Filing Flows › Ascend Wellness Holdings (AAWH) › Q2 2026 › vs Q2 2025
Ascend Wellness Holdings (AAWH) Q2 2026 vs Q2 2025 (year over year)
Ascend Wellness Holdings's revenue fell $1.2M (-0.9%) from $127M in Q2 2025 to $126M in Q2 2026. The biggest changes: Third-party wholesale revenue −$7.5M (-18%); Retail revenue +$6.3M (+7%).
Ascend Wellness Holdings, Q2 2026: revenue $126M (-0.9% year over year), operating margin 4.2%, net loss $9.8M, operating cash flow $22.5M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Free cash flow margin | 13.2% | 9.1% | +4.1 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Retail revenue | $92.7M | $86.5M | $6.3M | +7% |
| Third-party wholesale revenue | $33.4M | $40.8M | −$7.5M | -18% |
| Revenue | $126M | $127M | −$1.2M | -0.9% |
| Income tax benefit | $5.7M | −$11.8M | $17.6M | — |
| Net loss | $9.8M | $24.4M | −$14.6M | -60% |
| Costs & expenses | $142M | $152M | −$10.1M | -7% |
| Operating costs | $121M | $128M | −$7.5M | -6% |
| Interest & other, net | $20.8M | $11.6M | $9.2M | +80% |
| Cost of revenue | $80.6M | $85.9M | −$5.3M | -6% |
| Operating expenses | $40.2M | $42.4M | −$2.2M | -5% |
| Operating cash sources | $32.3M | $42.2M | −$10.0M | -24% |
| Depreciation & amortization | $21.1M | $17.8M | $3.2M | +18% |
| Share-based compensation | $499K | $511K | −$12K | -2% |
| Working capital & other | $10.7M | $23.9M | −$13.2M | -55% |
| Net loss absorbed | $9.8M | $24.4M | −$14.6M | -60% |
| Operating cash flow | $22.5M | $17.8M | $4.7M | +26% |
| Free cash flow (OCF − capex) | $16.7M | $11.6M | $5.1M | +44% |
| Capital expenditures | $5.8M | $6.2M | −$465K | -7% |
Questions
How much did Ascend Wellness Holdings's revenue grow year over year in Q2 2026?
Ascend Wellness Holdings's revenue fell $1.2M (-0.9%) from $127M in Q2 2025 to $126M in Q2 2026.
What drove Ascend Wellness Holdings's revenue change in Q2 2026?
Third-party wholesale revenue −$7.5M (-18%); Retail revenue +$6.3M (+7%).