High Tide Inc. (HITI) Cash Flow Statement
Where HITI’s cash came from and went, FY2025
October 31, 2025 · Canadian dollars- Cash from operations
- C$23.9M −32.9% vs FY2024
- Capital expenditures
- C$10.6M 1.8% of revenue
- Free cash flow
- C$13.2M 2.2% margin
- Returned to shareholders
- C$1.4M 11% of free cash flow
- Change in cash
- C$616,000 cash at year-end C$47.9M
Cash from operations
C$23.9M
Capital expenditures
−C$10.6M
Investments (net)
+C$648,000
Acquisitions & other
−C$12.3M
Dividends
−C$1.4M
Net borrowing (repayment)
+C$1.3M
Other financing
+C$283,811
Currency & other
−C$1.1M
Change in cash
C$616,000
Drawn to scale: where the cash came from and how it was used. Hover for values.
HITI operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
HITI cash flow trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | C$289,720FY2016 | C$23.9MFY2025 | +63.3%/yr | |
| Capital expenditures | C$2,444FY2016 | C$10.6MFY2025 | +153.7%/yr | |
| Free cash flow | C$287,276FY2016 | C$13.2MFY2025 | +53.0%/yr | |
| Free cash flow margin | 3.4%FY2016 | 2.2%FY2025 | −1.2 pts | |
| Operating cash flow / net income | 0.24FY2016 | 3.51FY2017 | +3.28 | |
| Stock-based compensation | C$146,000FY2018 | C$3.9MFY2025 | +60.0%/yr | |
| Dividends paid | C$155,315FY2016 | C$1.4MFY2025 | +27.7%/yr | |
| Share buybacks (net) | C$0FY2022 | C$0FY2023 | — | |
| Capex / revenue | 0.0%FY2016 | 1.8%FY2025 | +1.8 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
HITI cash flow by activity
OperatingInvestingFinancingChange in cash
HITI net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
HITI cash flow statement in Canadian dollars
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −C$51.4M | −C$3.8M | −C$41.0M | −C$70.8M | −C$35.0M | −C$6.4M | −C$26.3M | −C$4.5M | C$296,316 | C$1.2M |
| Depreciation & amortization | C$24.3M | C$25.4M | C$32.8M | C$30.2M | C$23.6M | C$6.8M | C$1.4M | C$86,000 | C$28,290 | C$71,995 |
| Stock-based compensation | C$3.9M | C$3.0M | C$5.0M | C$8.1M | C$4.9M | C$129,000 | C$2.2M | C$146,000 | — | — |
| Change in working capital | −C$294,000 | C$3.0M | −C$4.9M | −C$4.6M | −C$9.9M | C$5.2M | C$2.2M | −C$5.1M | C$665,562 | −C$1.7M |
| Other non-cash items | C$47.3M | C$7.9M | C$28.7M | C$41.7M | C$13.7M | C$3.1M | C$6.0M | C$580,000 | C$51,270 | C$685,479 |
| Cash from operating activities | C$23.9M | C$35.5M | C$20.7M | C$4.5M | −C$2.8M | C$8.8M | −C$14.5M | −C$8.8M | C$1.0M | C$289,720 |
| Investing activities | ||||||||||
| Capital expenditures | −C$10.6M | −C$9.8M | −C$6.1M | −C$9.1M | −C$10.7M | −C$2.8M | −C$10.4M | −C$4.2M | −C$50,204 | −C$2,444 |
| Investments (net) | C$648,000 | −C$11.0M | −C$5.7M | −C$8.6M | −C$507,000 | C$1.7M | C$1.7M | C$1.7M | −C$483,937 | — |
| Acquisitions & other investing | −C$12.3M | C$9.8M | C$6.1M | C$9.1M | −C$17.3M | −C$2.2M | −C$8.2M | −C$1.7M | C$0 | C$820,558 |
