Green Thumb Industries Reports Fourth Quarter and Full Year 2025 Results
CHICAGO and VANCOUVER, British Columbia, Feb. 25, 2026 (GLOBE NEWSWIRE) — Green Thumb Industries Inc. (“Green Thumb” or the “Company”) (CSE: GTII) (OTCQX: GTBIF), a leading national cannabis consumer packaged goods company and owner of RISE Dispensaries, today reported its financial results for the fourth quarter and full year ended December 31, 2025. Financial results are reported in accordance with U.S. generally accepted accounting principles (“GAAP”), and all currency is in U.S. dollars.
Highlights for the fourth quarter ended December 31, 2025:
- Revenue of $311.1 million, an increase of 5.7% over the prior year.
- Cash at quarter end totaled $274.3 million.
- GAAP net income of $83.2 million or $0.36 per basic and $0.35 per diluted share.
- Normalized EBITDA of $100.2 million or 32.2% of revenue.
- Cash flow from operations of $90.0 million.
- Repurchased the equivalent of approximately 2.0 million of the Company’s Subordinate Voting Shares for $14.1 million.
Highlights for the year ended December 31, 2025:
- Revenue of $1.2 billion, an increase of 3.4% over the prior year.
- Cash flow from operations of $294.9 million.
- GAAP net income of $114.2 million or $0.49 per basic and $0.48 per diluted share.
- Normalized EBITDA of $348.4 million or 29.6% of revenue.
- Repurchased the equivalent of approximately 7.7 million of the Company’s Subordinate Voting Shares for $38.9 million.
- Grew retail footprint by 12 locations for a total of 113 stores nationwide.
See definitions and reconciliation of non-GAAP measures elsewhere in this release.
MANAGEMENT COMMENTARY
Green Thumb Founder, Chairman and Chief Executive Ben Kovler
“The Green Thumb team delivered record fourth-quarter revenue of $311 million, up 5.7% year-over-year, capping a year in which full-year revenue grew 3.4% to $1.2 billion despite ongoing price compression. Normalized EBITDA for the year was $348 million and cash flow from operations was $295 million. We ended 2025 with cash of $274 million and considerable financial flexibility through a senior credit facility that does not mature until September 2029. In addition, last week’s $50 million increase to that credit facility brings new cash onto an already strong balance sheet to deploy for the benefit of shareholders.
“Our 2025 performance reflects our team’s focus on driving operational efficiencies, strengthening our balance sheet, and expanding our retail footprint and brand reach. On the consumer front, we continued to build brand equity through initiatives like our RYTHM Bud Ball concert series, which engaged over 4,000 attendees across three major cities, and our RYTHM Icon Strains, which highlights our best-selling genetics. Those brand building efforts, alongside consistent execution across the business, translated into measurable momentum.
“Third-party data for the year underscored that momentum. According to BDSA’s U.S. retail sales tracking for 2025, our brands held nationwide leadership across multiple key categories in 2025. RYTHM was the No. 1 flower brand across the country, and our team should be incredibly proud. In fact, RYTHM’s Animal Face, a core Icon Strain, was the No. 1 selling flower unit in the country in 2025. Meanwhile, Dogwalkers held the No. 1 position for uninfused pre-rolls, and incredibles was the No. 1 chocolate brand. These category-leading positions reinforce what we have always known: consumers want high-quality products they can trust, and our team continues to deliver.
“We built Green Thumb with a durable operating model and an eye toward long-term value creation for all stakeholders. Since becoming a public company, we have consistently demonstrated our thoughtful capital allocation and strong execution with a focus on operating cash flow. While cannabis reform in D.C. continues to stall, we have the flexibility to act and be aggressive in what we believe is a major new consumer category. As we move through 2026, we believe Green Thumb is well positioned, and we are excited about what lies ahead.”
