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Green Thumb Industries cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$38.0M in Q3 2026 · $179M over twelve months

Operating cash flow$58.3M
Capital spending−$20.2M
Free cash flow+$38.0M
Cash conversion cycle101 days

Analysis

In Q3 2026, Green Thumb Industries generated $58.3M of operating cash flow and spent $20.2M on capital projects, leaving free cash flow of $38.0M. That is $18.5M less than in Q3 2025 ($56.6M).

Over the twelve months to Sep 30, 2026, operating cash flow was $253M; the largest uses were other financing ($109M), capital spending ($74.0M), acquisitions ($19.6M); besides operations, cash came from net borrowing (+) / repaid (−) ($29.2M), other investing ($653K); the cash balance rose by $80.6M.

Operating cash flow was $58.3M against net income of −$4.8M. The largest differences: depreciation & amortization +$34.2M, income taxes payable +$18.6M, stock-based pay +$10.4M.

Its cash conversion cycle was 101 days (receivables 15 + inventory 97 − payables 11).

Free cash flow

Green Thumb Industries: free cash flow by quarterGreen Thumb Industries: free cash flow by quarter$16.1MQ4 2024$44.4MQ1 2025$37.4MQ2 2025$56.6MQ3 2025$75.5MQ4 2025$56.9MQ1 2026$8.8MQ2 2026$38.0MQ3 2026
Operating cash flow less capital spending.
Green Thumb Industries: operating cash flow against capital spendingGreen Thumb Industries: operating cash flow against capital spendingOperating cash flowCapital spending$43.3M$27.2MQ4 2024$74.2M$29.8MQ1 2025$56.4M$19.0MQ2 2025$74.1M$17.5MQ3 2025$90.1M$14.7MQ4 2025$75.8M$18.9MQ1 2026$29.0M$20.2MQ2 2026$58.3M$20.2MQ3 2026
Latest (Q3 2026): Operating cash flow $58.3M, Capital spending $20.2M.

Capital allocation, year by year

Green Thumb Industries: where the cash came from (up) and went (down), by fiscal yearGreen Thumb Industries: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsFY2021: Operating cash flow $132MFY2021: Net borrowing $138MFY2021: Shares issued $155MFY2021: Asset sales $109KFY2021: Capital spending −$188MFY2021: Acquisitions −$32.4M$426MFY2021FY2022: Operating cash flow $159MFY2022: Net borrowing $19.2MFY2022: Asset sales $869KFY2022: Capital spending −$180MFY2022: Acquisitions −$7.3M$179MFY2022FY2023: Operating cash flow $225MFY2023: Net borrowing $24.4MFY2023: Capital spending −$220M$249MFY2023FY2024: Operating cash flow $195MFY2024: Net borrowing −$56.6MFY2024: Capital spending −$80.2M$195MFY2024FY2025: Operating cash flow $295MFY2025: Net borrowing −$10.7MFY2025: Asset sales $55.1MFY2025: Capital spending −$81.1MFY2025: Acquisitions −$29.5M$350MFY2025
Over these 5 years operating cash flow totalled $1.0B; the largest uses were capital spending ($749M) and acquisitions ($69.2M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$316M
Debt$247M
Net cash$68.7M
Due within a year$18.5M

Green Thumb Industries funds itself: free cash flow was $179M over the last twelve months, and $316M of cash and investments stands against $247M of debt ($18.5M due within a year, 17.1× covered by cash).

Green Thumb Industries: debt maturities by year (FY2025)Green Thumb Industries: debt maturities by year (FY2025)$18.5MYear 1$18.8MYear 2$30.8MYear 3$137MYear 4$3.2MYear 5$39.1MAfter year 5
Principal due in each year as disclosed in the annual report, against $316M of cash and investments now.

Where the cash came from and went

Green Thumb Industries: sources (+) and uses (−) of cash, Q3 2026Green Thumb Industries: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$58.3MCash drawn (+) / kept (−)−$32.4MCapital spending−$20.2MNet borrowing (+) / repaid (−)−$6.0MOther investing$809KOther financing−$677KAcquisitions$236K
Green Thumb Industries: sources (+) and uses (−) of cash, TTM to Q3 2026Green Thumb Industries: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$253MOther financing−$109MCash drawn (+) / kept (−)−$80.6MCapital spending−$74.0MNet borrowing (+) / repaid (−)$29.2MAcquisitions−$19.6MOther investing$653K

From profit to cash

Green Thumb Industries: net income to operating cash flow, Q3 2026Green Thumb Industries: net income to operating cash flow, Q3 2026Net income−$4.8MDepreciation & amortization$34.2MStock-based pay$10.4MGains on disposals$64KReceivables−$4.0MPayables$8.9MAccrued liabilities$10.2MPrepaid and other assets−$3.7MIncome taxes payable$18.6MOperating cash flow$58.3M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 2026159711101
Q2 2026169510100
Q1 202615941397
Q4 202515851387
Q3 202515961597
Q2 202515951397
Q1 20251610015101
Q4 202416961597

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$58.3M−$20.2M$236K−$6.0M−$32.4M$38.0M
Q2 2026$29.0M−$20.2M—−$7.1M$62.6M$8.8M
Q1 2026$75.8M−$18.9M—$44.9M−$60.9M$56.9M
Q4 2025$90.1M−$14.7M−$5.1M−$2.7M−$49.9M$75.5M
Q3 2025$74.1M−$17.5M—−$2.7M−$58.5M$56.6M
Q2 2025$56.4M−$19.0M—−$2.6M$33.7M$37.4M
Q1 2025$74.2M−$29.8M—−$2.7M−$38.9M$44.4M
Q4 2024$43.3M−$27.2M—−$781K$2.0M$16.1M

Green Thumb Industries: income statement and cash flow

Green Thumb Industries, Q3 2026: revenue $324M (+11% year over year), operating margin 7.7%. The chart follows the revenue to costs, profit and cash.

Green Thumb Industries: 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.