Tilray Brands, Inc. (TLRY) Cash Flow Statement
Where TLRY’s cash came from and went, FY2026
May 31, 2026 · U.S. dollars- Cash from operations
- −$69.1M
- Capital expenditures
- $33.0M 3.6% of revenue
- Free cash flow
- −$102.1M −11.2% margin
- Returned to shareholders
- $159,000
- Change in cash
- $7.7M cash at year-end $229.3M
Drawn to scale: where the cash came from and how it was used. Hover for values.
TLRY operating cash flow, capex and free cash flow
TLRY cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$4.5MFY2017 | −$69.1MFY2026 | — | |
| Capital expenditures | $659,257FY2017 | $33.0MFY2026 | +54.5%/yr | |
| Free cash flow | −$5.1MFY2017 | −$102.1MFY2026 | — | |
| Free cash flow margin | −33.9%FY2017 | −11.2%FY2026 | +22.7 pts | |
| Stock-based compensation | $1.8MFY2017 | $45.9MFY2026 | +43.5%/yr | |
| Dividends paid | $7.48BFY2022 | $1.5MFY2025 | −94.1%/yr | |
| Share buybacks (net) | $4.9MFY2020 | $159,000FY2026 | −43.4%/yr | |
| Capex / revenue | 4.3%FY2017 | 3.6%FY2026 | −0.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TLRY cash flow by activity
TLRY net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
TLRY cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$105.2M | −$3.00B | −$333.8M | −$1.44B | −$434.1M | −$443.6M | −$311.3M | −$68.3M | −$7.7M | −$10.6M |
| Depreciation & amortization | $67.6M | $183.2M | $172.9M | $130.1M | $154.6M | $67.8M | $15.8M | $3.6M | $1.9M | $2.6M |
| Stock-based compensation | $45.9M | $24.3M | $31.8M | $39.6M | $36.0M | $17.4M | $18.1M | $19.3M | $13.9M | $1.8M |
| Change in working capital | −$87.4M | −$85.8M | −$12.1M | $14.4M | −$91.8M | −$61.5M | −$116.9M | −$13.7M | $264,078 | $2.3M |
| Other non-cash items | $9.8M | $2.75B | $99.1M | $1.27B | $158.1M | $365.9M | $144.1M | $12.5M | −$14.2M | −$532,568 |
| Cash from operating activities | −$69.1M | −$129.8M | −$42.1M | $7.9M | −$177.3M | −$54.0M | −$250.2M | −$46.6M | −$5.9M | −$4.5M |
| Investing activities | ||||||||||
| Capital expenditures | −$33.0M | −$45.2M | −$39.9M | −$20.8M | −$34.1M | −$46.9M | −$71.5M | −$50.6M | −$10.7M | −$659,257 |
| Investments (net) | $27.4M | −$46.7M | $128.3M | −$285.1M | −$285.1M | $46.1M | −$69.9M | — | — | — |
| Acquisitions & other investing | −$50.2M | $27.8M | $86.4M | $20.8M | $297.6M | $56.5M | −$104.0M | −$48.8M | −$888,445 | −$725,456 |
| Cash from investing activities | −$55.8M | −$64.1M | $174.9M | −$285.1M | −$21.5M | $55.7M | −$245.4M | −$99.4M | −$11.6M | −$1.4M |
| Financing activities | ||||||||||
| Dividends paid | — | −$1.5M | — | −$81.4M | −$7.48B | — | — | — | — | — |
| Share repurchases & issuance (net) | −$159,000 | $0 | $0 | −$1.2M | −$1.2M | $0 | −$4.9M | — | — | — |
| Net borrowing (repayment) | −$29.2M | −$26.1M | −$83.8M | −$58.2M | −$123.5M | — | — | — | — | — |
| Shares issued | $158.0M | $161.2M | $8.6M | $129.6M | $129.6M | $102.5M | $74.4M | $0 | $0 | $0 |
| Other financing | $2.4M | $49.7M | −$27.3M | $81.4M | $7.61B | $47.5M | $41.7M | $636.0M | $12.0M | $14.8M |
| Cash from financing activities | $131.0M | $183.2M | −$102.4M | $70.2M | $128.2M | $150.1M | $111.2M | $636.0M | $12.0M | $14.8M |
| Summary | ||||||||||
| Net change in cash | $7.7M | −$9.2M | $29.6M | −$209.3M | −$72.6M | $472.9M | −$378.5M | $488.8M | −$5.1M | $10.2M |
| Cash at end of period | $229.3M | $304.2M | $311.1M | $206.6M | $415.9M | $589.8M | $93.8M | $491.1M | $2.3M | $10.2M |
| Free cash flow | −$102.1M | −$175.0M | −$82.0M | −$12.9M | −$211.3M | −$100.9M | −$321.6M | −$97.2M | −$16.6M | −$5.1M |
| Free cash flow margin | −11.2% | −21.3% | −7.6% | −1.5% | −33.6% | −19.7% | −109.0% | −225.4% | −80.8% | −33.9% |
| Capex / revenue | 3.6% | 5.5% | 3.7% | 2.5% | 5.4% | 9.1% | 24.2% | 117.3% | 52.1% | 4.3% |
| Aug '26 | May '26 | Feb '26 | Nov '25 | Aug '25 | May '25 | Feb '25 | Nov '24 | Aug '24 | May '24 | Feb '24 | Nov '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$40.0M | −$49.6M | −$25.2M | −$60.8M | $2.1M | −$1.75B | −$1.14B | −$119.4M | −$52.8M | −$43.3M | −$125.8M | −$66.4M |