| Cash from investing activities | −C$22.3M | −C$11.0M | −C$5.7M | −C$8.6M | −C$28.5M | −C$3.3M | −C$16.9M | −C$4.2M | −C$534,141 | C$818,114 |
| Financing activities | ||||||||||
| Dividends paid | −C$1.4M | −C$199,724 | −C$456,652 | −C$2.0M | C$0 | C$0 | C$0 | −C$1.2M | −C$560,007 | −C$155,315 |
| Share repurchases & issuance (net) | — | — | C$461,000 | C$2.0M | — | — | — | — | — | — |
| Net borrowing (repayment) | C$1.3M | −C$10.9M | −C$11.4M | −C$1.9M | −C$10.1M | C$3.7M | C$24.9M | C$535,000 | C$4,865 | — |
| Shares issued | C$52,000 | C$3.2M | C$2.4M | C$19.5M | C$38.6M | C$0 | C$0 | C$3.9M | C$0 | C$0 |
| Other financing | C$283,811 | C$239,724 | −C$332,348 | −C$2.4M | C$9.3M | −C$2.5M | −C$872,000 | C$16.9M | C$0 | −C$23,701 |
| Cash from financing activities | C$202,000 | −C$7.7M | −C$9.3M | C$15.2M | C$37.8M | C$1.2M | C$24.0M | C$20.1M | −C$555,142 | −C$179,016 |
| Summary | ||||||||||
| Net change in cash | C$616,000 | C$17.1M | C$5.0M | C$11.1M | C$6.5M | C$6.7M | −C$7.4M | C$7.1M | −C$47,845 | C$928,818 |
| Cash at end of period | C$47.9M | C$47.3M | C$30.1M | C$25.1M | C$14.0M | C$7.5M | C$806,000 | C$8.2M | C$1.1M | C$1.1M |
| Free cash flow | C$13.2M | C$25.8M | C$14.6M | −C$4.6M | −C$13.5M | C$6.1M | −C$24.9M | −C$13.0M | C$991,234 | C$287,276 |
| Free cash flow margin | 2.2% | 4.9% | 3.0% | −1.3% | −7.5% | 7.3% | −79.5% | −148.7% | 10.1% | 3.4% |
| Capex / revenue | 1.8% | 1.9% | 1.2% | 2.5% | 5.9% | 3.3% | 33.3% | 48.3% | 0.5% | 0.0% |
| Operating cash flow / net income | — | — | — | — | — | — | — | — | 3.51 | 0.24 |
| Jul '26 | Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | C$11.4M | −C$196,934 | −C$352,000 | −C$46.7M | C$832,000 | −C$2.8M | −C$2.7M | −C$4.8M | C$825,000 | C$171,000 | −C$5,000 | −C$31.8M |
| Depreciation & amortization | C$6.7M | C$6.1M | C$8.0M | C$6.5M | C$6.1M | C$5.9M | C$5.8M | C$5.4M | C$5.7M | C$7.5M | C$6.8M | C$8.6M |
| Stock-based compensation | — | C$881,000 | C$370,000 | C$668,000 | C$824,000 | C$1.2M | C$1.2M | C$750,000 | C$881,000 | C$549,000 | C$795,000 | −C$284,000 |
| Change in working capital | −C$1.8M | −C$4.3M | C$374,000 | −C$2.3M | C$2.4M | C$3.6M | −C$4.0M | C$3.5M | −C$2.7M | C$4.8M | −C$2.5M | C$2.4M |
| Other non-cash items | −C$6.1M | C$1.9M | −C$2.6M | C$46.1M | C$495,000 | C$392,000 | C$311,000 | C$4.9M | C$1.5M | −C$193,000 | C$1.7M | C$30.7M |
| Cash from operating activities | C$10.2M | C$4.4M | C$5.9M | C$4.3M | C$10.7M | C$8.3M | C$682,000 | C$9.7M | C$6.2M | C$12.8M | C$6.9M | C$9.6M |
| Investing activities | ||||||||||||
| Capital expenditures | −C$934,215 | −C$2.1M | −C$2.7M | −C$3.1M | −C$2.2M | −C$2.6M | −C$2.7M | −C$2.0M | −C$3.5M | −C$2.2M | −C$2.1M | −C$2.2M |
| Investments (net) | — | — | — | C$0 | C$239,000 | −C$2.2M | −C$2.7M | −C$3.4M | −C$3.3M | −C$2.3M | −C$2.1M | −C$2.1M |
| Acquisitions & other investing | −C$2.7M | −C$169,944 | C$0 | −C$12.3M | C$0 | C$2.6M | C$2.7M | C$2.0M | C$3.5M | C$2.2M | C$2.1M | C$2.2M |
| Cash from investing activities | −C$3.6M | −C$2.3M | −C$2.7M | −C$15.4M | −C$2.0M | −C$2.2M | −C$2.7M | −C$3.4M | −C$3.3M | −C$2.3M | −C$2.1M | −C$2.1M |
| Financing activities | ||||||||||||
| Dividends paid | — | −C$586,804 | — | −C$835,887 | — | −C$567,657 | — | −C$199,724 | — | — | — | — |
| Net borrowing (repayment) | — | −C$11.3M | −C$3.9M | −C$3.5M | C$20.9M | −C$4.1M | −C$12.1M | C$4.2M | −C$4.9M | — | — | — |
| Shares issued | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$52,000 | C$0 | C$3.2M | C$0 | C$3,000 | C$548,000 |
| Other financing | C$3.6M | C$57,719 | −C$400,000 | C$275,887 | −C$179,000 | C$157,657 | C$30,000 | C$201,724 | −C$48,000 | −C$3.9M | −C$6.2M | −C$3.7M |
| Cash from financing activities | C$3.6M | −C$11.8M | −C$4.3M | −C$4.1M | C$20.8M | −C$4.5M | −C$12.0M | C$4.2M | −C$1.8M | −C$3.9M | −C$6.2M | −C$3.1M |
| Summary | ||||||||||||
| Net change in cash | C$9.5M | −C$9.7M | −C$1.5M | −C$15.9M | C$29.1M | C$1.4M | −C$13.9M | C$12.0M | C$714,000 | C$5.9M | −C$1.4M | C$4.4M |
| Cash at end of period | C$47.6M | C$36.5M | C$46.4M | C$47.9M | C$63.8M | C$34.7M | C$33.3M | C$47.3M | C$35.3M | C$34.5M | C$28.7M | C$30.1M |
| Free cash flow | C$9.3M | C$2.3M | C$3.2M | C$1.2M | C$8.4M | C$5.7M | −C$2.1M | C$7.6M | C$2.8M | C$10.6M | C$4.8M | C$7.5M |
| Free cash flow margin | 4.6% | 1.3% | 1.8% | 0.7% | 5.6% | 4.1% | −1.4% | 5.5% | 2.1% | 8.5% | 3.7% | 5.9% |
| Capex / revenue | 0.5% | 1.2% | 1.5% | 1.9% | 1.5% | 1.9% | 1.9% | 1.5% | 2.6% | 1.8% | 1.6% | 1.7% |
| Operating cash flow / net income | 0.89 | — | — | — | 12.80 | — | — | — | 7.53 | 74.90 | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported; data from EODHD.
HITI cash generation
In fiscal 2025 (ended October 31, 2025), High Tide generated C$23.9 million of cash from operations (down 32.9%) and spent C$10.6 million on capital expenditures, leaving free cash flow of C$13.2 million, 2.2% of revenue. It returned C$1.4 million to shareholders through dividends (C$1.4 million) and net share buybacks (C$0). Cash and equivalents rose by C$0.6 million over the year.
Related: HITI income statement, HITI balance sheet. See the HITI stock overview for the latest quote and news.
HITI cash flow FAQ
What is High Tide's free cash flow?
High Tide's free cash flow was C$13.2 million in fiscal 2025: C$23.9 million of operating cash flow minus C$10.6 million of capital expenditures It was C$25.8 million a year earlier..
How much cash does High Tide generate from operations?
High Tide generated C$23.9 million of cash from operating activities in fiscal 2025.
How much does High Tide spend on capital expenditures?
High Tide spent C$10.6 million on capital expenditures in fiscal 2025, 1.8% of revenue, compared with C$9.8 million the year before.
How much does High Tide pay in dividends?
High Tide paid C$1.4 million in dividends in fiscal 2025, 10.6% of free cash flow.