SNDL Inc. (SNDL) Cash Flow Statement
Where SNDL’s cash came from and went, 2025
December 31, 2025 · Canadian dollars- Cash from operations
- C$70.9M +29.1% vs 2024
- Capital expenditures
- C$12.8M 1.4% of revenue
- Free cash flow
- C$58.1M 6.1% margin
- Returned to shareholders
- C$15.3M 26% of free cash flow
- Change in cash
- C$33.9M cash at year-end C$252.2M
Cash from operations
C$70.9M
Capital expenditures
−C$12.8M
Investments (net)
+C$29.2M
Acquisitions & other
+C$1.1M
Share buybacks (net)
−C$15.3M
Net borrowing (repayment)
−C$39.2M
Change in cash
C$33.9M
Drawn to scale: where the cash came from and how it was used. Hover for values.
SNDL operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
SNDL cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −C$1.4M2016 | C$70.9M2025 | — | |
| Capital expenditures | C$4.8M2016 | C$12.8M2025 | +11.6%/yr | |
| Free cash flow | −C$6.2M2016 | C$58.1M2025 | — | |
| Free cash flow margin | −133.0%2017 | 6.1%2025 | +139.1 pts | |
| Stock-based compensation | C$4.6M2017 | C$13.9M2025 | +14.9%/yr | |
| Dividends paid | C$02016 | C$02019 | — | |
| Share buybacks (net) | C$02016 | C$15.3M2025 | — | |
| Capex / revenue | 78.6%2017 | 1.4%2025 | −77.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SNDL cash flow by activity
OperatingInvestingFinancingChange in cash
SNDL 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).
SNDL cash flow statement in Canadian dollars
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −C$15.8M | −C$96.2M | −C$176.6M | −C$372.4M | −C$230.2M | −C$206.3M | −C$142.7M | −C$67.8M | −C$13.0M | −C$1.5M |
| Depreciation & amortization | C$56.3M | C$56.7M | C$64.9M | C$47.3M | C$10.2M | C$11.6M | C$6.3M | C$1.1M | C$411,000 | C$108,966 |
| Stock-based compensation | C$13.9M | C$20.0M | C$15.4M | C$9.7M | C$12.3M | C$8.6M | C$38.7M | — | C$4.6M | — |
| Change in working capital | C$1.4M | −C$7.4M | −C$32.9M | −C$22.1M | −C$1.5M | −C$5.3M | −C$41.6M | — | C$910,000 | −C$153,836 |
| Other non-cash items | C$15.1M | C$81.8M | C$112.4M | C$330.8M | C$53.8M | C$133.9M | C$26.6M | C$35.8M | C$1.9M | C$194,981 |
| Cash from operating activities | C$70.9M | C$54.9M | −C$16.6M | −C$6.7M | −C$155.4M | −C$57.5M | −C$112.7M | −C$30.9M | −C$5.2M | −C$1.4M |
| Investing activities | ||||||||||
| Capital expenditures | −C$12.8M | −C$11.0M | −C$7.9M | −C$10.9M | −C$3.8M | −C$3.2M | −C$110.3M | −C$91.6M | −C$7.6M | −C$4.8M |
| Investments (net) | C$29.2M | C$17.8M | −C$24.8M | −C$230.2M | −C$409.3M | −C$70.9M | −C$213.1M | −C$51.9M | −C$51.9M | −C$3.9M |
| Acquisitions & other investing | C$1.1M | C$11.0M | C$7.9M | C$10.9M | −C$83.2M | C$3.2M | C$110.3M | C$64.2M | C$49.8M | C$4.8M |
| Cash from investing activities | C$17.5M | C$17.8M | −C$24.8M | −C$230.2M | −C$496.3M | −C$70.9M | −C$213.1M | −C$79.2M | −C$9.7M | −C$3.9M |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | — | — | — | C$0 | C$0 | C$0 | C$0 |
| Share repurchases & issuance (net) | −C$15.3M | −C$13.3M | −C$1.5M | −C$13.4M | C$0 | C$0 | C$0 | C$15.0M | C$0 | C$0 |
| Net borrowing (repayment) | −C$39.2M | −C$37.0M | −C$41.0M | −C$37.7M | −C$10.4M | −C$66.8M | C$187.9M | C$82.1M | C$6.9M | C$217,407 |
| Shares issued | C$0 | C$0 | C$0 | C$22,000 | C$1.06B | C$181.8M | C$177.2M | C$0 | C$0 | C$0 |
| Other financing | C$106,000 | C$871,000 | −C$531,000 | C$9.3M | C$97.7M | C$27.7M | −C$6.8M | C$20.7M | C$12.0M | C$8.5M |
| Cash from financing activities | −C$54.5M | −C$49.4M | −C$43.1M | −C$41.8M | C$1.15B | C$142.7M | C$358.3M | C$117.9M | C$18.9M | C$8.7M |
| Summary | ||||||||||
| Net change in cash | C$33.9M | C$23.3M | −C$84.5M | −C$278.7M | C$497.9M | C$15.0M | C$31.2M | C$7.7M | C$4.0M | C$3.4M |
| Cash at end of period | C$252.2M | C$218.4M | C$195.0M | C$279.6M | C$558.3M | C$60.4M | C$45.3M | C$14.1M | C$7.7M | C$3.7M |
| Free cash flow | C$58.1M | C$43.9M | −C$24.6M | −C$17.6M | −C$159.2M | −C$60.7M | −C$223.0M | −C$122.5M | −C$12.8M | −C$6.2M |
| Free cash flow margin | 6.1% | 4.8% | −2.7% | −2.5% | −283.7% | −99.6% | −350.8% | — | −133.0% | — |
| Capex / revenue | 1.4% | 1.2% | 0.9% | 1.5% | 6.8% | 5.2% | 173.5% | — | 78.6% | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −C$7.8M | −C$9.9M | C$9.4M | −C$13.3M | C$2.9M | −C$14.7M | −C$67.2M | −C$19.3M | −C$5.0M | −C$4.7M | −C$85.4M | −C$21.8M |
| Depreciation & amortization | C$14.0M | C$14.1M | C$14.2M | C$14.0M | C$13.9M | C$14.2M | C$14.0M | C$14.0M | C$14.1M | C$14.6M | C$15.4M | C$16.6M |
| Stock-based compensation | C$2.6M | C$616,000 | −C$1.3M | C$10.9M | C$2.9M | C$1.4M | C$4.6M | C$5.7M | C$4.9M | C$4.8M | C$3.9M | C$5.4M |
| Change in working capital | −C$9.1M | −C$1.9M | C$1.7M | C$14.2M | −C$13.8M | −C$713,000 | C$2.3M | −C$13,000 | −C$4.7M | −C$5.1M | C$10.8M | C$13.0M |
| Other non-cash items | C$4.0M | C$527,000 | C$1.4M | C$6.0M | C$127,000 | C$7.6M | C$70.5M | C$22.5M | −C$4.7M | −C$6.4M | C$68.7M | C$14.4M |
| Cash from operating activities | C$3.7M | C$3.5M | C$25.3M | C$31.7M | C$6.1M | C$7.8M | C$24.1M | C$22.8M | C$4.7M | C$3.3M | C$13.4M | C$27.5M |
| Investing activities | ||||||||||||
| Capital expenditures | −C$1.8M | −C$2.6M | −C$4.0M | −C$5.2M | −C$2.1M | −C$1.6M | −C$3.3M | −C$4.1M | −C$1.2M | −C$2.5M | −C$2.2M | −C$3.1M |
| Investments (net) | −C$29,000 | −C$3.9M | C$3.2M | C$10.5M | −C$7.2M | C$17.2M | −C$45.7M | C$66.5M | −C$1.3M | −C$1.7M | −C$8.4M | −C$999,000 |
| Acquisitions & other investing | C$1.5M | −C$4.8M | −C$2.3M | C$5.2M | C$2.1M | C$1.6M | C$3.3M | C$4.1M | C$1.2M | C$2.5M | C$2.2M | C$3.1M |
| Cash from investing activities | −C$338,000 | −C$11.4M | −C$3.1M | C$10.5M | −C$7.2M | C$17.2M | −C$45.7M | C$66.5M | −C$1.3M | −C$1.7M | −C$8.4M | −C$999,000 |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | −C$23.5M | −C$9.6M | −C$314,000 | −C$3,000 | C$0 | −C$15.0M | −C$13.2M | C$0 | −C$57,000 | C$0 | C$0 | C$0 |
| Net borrowing (repayment) | −C$10.1M | −C$10.1M | −C$10.0M | −C$9.9M | −C$11.8M | −C$7.5M | −C$9.9M | −C$9.8M | — | — | — | — |
| Shares issued | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$174,000 | C$0 | C$0 | C$0 |
| Other financing | C$52,000 | C$819,000 | −C$228,000 | C$57,000 | C$186,000 | C$91,000 | C$140,000 | C$540,000 | −C$9.5M | −C$7.7M | −C$12.0M | −C$10.0M |
| Cash from financing activities | −C$33.5M | −C$18.8M | −C$10.6M | −C$9.9M | −C$11.6M | −C$22.5M | −C$23.0M | −C$9.2M | −C$9.4M | −C$7.7M | −C$12.0M | −C$10.0M |
| Summary | ||||||||||||
| Net change in cash | −C$30.2M | −C$38.8M | C$11.7M | C$32.4M | −C$12.6M | C$2.5M | −C$44.6M | C$80.0M | −C$6.0M | −C$6.1M | −C$6.9M | C$16.5M |
| Cash at end of period | C$183.2M | C$213.4M | C$252.2M | C$240.6M | C$208.2M | C$220.9M | C$218.4M | C$263.0M | C$182.9M | C$189.0M | C$195.0M | C$202.0M |
| Free cash flow | C$1.9M | C$843,000 | C$21.4M | C$26.5M | C$4.0M | C$6.2M | C$20.8M | C$18.7M | C$3.5M | C$829,000 | C$11.3M | C$24.5M |
| Free cash flow margin | 0.8% | 0.4% | 8.5% | 10.9% | 1.6% | 3.0% | 8.1% | 7.9% | 1.5% | 0.4% | 4.5% | 10.3% |
| Capex / revenue | 0.8% | 1.3% | 1.6% | 2.1% | 0.8% | 0.8% | 1.3% | 1.7% | 0.5% | 1.3% | 0.9% | 1.3% |
| Operating cash flow / net income | — | — | 2.70 | — | 2.12 | — | — | — | — | — | — | — |
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.
SNDL cash generation
In fiscal 2025 (ended December 31, 2025), SNDL generated C$70.9 million of cash from operations (up 29.1%) and spent C$12.8 million on capital expenditures, leaving free cash flow of C$58.1 million, 6.1% of revenue. It returned C$15.3 million to shareholders through dividends (C$0) and net share buybacks (C$15.3 million). Cash and equivalents rose by C$33.9 million over the year.
Related: SNDL income statement, SNDL balance sheet. See the SNDL stock overview for the latest quote and news.
SNDL cash flow FAQ
What is SNDL's free cash flow?
SNDL's free cash flow was C$58.1 million in fiscal 2025: C$70.9 million of operating cash flow minus C$12.8 million of capital expenditures It was C$43.9 million a year earlier..
How much cash does SNDL generate from operations?
SNDL generated C$70.9 million of cash from operating activities in fiscal 2025.
How much does SNDL spend on capital expenditures?
SNDL spent C$12.8 million on capital expenditures in fiscal 2025, 1.4% of revenue, compared with C$11.0 million the year before.
How much stock does SNDL buy back?
SNDL spent C$15.3 million on net share repurchases in fiscal 2025.