Green Thumb Industries Reports Fourth Quarter and Full Year 2025 Results

Executive Summary

• Green Thumb Industries reported Q4 2025 revenue of $311.1 M (up 5.7% YoY) and full‑year 2025 revenue of $1.2 B (up 3.4% YoY).
• GAAP net income was $83.2 M for the quarter ($0.36 basic, $0.35 diluted) and $114.2 M for the year ($0.49 basic, $0.48 diluted).
• The company repurchased ~7.7 M Subordinate Voting Shares for $38.9 M in 2025 and authorized an additional $50 M share‑repurchase program; it also increased its senior credit facility by $50 M post‑quarter.

Key Details

• Revenue & Growth
• Q4 2025 revenue: $311.1 M (+5.7% YoY).
• FY 2025 revenue: $1,175.3 M (+3.4% YoY).

• Retail footprint expanded by 12 stores to a total of 113 locations across 14 states.

• Profitability

• GAAP net income Q4: $83.2 M; FY: $114.2 M.
• Normalized EBITDA Q4: $100.2 M (32.2% of revenue); FY: $348.4 M (29.6% of revenue).

• Gross profit margin declined to 45.4% in Q4 and 48.9% for the year, driven by price compression.

• Cash & Liquidity

• Cash at quarter‑end: $274.3 M.
• Total debt (incl. senior term): $244.9 M; senior debt portion $142.5 M.

• Post‑quarter credit facility increase of $50 M, raising current principal outstanding to $189 M.

• Share Repurchases

• FY 2025: ~7.7 M Subordinate Voting Shares repurchased for $38.9 M.
• Cumulative repurchase since Sep 2023: ~15.5 M shares for $121.8 M.

• Board authorized up to $50 M for additional repurchases (up to 10,364,640 shares) through Sep 2026.

• Capital Expenditure

• Expected 2026 capex ≈ $80 M, similar to 2025 spend.

• Operational Highlights

• Adult‑use launch in Minnesota (Sept 17 2025) contributed to Q4 retail revenue growth.

• Brand leadership positions per BDSA data: RYTHM flower #1, Dogwalkers pre‑rolls #1, incredibles chocolate #1.

• Guidance

• Q1 2026 revenues expected to decline mid‑single digits sequentially due to pricing pressure and seasonality.

Notable Quotes

“We ended 2025 with cash of $274 million and considerable financial flexibility through a senior credit facility that does not mature until September 2029… Our strong balance sheet and consistent cash generation provide the foundation for disciplined capital allocation and long‑term value creation.” – Ben Kovler, Founder, Chairman & CEO

“Since September 2023, we have repurchased the equivalent of approximately 15.5 million Subordinate Voting Shares for $121.8 million… reflecting our confidence in our business and intense focus on optimizing shareholder value.” – Anthony Georgiadis, President

All forward‑looking statements are subject to risks and uncertainties detailed in the release.