Trulieve Cannabis (TRLV) Cash Flow: Operating & Free Cash Flow

Trulieve Cannabis Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Trulieve Cannabis Corp. (TRLV) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Mar 2020	Mar 2019	Dec 2017
Operating Activities
Net Income	-122.25	-160.58	-533.14	-252.73	17.45	63.00	178.03	42.97	-0.04
Depreciation & Amortization	173.40	166.37	180.99	185.57	78.22	30.19	17.19	3.11	0.56
Deferred Income Tax	-18.55	-10.37	-17.17	-27.17	-26.26	-4.89	42.94	0.00	0.00
Stock Based Compensation	20.47	20.20	10.58	18.12	9.25	2.77	0.00	15.02	0.00
Change in Working Capital	188.17	234.88	174.11	-32.71	-84.86	-37.05	-216.32	-22.33	0.02
Change in Accounts Receivable	-3.72	0.74	-1.71	-4.21	-4.90	1.11	-7.41	17.34	0.00
Change in Inventory	-10.93	-18.74	83.30	-83.43	-19.57	-22.53	-217.21	-41.90	-10.73
Change in Accounts Payable	211.89	272.08	1.64	11.98	-9.66	1.00	7.32	0.81	0.00
Change in Other Working Capital	25.04	26.27	90.88	52.85	-50.73	-16.63	0.98	1.41	0.01
Other Operating Activities	25.04	26.27	386.48	52.85	19.10	45.63	1.31	1.22	0.00
Net Cash from Operating Activities	272.82	271.48	201.84	23.10	12.90	99.64	23.51	24.96	-0.02
Investing Activities
Capital Expenditures	-60.51	-147.66	-55.64	-193.80	-306.12	-146.75	-74.70	-45.43	-5.51
Acquisitions	0.00	0.00	0.00	-27.78	43.45	-27.92	-19.90	-7.64	0.00
Purchases of Investments	0.00	-80.00	0.00	-9.21	-3.72	0.00	0.00	0.00	0.00
Sales/Maturities of Investments	60.00	20.00	0.00	0.00	45.80	0.00	0.00	0.00	0.00
Other Investing Activities	-2.31	-25.10	2.92	4.48	5.39	0.02	20.53	-7.53	0.00
Net Cash from Investing Activities	13.50	-206.62	-37.47	-215.06	-215.18	-174.65	-74.07	-52.96	-5.51
Financing Activities
Debt Repayment	-393.35	-8.15	-174.30	-13.32	51.39	35.22	118.95	2.27	5.27
Common Stock Issued	140.00	0.00	0.00	0.05	217.90	83.23	0.00	47.47	0.00
Common Stock Repurchased	0.00	0.00	-0.47	-0.62	0.00	0.00	0.00	0.00	0.00
Dividends Paid	0.00	0.00	0.00	-0.05	0.00	0.00	0.00	0.00	0.00
Other Financing Activities	-17.15	-25.29	-0.82	5.55	19.95	11.46	24.04	0.83	1.73
Net Cash from Financing Activities	-270.50	-33.44	-175.59	177.80	289.23	129.91	117.94	51.02	6.99
Summary
Effect of Forex Changes on Cash	0.00	0.00	5.40	-0.06	0.00	0.00	0.00	0.00	0.00
Net Change in Cash	15.83	31.43	-5.81	-14.17	86.95	54.90	67.38	23.02	-0.02
Cash at Beginning of Period	239.71	207.98	213.79	229.64	146.71	91.81	24.43	1.41	0.04
Cash at End of Period	255.54	239.71	207.98	213.79	233.66	146.71	91.81	24.43	0.02
Free Cash Flow	212.31	123.82	146.35	-170.70	-293.22	-47.10	-51.19	-20.47	-5.53

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Trulieve Cannabis Cash Flow

What is Trulieve Cannabis's free cash flow?

Trulieve Cannabis generated free cash flow of $212.31M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $272.82M minus $60.51M of capital expenditures. That was up 71.5% from $123.82M a year earlier. Free cash flow equaled 18.0% of revenue.

How much does Trulieve Cannabis spend on capital expenditures?

Trulieve Cannabis spent $60.51M on capital expenditures in fiscal 2025, compared with $147.66M a year earlier. That equals 22.2% of operating cash flow.

Does Trulieve Cannabis pay dividends or buy back shares?

Trulieve Cannabis's cash flow statement for fiscal 2025 shows no dividend payments or share repurchases.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition