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Ascend Wellness Holdings (AAWH) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 12, 2026 · Ascend Wellness Holdings (AAWH) Q2 2026 earnings results →
Q2 2026 Revenue down 1% year over year to $126M · 8¢ of every $1 of revenue lost · operating margin 4.2%
Ascend Wellness Holdings made $126M in Q2 2026 (-0.9% Y/Y): Retail revenue $92.7M, Third-party wholesale revenue $33.4M. Operating margin 4.2%, net loss $9.8M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 12, 2026.
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What changed this quarter
Revenue was $126.1M in Q2 2026, down 1% year over year and up 8% from the previous quarter. Retail revenue was the largest line at 74% of revenue. Third-party wholesale revenue lost $7.5M year over year (down 18%), 628% of the total change.
Gross margin was 36.1%, up 3.6 points from Q2 2025. Operating profit was $5.3M, a 4.2% margin (up 5.0 points year over year). Operating expenses fell 5% while revenue fell 1%. The quarter ended with a net loss of $9.8M, narrower than the previous quarter's $29.5M loss. Net interest and other expense of $20.8M was the main reason.
Operating cash flow was $22.5M (up 26% year over year). Non-cash charges added back $21.1M of depreciation and amortization and $499K of share-based compensation. Working capital and other items added $10.7M. Capital expenditures of $5.8M left free cash flow of $16.7M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 12, 2026 | $126M | -0.9% | 4.2% | −$9.8M | $22.5M |
| Q1 2026 | 10-Q | May 13, 2026 | $117M | -9% | 2.2% | −$29.5M | −$19.4M |
| Q4 2025 | 10-K | Mar 12, 2026 | $121M | -11% | -14.2% | −$48.7M | $16.3M |
| Q3 2025 | 10-Q | Nov 10, 2025 | $125M | -12% | -1.1% | −$25.8M | −$2.0M |
| Q2 2025 | 10-Q | Aug 7, 2025 | $127M | -10% | -0.8% | −$24.4M | $17.8M |
| Q1 2025 | 10-Q | May 12, 2025 | $128M | -10% | 1.9% | −$19.3M | $5.9M |
| Q4 2024 | 10-K | Mar 13, 2025 | $136M | -3% | 4.5% | −$16.8M | $35.2M |
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About Ascend Wellness Holdings
Ascend Wellness Holdings, Inc. is a vertically integrated multi-state cannabis operator focused on operating in adult-use or near-term adult-use states in primarily limited license markets. Ascend’s core business is the cultivation, manufacturing, and distribution of cannabis consumer packaged goods, which are sold through company-owned retail stores, to retail partner locations, and third-party licensed retail locations. The Company is a reporting issuer in the United States and in each of the provinces and territories of Canada.
In its own words, from its 10-K, filed Mar 12, 2026.
Ascend Wellness Holdings against its Medicinal Chemicals & Botanical Products peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -0.9% against the peers' median +7%. Operating margin: 4.2% against the peers' median 4.2%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| AAWH Ascend Wellness Holdings | Q2 2026 | $126M | -0.9% | 4.2% |
| CURLF Curaleaf Holdings | Q3 2026 | $353M | +11% | 0.8% |
| TLRY Tilray Brands | Q1 FY27 | $257M | +23% | -9.4% |
| TRLV Trulieve Cannabis | Q3 2026 | $230M | -20% | 18.5% |
| USNA Usana Health Sciences | Q2 2026 | $223M | -5% | -9.0% |
| CRON Cronos Group | Q3 2026 | $83.9M | +72% | 10.8% |
| CGC Canopy Growth | Q2 FY27 | $71.1M | +20% | -23.1% |
| JUSH Jushi Holdings | Q3 2026 | $70.5M | +7% | 5.0% |
| BTMD biote | Q3 2026 | $43.3M | -10% | 5.7% |
Source: Ascend Wellness Holdings 10-Q on SEC EDGAR · CIK 1756390 · Medicinal Chemicals & Botanical Products
More on AAWH
History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results