Verano Reports Q3 2026 Financial Results

CHICAGO – Verano Holdings Corp. reported $212.4 million in third-quarter revenue, a 5% increase YoY. The figure came in modestly below analyst estimates of $216.4 million and trailed the $217.9 million posted last quarter, but the more significant story emerged in operating cash flow.

Cash from operations reached $49 million for the quarter, nearly doubling the $26 million generated in Q3 2025 – the company’s highest quarterly figure in four years. Year-to-date operating cash flow reached $98 million, compared to $39 million through the same nine months of 2025.

Net loss narrowed sharply from $43.8 million to $4.1 million versus the year-ago quarter. Gross profit reached $100 million at a 47% margin. Adjusted EBITDA came in at $50.4 million, or 24% of revenue — just ahead of analyst consensus at $50.1 million but below the $53.1 million recorded in Q3 2025.

Retail drove the quarter. Revenue of $179 million from retail operations grew 9% year-over-year, with gains recorded in 11 of Verano’s 13 active markets. Wholesale revenue, meanwhile, came in at $74 million, down $8 million YoY, consistent with the pricing compression and oversupply dynamics affecting wholesale Cannabis across several state markets.

“I am proud of our teams for delivering another strong quarter, highlighted by a 5% increase in revenue, robust retail performance, and achieving our highest level of operating cash flow in four years,” said George Archos, Verano’s founder, Chairman, and CEO.

During Q3, Verano expanded its Florida retail footprint with the opening of MÜV Bradfordville, its 86th dispensary in the state and 163rd nationally. The company also entered the Cannabis beverage category with the debut of Easy Landings, its first national beverage brand.

Management raised full-year 2026 capital expenditure guidance to between $54 million and $60 million and pointed to the anticipated launch of adult-use retail sales in Virginia as a near-term growth catalyst. As of September 30, Verano held $102 million in cash, $301 million in working capital, and $390 million in total net debt.

Through the first nine months of 2026, Verano generated $638.5 million in revenue, up 4% YoY, while cutting its cumulative net loss from $74.5 million to $35.3 million.

Verano’s Q3 report reflects an operator that has gotten measurably more efficient without sacrificing growth. The near-doubling of operating cash flow is the quarter’s defining metric. It shows the company is generating real liquidity, not just booking revenue. Retail momentum holds across most markets, and the Easy Landings beverage push highlights a forward-leaning product strategy calibrated for the next phase of consumer market maturity. Wholesale margin compression remains a structural drag the broader sector has yet to resolve. If [when] Virginia’s adult-use launch gains traction before year-end, Verano’s final 2026 results could look considerably stronger going into what management is already calling an exciting year ahead.