| Depreciation & amortization | $18.6M | $19.3M | $16.7M | $22.3M | $21.4M | $46.8M | $48.5M | $47.6M | $42.9M | $43.2M | $44.6M | $42.7M |
| Stock-based compensation | $6.6M | $14.9M | $13.7M | $17.2M | $6.9M | $6.1M | $4.0M | $7.2M | $6.9M | $7.3M | $8.1M | $8.2M |
| Change in working capital | −$7.7M | −$44.6M | −$25.7M | −$11.0M | −$13.4M | −$16.6M | $7.2M | −$25.4M | −$49.6M | $27.5M | −$29.3M | −$17.6M |
| Other non-cash items | $5.9M | $22.4M | −$1.7M | $20.4M | −$18.8M | $1.69B | $1.08B | $33.2M | $5.0M | $7.7M | $80.6M | −$7.4M |
| Cash from operating activities | −$16.5M | −$37.5M | −$22.2M | −$11.9M | −$1.8M | −$19.9M | −$5.1M | −$56.7M | −$47.6M | $42.4M | −$21.8M | −$40.4M |
| Investing activities | ||||||||||||
| Capital expenditures | −$11.0M | −$10.2M | −$3.9M | −$13.5M | −$13.1M | −$9.4M | −$19.7M | −$7.6M | −$9.1M | −$12.8M | −$13.2M | −$7.8M |
| Investments (net) | — | $11.0M | $31.2M | −$48.4M | $24.5M | $13.5M | −$119,000 | −$10.7M | −$49.4M | $45.1M | $28.1M | $81.5M |
| Acquisitions & other investing | $1.8M | −$52.2M | $1.3M | −$19.0M | $22.2M | $12.5M | $22.0M | $3.5M | −$8.1M | $27.4M | $24.4M | $35.7M |
| Cash from investing activities | −$9.3M | −$51.4M | $28.6M | −$81.0M | $33.6M | $16.6M | $2.2M | −$14.8M | −$66.6M | $59.6M | $39.3M | $109.5M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | — | $0 | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Net borrowing (repayment) | — | −$16.7M | −$5.0M | −$4.8M | −$2.6M | −$3.3M | −$10.2M | −$6.8M | −$5.9M | — | — | — |
| Shares issued | $0 | $84.9M | $0 | $50.6M | $22.5M | $21.4M | $28.2M | $45.0M | $66.5M | $8.6M | $0 | $0 |
| Other financing | $14.0M | $267,956 | $654,247 | $21.5M | $7.4M | $7.9M | $3.4M | $14.9M | $21.1M | $2.2M | −$16.3M | −$114.4M |
| Cash from financing activities | $14.0M | $68.4M | −$4.3M | $67.2M | $27.3M | $26.1M | $21.4M | $53.1M | $81.7M | $10.8M | −$16.3M | −$114.4M |
| Summary | ||||||||||||
| Net change in cash | −$11.0M | −$20.2M | $2.8M | −$25.3M | $59.3M | $29.8M | $14.8M | −$21.7M | −$31.2M | $111.8M | $1.8M | −$46.3M |
| Cash at end of period | $218.3M | $229.3M | $249.5M | $344.6M | $363.8M | $304.2M | $288.8M | $265.3M | $276.8M | $311.1M | $198.5M | $196.3M |
| Free cash flow | −$27.6M | −$47.7M | −$26.0M | −$25.5M | −$14.9M | −$29.3M | −$24.8M | −$64.3M | −$56.7M | $29.6M | −$35.0M | −$48.2M |
| Free cash flow margin | −10.7% | −16.9% | −12.6% | −11.7% | −7.1% | −13.0% | −13.4% | −30.5% | −28.3% | 9.4% | −13.7% | −18.4% |
| Capex / revenue | 4.3% | 3.6% | 1.9% | 6.2% | 6.2% | 4.2% | 10.6% | 3.6% | 4.5% | 4.1% | 5.1% | 3.0% |
| Operating cash flow / net income | — | — | — | — | −0.89 | — | — | — | — | — | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
TLRY cash generation
In fiscal 2026 (ended May 31, 2026), Tilray Brands generated -$69.1 million of cash from operations and spent $33.0 million on capital expenditures, leaving free cash flow of -$102.1 million, −11.2% of revenue. It returned $0.2 million to shareholders through dividends ($0) and net share buybacks ($0.2 million). Cash and equivalents rose by $7.7 million over the year.
Related: TLRY income statement, TLRY balance sheet. See the TLRY stock overview for the latest quote and news.
TLRY cash flow FAQ
What is Tilray Brands's free cash flow?
Tilray Brands's free cash flow was -$102.1 million in fiscal 2026: -$69.1 million of operating cash flow minus $33.0 million of capital expenditures It was -$175.0 million a year earlier..
How much cash does Tilray Brands generate from operations?
Tilray Brands generated -$69.1 million of cash from operating activities in fiscal 2026.
How much does Tilray Brands spend on capital expenditures?
Tilray Brands spent $33.0 million on capital expenditures in fiscal 2026, 3.6% of revenue, compared with $45.2 million the year before.
How much stock does Tilray Brands buy back?
Tilray Brands spent $0.2 million on net share repurchases in fiscal 2026.