GTI Reports Q4 and FY 2025 Financial Results

CHICAGO – Green Thumb Industries Inc. released its fourth-quarter and full-year 2025 earnings, showing revenue growth that outpaced the prior period even as pricing pressures continued to squeeze profitability metrics across its operations.

The Chicago-based multi-state Cannabis operator posted net revenue of $311.1 million for the three months ended December 31, 2025. That figure marked a 5.7% increase from the same quarter in 2024.

For the full year, revenue totaled $1.2 billion, up 3.4% from 2024. The company described the Q4 performance as a record, driven in part by the September launch of adult-use sales at its eight Minnesota stores. Those additions helped lift retail revenue, which accounts for the majority of the business, by 5% in the quarter. CPG revenue, however, slipped 1% in Q4 before posting a 4% annual gain.

Gross profit fell to $141.3 million, or 45.4% of revenue, in the fourth quarter from $158.1 million, or 53.7%, a year earlier. The full-year gross margin declined to 48.9% from 52.9%. Management attributed the compression to widespread price declines and heightened competition in key markets. Selling, general and administrative expenses rose to $122.3 million in Q4, reflecting costs tied to the 12 new stores opened during the year and higher compensation.

Income from operations dropped to $19 million in the quarter from $57.1 million previously and to $137.7 million for the year from $224.4 million. GAAP net income, however, climbed sharply to $83.2 million, or 36 cents a basic share, in Q4 from $12.7 million. The gain stemmed largely from a $125.9 million non-cash fair-value adjustment on related-party warrants tied to the repayment of a convertible note. Full-year net income reached $114.2 million, or 49 cents a basic share.

On an adjusted basis, normalized EBITDA [adjusted EBITDA plus brand license fees] came in at $100.2 million, or 32.2% of revenue, in Q4, compared with $97.8 million, or 33.2%, the prior year. For the full year, normalized EBITDA totaled $348.4 million, or 29.6% of revenue, down from 32.7% in 2024.

Cash flow from operations remained robust at $90 million in the quarter and $294.9 million for the year. The balance sheet showed $274.3 million in cash at year-end. Total debt stood at $244.9 million. Shortly after the quarter closed, the company increased its credit facility by $50 million, adding further liquidity.

Green Thumb ended 2025 with 113 stores across 14 states, up from 101 a year ago. It continued its share-repurchase program, buying back the equivalent of roughly 7.7 million subordinate voting shares for $38.9 million during the year. Since September 2023, repurchases have totaled about 15.5 million shares for $121.8 million.

Looking ahead, GTI executives expect first-quarter 2026 revenue to decline in the mid-single digits on a sequential basis, citing continued pricing softness and typical post-holiday seasonality. Capital spending for 2026 is projected at about $80 million, in line with the prior year.

To sum things up, Green Thumb’s 2025 numbers illustrate the dual realities most MSOs are facing today. Modest top-line expansion, fueled by timely entry into new adult-use markets, coexists with the steady erosion of margins that has become commonplace as supply outpaces demand in mature states.

What sets the company apart is its consistent cash generation and willingness to return capital through buybacks rather than chase growth at any cost. With more than $274 million in cash and no near-term debt pressure, GTI holds the flexibility that many smaller players lack. That balance-sheet strength, paired with clear category leadership in flower and edibles, leaves the business better equipped than most to absorb near-term softness while waiting for potential catalysts at the state or federal level.