Green Thumb President Anthony Georgiadis
“Our strong balance sheet and consistent cash generation provide the foundation for disciplined capital allocation and long-term value creation. In 2025, we invested in high-return growth opportunities, expanding our retail footprint by 12 stores to 113 locations across 14 states. Our strategy of investing ahead of adult-use legalization continues to deliver results, most notably in Minnesota, where our eight RISE Dispensaries transitioned to adult-use in September and contributed meaningfully to fourth quarter performance.
“We also remained committed to returning capital to shareholders. 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, our team, and our intense focus on optimizing shareholder value.
“In addition to our share buybacks, we recently deployed capital strategically to support long-term growth, including our investment in RYTHM, Inc. (Nasdaq: RYM) and the separation of our hemp and cannabis businesses through the sale of our brand intellectual property. This structure enables RYTHM, Inc. to operate as a non-plant-touching, federally compliant business while allowing us to continue manufacturing cannabis products under licensing agreements, positioning both businesses to capitalize on evolving regulatory frameworks and growing consumer demand for THC products.
“Our performance in 2025 reflects disciplined execution by our team, whose focus and resilience continue to drive short-term operating performance, while planting the seeds for long-term sustainable growth.”
Fourth Quarter and Full Year 2025 Financial Overview
Total revenue for the fourth quarter was $311.1 million, up 5.7% from the prior year period. For the full year 2025, total revenue increased 3.4% to $1.2 billion. Revenue growth in the fourth quarter was driven by retail sales in Minnesota, reflecting our launch of adult-use cannabis on September 17, 2025, partially offset by price compression and increased competition.
Consumer Packaged Goods’ gross revenue for the fourth quarter decreased by 1% versus the prior year period, primarily due to price compression and increased competition, partially offset by the launch of adult-use cannabis in Minnesota. For the full year 2025, Consumer Packaged Goods’ gross revenue increased by 4% compared to the prior year, primarily due to the launch of adult-use sales in Minnesota and continued impact of adult-use in Ohio, as well as continued growth in existing markets, particularly in Florida and New York, partially offset by price compression and increased competition.
Retail revenue increased by 5% versus the fourth quarter of 2024 and 1% for the full year 2025, primarily due to the launch of adult-use sales in Minnesota and continued impact of adult-use sales in Ohio, as well as continued growth in existing markets, particularly in Florida and New York, partially offset by price compression. Fourth quarter 2025 comparable sales (stores open at least 12 months) decreased 1.8% versus the prior year on a base of 99 stores.
Gross profit for the fourth quarter 2025 was $141.3 million or 45.4% of revenue, down from $158.1 million or 53.7% of revenue over the prior year period. For the full year, gross profit was $574.9 million or 48.9% of revenue, down from $601.1 million or 52.9% in 2024. The decline in gross margin was primarily driven by price compression.
Total selling, general and administrative expenses for the fourth quarter 2025 were $122.3 million or 39.3% of revenue, compared to $101.0 million or 34.3% of revenue for the fourth quarter 2024. Total selling, general and administrative expenses for the full year 2025 were $437.2 million or 37.2% of revenue, compared to $376.7 million or 33.1% of revenue in the prior year. The increase in selling, general and administrative expenses, was primarily attributable to increased cost associated with the opening and operation of new retail stores as well as increased compensation costs during the year.
Total other income (expense) for the fourth quarter was $109.4 million versus ($13.0) million for the comparable period in the prior year. Excluding fair value adjustments on related party warrants of $125.9 million primarily associated with the repayment of the $10 million related party convertible note, total other income (expense) would have been ($16.6) million, which was primarily the result of unfavorable fair value adjustments on the Company’s equity investments. Total other income (expense) for the full year 2025 was $125.7 million versus ($24.3) million for the year 2024. Excluding fair value adjustments on related party warrants (as discussed above), total other income (expense) would have been ($0.3) million.
