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Verano Holdings cash flow, quarter by quarter

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

Free cash flow$35.6M in Q3 2026 · $62.3M over twelve months

Operating cash flow$48.7M
Capital spending−$13.1M
Free cash flow+$35.6M
Cash conversion cycle169 days

Analysis

In Q3 2026, Verano Holdings generated $48.7M of operating cash flow and spent $13.1M on capital projects, leaving free cash flow of $35.6M. That is $16.7M more than in Q3 2025 ($18.9M).

Over the twelve months to Sep 30, 2026, operating cash flow was $112M; the largest uses were capital spending ($49.4M), other financing ($29.0M), other investing ($14.2M); besides operations, cash came from asset & business sales ($333K); the cash balance rose by $19.4M.

Operating cash flow was $48.7M against net income of −$4.1M. The largest differences: depreciation & amortization +$29.8M, receivables +$4.9M, inventory +$4.0M.

Its cash conversion cycle was 169 days (receivables 11 + inventory 180 − payables 23).

Free cash flow

Verano Holdings: free cash flow by quarterVerano Holdings: free cash flow by quarter$29.3MQ4 2024−$12.1MQ1 2025$431KQ2 2025$18.9MQ3 2025$4.4MQ4 2025$3.6MQ1 2026$18.8MQ2 2026$35.6MQ3 2026
Operating cash flow less capital spending.
Verano Holdings: operating cash flow against capital spendingVerano Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$43.5M$14.2MQ4 2024$1.8M$13.9MQ1 2025$10.9M$10.5MQ2 2025$26.4M$7.5MQ3 2025$13.8M$9.4MQ4 2025$18.6M$14.9MQ1 2026$30.6M$11.9MQ2 2026$48.7M$13.1MQ3 2026
Latest (Q3 2026): Operating cash flow $48.7M, Capital spending $13.1M.

Capital allocation, year by year

Verano Holdings: where the cash came from (up) and went (down), by fiscal yearVerano Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsFY2021: Operating cash flow $183MFY2021: Net borrowing $214MFY2021: Asset sales $1.9MFY2021: Capital spending −$141MFY2021: Acquisitions −$310M$399MFY2021FY2022: Operating cash flow $94.3MFY2022: Net borrowing $123MFY2022: Asset sales $6.2MFY2022: Capital spending −$119MFY2022: Acquisitions −$115M$224MFY2022FY2023: Operating cash flow $110MFY2023: Net borrowing $29.2MFY2023: Asset sales $2.2MFY2023: Capital spending −$36.3M$141MFY2023FY2024: Operating cash flow $112MFY2024: Net borrowing −$63.4MFY2024: Asset sales $64KFY2024: Capital spending −$99.0MFY2024: Acquisitions −$35.9M$112MFY2024FY2025: Operating cash flow $52.9MFY2025: Net borrowing −$15.9MFY2025: Asset sales $354KFY2025: Capital spending −$41.2M$53.2MFY2025
Over these 5 years operating cash flow totalled $552M; the largest uses were acquisitions ($460M) and capital spending ($437M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$102M
Debt$390M
Net debt$288M
Due within a year$7.9M

Verano Holdings funds itself: free cash flow was $62.3M over the last twelve months, and $102M of cash and investments stands against $390M of debt ($7.9M due within a year, 13.0× covered by cash).

Verano Holdings: debt maturities by year (FY2025)Verano Holdings: debt maturities by year (FY2025)$7.9MYear 1$16.4MYear 2$131MYear 3$212MYear 4$11.4MYear 5$21.6MAfter year 5
Principal due in each year as disclosed in the annual report, against $102M of cash and investments now.

Where the cash came from and went

Verano Holdings: sources (+) and uses (−) of cash, Q3 2026Verano Holdings: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$48.7MCash drawn (+) / kept (−)−$16.9MOther investing−$13.4MCapital spending−$13.1MNet borrowing (+) / repaid (−)−$2.6MBuybacks−$1.7MOther financing−$963KAsset & business sales$11K
Verano Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Verano Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$112MCapital spending−$49.4MOther financing−$29.0MCash drawn (+) / kept (−)−$19.4MOther investing−$14.2MAsset & business sales$333KPartners−$39KExchange rates−$3K

From profit to cash

Verano Holdings: net income to operating cash flow, Q3 2026Verano Holdings: net income to operating cash flow, Q3 2026Net income−$4.1MDepreciation & amortization$29.8MStock-based pay$1.1MImpairments$3.6MGains on disposals$796KReceivables$4.9MInventory$4.0MPayables$1.4MPrepaid and other assets$3.0MOther liabilities−$3.8MOperating cash flow$48.7M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20261118023169
Q2 20261317621168
Q1 20261419228178
Q4 20251420537182
Q3 20251418635165
Q2 20251620743180
Q1 20251715435136
Q4 20241815734141

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$48.7M−$13.1M−$1.7M−$2.6M−$16.9M$35.6M
Q2 2026$30.6M−$11.9M—−$2.6M−$11.2M$18.8M
Q1 2026$18.6M−$14.9M—$4.5M$8.7M$3.6M
Q4 2025$13.8M−$9.4M—−$2.3M−$101K$4.4M
Q3 2025$26.4M−$7.5M—$47.5M−$14.1M$18.9M
Q2 2025$10.9M−$10.5M—−$16.0M$15.7M$431K
Q1 2025$1.8M−$13.9M—$4.9M$3.6M−$12.1M
Q4 2024$43.5M−$14.2M—−$6.9M−$22.8M$29.3M

Verano Holdings: income statement and cash flow

Verano Holdings, Q3 2026: revenue $212M (+5% year over year), operating margin 5.6%. The chart follows the revenue to costs, profit and cash.

Verano 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.