Trulieve Cannabis Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	-116.38	-155.11	-526.8	-246.06	18.03
Depreciation & Amortization	173.4	166.37	170.66	185.57	78.22
Asset Writedown & Restructuring Costs	4.83	-5.29	314.25	75.55	5.37
Stock-Based Compensation	20.47	20.2	10.58	18.12	9.25
Provision & Write-off of Bad Debts	-	-	-	3.62	-
Other Operating Activities	3.17	10.43	-9.9	-30.12	-13.12
Change in Accounts Receivable	-3.72	0.74	-1.71	-4.21	-4.9
Change in Inventory	-10.93	-18.74	83.3	-83.43	-19.57
Change in Accounts Payable	-11.26	7.21	1.64	-0.82	-9.66
Change in Unearned Revenue	-	-	-	2.37	-4.64
Change in Income Taxes	1.55	-8.5	-48.82	19.76	-12.98
Change in Other Net Operating Assets	212.53	254.17	139.16	33.62	-33.11
Operating Cash Flow	272.82	271.79	207.24	21.41	8.88
Operating Cash Flow Growth	0.38%	31.14%	868.01%	141.01%	-91.09%
Capital Expenditures	-44.19	-122.6	-40.24	-182.73	-306.12
Sale of Property, Plant & Equipment	-	-	-	5.05	55.03
Cash Acquisitions	-	-	-	-27.78	43.45
Sale (Purchase) of Intangibles	-16.32	-25.06	-10.62	-11.07	-3.72
Investment in Securities	60	-60	-	-	-
Other Investing Activities	14.01	1.05	13.38	1.47	-3.84
Investing Cash Flow	13.5	-206.62	-37.47	-215.06	-215.18
Long-Term Debt Issued	140	-	-	173.22	361.87
Long-Term Debt Repaid	-393.35	-8.15	-191.43	-13.32	-297.23
Net Debt Issued (Repaid)	-253.35	-8.15	-191.43	159.9	64.64
Issuance of Common Stock	-	-	-	19.39	225.92
Repurchase of Common Stock	-4.85	-14.75	-0.47	-0.62	-1.07
Other Financing Activities	-12.3	-10.54	16.31	-0.88	-0.25
Financing Cash Flow	-270.5	-33.44	-175.59	177.8	289.23
Net Cash Flow	15.83	31.73	-5.81	-15.85	82.93
Free Cash Flow	228.63	149.18	167.01	-161.32	-297.23
Free Cash Flow Growth	53.25%	-10.67%	-	-	-
Free Cash Flow Margin	19.36%	12.57%	14.79%	-13.24%	-31.89%
Free Cash Flow Per Share	1.20	0.79	0.88	-0.86	-2.02
Cash Interest Paid	70.27	65.41	81.21	76.14	39.08
Cash Income Tax Paid	1.46	-48.41	52.64	146.67	178.66
Levered Free Cash Flow	169.79	48.04	161.51	-22.57	-159.04
Unlevered Free Cash Flow	209.45	86.91	212.49	23.32	-140.84
Change in Working Capital	188.17	234.88	173.57	-32.71	-84.86

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.