Filing Flows › Ascend Wellness Holdings (AAWH) › Q4 2025
Ascend Wellness Holdings (AAWH) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 12, 2026
Ascend Wellness Holdings (AAWH) reported revenue of $121M for the fourth quarter 2025 (Q4 2025), -11% from a year earlier and -3% from the quarter before. Operating margin was -14.2%, net loss $48.7M (40.4% of revenue).
Ascend Wellness Holdings, Q4 2025: revenue $121M (-11% year over year), operating margin -14.2%, net loss $48.7M, operating cash flow $16.3M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $121M | -3% | -11% |
| Operating profit | −$17.2M | — | -382% |
| Net earnings | −$48.7M | — | — |
| Operating cash flow | $16.3M | — | -54% |
| Free cash flow | $9.4M | — | -69% |
What changed
Revenue was $120.5M in Q4 2025, down 11% year over year and down 3% from the previous quarter.
Gross margin was 37.4%, up 3.0 points from Q4 2024. Operating costs exceeded revenue by $17.2M, an operating margin of -14.2%. Operating expenses grew 53% against a revenue fall of 11%. The quarter ended with a net loss of $48.7M, wider than the previous quarter's $25.8M loss.
Operating cash flow was $16.3M (down 54% year over year). Non-cash charges added back $20.5M of depreciation and amortization and $501K of share-based compensation. Working capital and other items added $44.0M. Capital expenditures of $6.9M left free cash flow of $9.4M.
Questions
What was Ascend Wellness Holdings' revenue in the fourth quarter 2025?
Ascend Wellness Holdings (AAWH) reported revenue of $121M for the fourth quarter 2025 (Q4 2025), -11% from a year earlier and -3% from the quarter before.
Was Ascend Wellness Holdings profitable in the fourth quarter 2025?
Operating loss was $17.2M (-14.2% of revenue) and net loss $48.7M.