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Trulieve Cannabis cash flow, quarter by quarter

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

Free cash flow$74.4M in Q3 2026 · $188M over twelve months

Operating cash flow$74.4M
Free cash flow+$74.4M
Cash / net income96.2×
Cash conversion cycle140 days

Analysis

In Q3 2026, Trulieve Cannabis generated $74.4M of operating cash flow. That is $23.0M more than in Q3 2025 ($51.4M).

Over the twelve months to Sep 30, 2026, operating cash flow was $242M; the largest uses were other financing ($204M), other investing ($108M), capital spending ($54.3M); the cash balance fell by $131M.

Operating cash flow was $74.4M against net income of $774K — 96.2× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$17.7M, prepaid and other assets +$6.5M, stock-based pay +$5.9M.

Its cash conversion cycle was 140 days (receivables 2 + inventory 211 − payables 73).

Free cash flow

Trulieve Cannabis: free cash flow by quarterTrulieve Cannabis: free cash flow by quarter−$12.0MQ4 2024$30.3MQ1 2025$70.1MQ2 2025$51.4MQ3 2025$68.4MQ4 2025$42.2MQ1 2026$32.1MQ2 2026$74.4MQ3 2026
Operating cash flow less capital spending.
Trulieve Cannabis: operating cash flow against capital spendingTrulieve Cannabis: operating cash flow against capital spendingOperating cash flowCapital spending$30.7M$42.7MQ4 2024$51.1M$20.8MQ1 2025$86.1M$16.0MQ2 2025$76.4M$25.0MQ3 2025$59.2M−$9.2MQ4 2025$55.7M$13.5MQ1 2026$53.1M$21.0MQ2 2026$74.4M$0Q3 2026
Latest (Q3 2026): Operating cash flow $74.4M, Capital spending $0.

Capital allocation, year by year

Trulieve Cannabis: where the cash came from (up) and went (down), by fiscal yearTrulieve Cannabis: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsFY2021: Operating cash flow $12.9MFY2021: Net borrowing −$279MFY2021: Shares issued $352KFY2021: Asset sales $38KFY2021: Capital spending −$276MFY2021: Acquisitions $43.5M$56.7MFY2021FY2022: Operating cash flow $23.1MFY2022: Net borrowing $65.3MFY2022: Shares issued $156KFY2022: Asset sales $5.8MFY2022: Capital spending −$165MFY2022: Acquisitions −$27.8M$94.4MFY2022FY2023: Operating cash flow $202MFY2023: Net borrowing −$19.4MFY2023: Asset sales $22.9MFY2023: Capital spending −$40.2M$225MFY2023FY2024: Operating cash flow $271MFY2024: Net borrowing −$12.3MFY2024: Asset sales $6.5MFY2024: Capital spending −$123M$278MFY2024FY2025: Operating cash flow $273MFY2025: Net borrowing $140MFY2025: Capital spending −$44.2M$413MFY2025
Over these 5 years operating cash flow totalled $782M; the largest uses were capital spending ($648M) and net borrowing ($311M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$327M
Debt$196M
Net cash$131M

Trulieve Cannabis funds itself: free cash flow was $188M over the last twelve months, and $327M of cash and investments stands against $196M of debt.

Where the cash came from and went

Trulieve Cannabis: sources (+) and uses (−) of cash, Q3 2026Trulieve Cannabis: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$74.4MOther investing−$68.7MOther financing−$3.0MTaxes on employees’ shares−$1.4MCash drawn (+) / kept (−)−$1.3M
Trulieve Cannabis: sources (+) and uses (−) of cash, TTM to Q3 2026Trulieve Cannabis: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$242MOther financing−$204MCash drawn (+) / kept (−)$131MOther investing−$108MCapital spending−$54.3MTaxes on employees’ shares−$7.0M

From profit to cash

Trulieve Cannabis: net income to operating cash flow, Q3 2026Trulieve Cannabis: net income to operating cash flow, Q3 2026Net income$774KDepreciation & amortization$17.7MStock-based pay$5.9MDeferred taxes−$1.9MOther non-cash$3.1MReceivables$572KInventory−$4.0MPayables$4.8MPrepaid and other assets$6.5MOther liabilities−$4.6MIncome taxes payable−$337KOperating cash flow$74.4M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 2026221173140
Q2 2026318059124
Q1 2026418762128
Q3 2025318862130
Q2 2025318465122
Q1 2025318573115

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$74.4M——−$1.3M$74.4M
Q2 2026$53.1M−$21.0M—$27.5M$32.1M
Q1 2026$55.7M−$13.5M$60.7M−$97.3M$42.2M
Q4 2025$59.2M$9.2M—$202M$68.4M
Q3 2025$76.4M−$25.0M—−$56.6M$51.4M
Q2 2025$86.1M−$16.0M—−$71.6M$70.1M
Q1 2025$51.1M−$20.8M—−$89.6M$30.3M
Q4 2024$30.7M−$42.7M−$2.9M−$1.1M−$12.0M

Trulieve Cannabis: income statement and cash flow

Trulieve Cannabis, Q3 2026: revenue $230M (-20% year over year), operating margin 18.5%. The chart follows the revenue to costs, profit and cash.

Trulieve Cannabis: 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.