Northwire Canada EditionThursday, October 15, 2026
Sign inSubscribe
Northwire
⌕
GOLD 4107.90 −1.7% SILVER 55.88 −6.1% COPPER 6.62 −1.6% OIL 95.09 +1.0% PALLADIUM 1096.50 −2.7% CIA 2.64 −0.4% BTO 7.09 −4.3% MCI 0.155 +0.0% CAN 0.065 +0.0% BLDS 0.335 +8.1% SAO 0.050 +0.0% SF 0.315 +0.0% BEA 0.055 −15.4% BMM 3.90 +11.1% AUGC 0.295 −13.2% MFG 3.34 −3.8% CDE 21.33 −7.7% CYG 0.160 −5.9% RSMX 0.100 −4.8% TUF 0.830 −5.7% GPG 0.285 −3.4% GOLD 4107.90 −1.7% SILVER 55.88 −6.1% COPPER 6.62 −1.6% OIL 95.09 +1.0% PALLADIUM 1096.50 −2.7% CIA 2.64 −0.4% BTO 7.09 −4.3% MCI 0.155 +0.0% CAN 0.065 +0.0% BLDS 0.335 +8.1% SAO 0.050 +0.0% SF 0.315 +0.0% BEA 0.055 −15.4% BMM 3.90 +11.1% AUGC 0.295 −13.2% MFG 3.34 −3.8% CDE 21.33 −7.7% CYG 0.160 −5.9% RSMX 0.100 −4.8% TUF 0.830 −5.7% GPG 0.285 −3.4%
Earnings

Green Thumb Industries Reports Fourth Quarter and Full Year 2025 Results

By The Northwire Desk — AI Analysis Feb 25, 2026 · 16:02 GTII · 9.06 Green Thumb Industries Inc.
GTII · Price

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.

Read the original news release →

More from Green Thumb Industries Inc.

May 21, 2026 · 08:45

GTII Earnings Beat Masks Pricing Pressure as Shareholder Returns Accelerate

Production / Operations May 06, 2026 · 16:02

Green Thumb Leverages Regulatory Tailwinds to Fund Aggressive Buybacks

Earnings May 04, 2026 · 07:00

Green Thumb Files for DEA Registration as Schedule III Rescheduling Unlocks Federal Tax Relief

Earnings Apr 23, 2026 · 07:00

Green Thumb Doubles Down on Buybacks as Cash Pile Grows

Other Apr 01, 2026 · 16:25

Green Thumb amends brand licensing deals with Rythm

M&A / Property Apr 01, 2026 · 07:00

Green Thumb Industries Announces Amendment to Brand Transactions with RYTHM, Inc.

Other