Net income attributable to the Company for the fourth quarter was $83.2 million or $0.36 and $0.35 per basic and diluted share, respectively up from net income of $12.7 million, or $0.05 and 0.04 per basic and diluted share, respectively, in the prior year period primarily due to the fair value adjustments on related party warrants (as discussed above). Net Income for the full year 2025 was $114.2 million or $0.49 and $0.48 per basic and diluted share, respectively primarily due to the favorable fair value adjustments on related party warrants (as discussed above).
In the fourth quarter 2025, EBITDA was $75.3 million or 24.2% of revenue, versus $86.1 million or 29.2% of revenue for the comparable prior year period. Normalized EBITDA, which included licensing fees and excluded non-cash stock-based compensation of $11.0 million and other non-operating adjustments of $7.1 million, was $100.2 million or 32.2% of revenue, up from $97.8 million or 33.2% of revenue for the fourth quarter 2024. Normalized EBITDA for the full year 2025 decreased to $348.4 million or 29.6% of revenue, compared to $371.3 million or 32.7% of revenue in 2024.
The Company expects first quarter 2026 revenues to be sequentially down mid-single digits due to continued pricing pressure and seasonality.
For additional information on the non-GAAP financial measures discussed above, see under “Non-GAAP Financial Information” below.
Balance Sheet and Liquidity
As of December 31, 2025, current assets were $577.2 million, including cash and cash equivalents of $274.3 million. Total debt outstanding was $244.9 million, which includes $142.5 million of senior debt. Subsequent to quarter end, the Company increased its existing syndicated credit facility by $50 million, bringing the total current principle outstanding to $189 million.
Total basic and diluted weighted average shares outstanding for the three months ended December 31, 2025, were 231.9 million shares and 234.4 million shares, respectively.
Capital Allocation
On September 16, 2025, the Company’s Board of Directors authorized up to $50 million to be used to repurchase up to 10,364,640 of the Company’s Subordinate Voting Shares from September 23, 2025, through September 22, 2026. Additionally, in December 2025, the Company purchased 5,000 Super Voting Shares for a total amount of approximately $4 million, separate from and not pursuant to the existing share repurchase program.
Since September 5, 2023, the Company has repurchased the equivalent of approximately 15.5 million Subordinate Voting Shares for $121.8 million through December 31, 2025.
The Company anticipates 2026 capital expenditures to be approximately $80 million, roughly the same as the 2025 spend.
Non-GAAP Financial Information
This press release includes certain non-GAAP financial measures as defined by the U.S. Securities and Exchange Commission. Reconciliations of these non-GAAP financial measures to the most directly comparable financial measure calculated and presented in accordance with GAAP are included in the financial schedules attached to this press release. This information should be considered as supplemental in nature and not as a substitute for, or superior to, any measure of performance prepared in accordance with GAAP.
Definitions
EBITDA: Earnings before interest, taxes, other income or expense and depreciation and amortization.
Adjusted EBITDA: Earnings before interest, taxes, depreciation, and amortization, adjusted for other income, non-cash stock-based compensation, one-time transaction related expenses, or other non-operating costs.
Normalized EBITDA: Adjusted EBITDA plus brand license fees.
About Green Thumb Industries
Green Thumb Industries Inc. (“Green Thumb” or the “Company”) is a leading national cannabis consumer packaged goods company and retailer headquartered in Chicago, Illinois. The company manufactures and distributes a portfolio of branded cannabis products, some of which are licensed, including RYTHM, Dogwalkers, incredibles, Beboe, &Shine, Doctor Solomon’s and Good Green. Green Thumb also owns and operates RISE Dispensaries, a rapidly growing national retail chain with over 100 locations. Green Thumb serves millions of patients and customers each year with a mission to promote well-being through the power of cannabis while giving back to the communities it serves. Established in 2014, Green Thumb has manufacturing facilities and retail stores across 14 U.S. markets, employing approximately 5,000 people. More information is available at www.gtigrows.com.
Original press release
