; the largest uses were net borrowing (+) / repaid (−) ($156M), other investing ($108M), operating cash flow ($73.1M); besides operations, cash came from other financing ($286M), asset & business sales ($1.5M); the cash balance fell by $50.7M.

Operating cash flow was −$12.6M against net income of −$40.7M. The largest differences: depreciation & amortization +$10.4M, payables −$5.7M, receivables +$5.3M.

Its cash conversion cycle was 152 days (receivables 30 + inventory 169 − payables 46).

Free cash flow

Canopy Growth: free cash flow by quarterCanopy Growth: free cash flow by quarter−$28.2MQ3 FY25−$36.2MQ4 FY25−$11.6MQ1 FY26−$19.2MQ2 FY26−$19.0MQ3 FY26−$19.3MQ4 FY26−$25.7MQ1 FY27−$15.5MQ2 FY27
Operating cash flow less capital spending.
Canopy Growth: operating cash flow against capital spendingCanopy Growth: operating cash flow against capital spendingOperating cash flowCapital spending−$27.0M$1.2MQ3 FY25−$33.2M$3.1MQ4 FY25−$10.3M$1.3MQ1 FY26−$18.0M$1.2MQ2 FY26−$17.2M$1.8MQ3 FY26−$18.3M$1.0MQ4 FY26−$25.0M$737KQ1 FY27−$12.6M$3.0MQ2 FY27
Latest (Q2 FY27): Operating cash flow −$12.6M, Capital spending $3.0M.

Capital allocation, year by year

Canopy Growth: where the cash came from (up) and went (down), by fiscal yearCanopy Growth: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsFY22: Operating cash flow −$546MFY22: Net borrowing −$52.3MFY22: Shares issued $5.6MFY22: Asset sales $27.3MFY22: Capital spending −$36.7M$32.8MFY22FY23: Operating cash flow −$558MFY23: Net borrowing $11.0MFY23: Shares issued $281KFY23: Asset sales $13.6MFY23: Capital spending −$9.1MFY23: Acquisitions −$24.2M$24.9MFY23FY24: Operating cash flow −$282MFY24: Net borrowing −$527MFY24: Asset sales $154MFY24: Capital spending −$3.4M$154MFY24FY25: Operating cash flow −$166MFY25: Net borrowing −$234MFY25: Shares issued $112KFY25: Asset sales $4.9MFY25: Capital spending −$10.8M$5.0MFY25FY26: Operating cash flow −$63.8MFY26: Net borrowing −$23.8MFY26: Asset sales $5KFY26: Capital spending −$5.3M$5KFY26
Over these 5 years operating cash flow totalled −$1.6B; the largest uses were operating cash flow ($1.6B) and net borrowing ($838M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$320M
Debt$246M
Net cash$73.9M
Due within a year$12.5M
Cash runway4.0 years

Canopy Growth is burning cash: its operations consume cash, a free cash flow of −$79.6M a year at the current rate against $320M of cash and investments: a runway of about 4.0 years; $12.5M of debt also comes due within a year, which the cash covers before any new financing.

Canopy Growth: debt maturities by year (FY26)Canopy Growth: debt maturities by year (FY26)$12.5MYear 1$50.2MYear 2$50.2MYear 3$50.2MYear 4$62.9MYear 5$55.0MAfter year 5
Principal due in each year as disclosed in the annual report, against $320M of cash and investments now.

Where the cash came from and went

Canopy Growth: sources (+) and uses (−) of cash, Q2 FY27Canopy Growth: sources (+) and uses (−) of cash, Q2 FY27Cash drawn (+) / kept (−)$89.3MOther investing−$73.7MOperating cash flow−$12.6MCapital spending−$3.0MAsset & business sales$1.5MExchange rates−$1.0MOther financing−$498K
Canopy Growth: sources (+) and uses (−) of cash, TTM to Q2 FY27Canopy Growth: sources (+) and uses (−) of cash, TTM to Q2 FY27Other financing$286MNet borrowing (+) / repaid (−)−$156MOther investing−$108MOperating cash flow−$73.1MCash drawn (+) / kept (−)$50.7MCapital spending−$6.5MExchange rates$5.6MAsset & business sales$1.5M

From profit to cash

Canopy Growth: net income to operating cash flow, Q2 FY27Canopy Growth: net income to operating cash flow, Q2 FY27Net income−$40.7MDepreciation & amortization$10.4MStock-based pay$4.0MReceivables$5.3MInventory$2.2MPayables−$5.7MPrepaid and other assets$502KOperating cash flow−$12.6M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 FY273016946152
Q1 FY272916849148
Q4 FY263215439147
Q3 FY262718033174
Q2 FY264020243198
Q1 FY264916042167
Q4 FY255315545162
Q3 FY254316443164

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 FY27−$12.6M−$3.0M—$89.3M−$15.5M
Q1 FY27−$25.0M−$737K—$28.1M−$25.7M
Q4 FY26−$18.3M−$1.0M−$150M$6.6M−$19.3M
Q3 FY26−$17.2M−$1.8M—−$73.3M−$19.0M
Q2 FY26−$18.0M−$1.2M−$70.7M−$172M−$19.2M
Q1 FY26−$10.3M−$1.3M−$916K−$12.4M−$11.6M
Q4 FY25−$33.2M−$3.1M−$141M$48.1M−$36.2M
Q3 FY25−$27.0M−$1.2M−$135M$66.5M−$28.2M

Canopy Growth: income statement and cash flow

Canopy Growth, Q2 FY27: revenue $71.1M (+20% year over year), operating margin -23.1%. The chart follows the revenue to costs, profit and cash.

Canopy Growth: 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.