Filing Flows

Filing Flows › Health Care › Canopy Growth (CGC)

Canopy Growth (CGC) earnings and revenue breakdown

Latest: Q2 FY27 · 10-Q filed Nov 6, 2026 · Canopy Growth (CGC) Q2 FY27 earnings results →

Q2 FY27 Revenue up 20% year over year to $99.5M · 41¢ of every $1 of revenue lost · operating margin -23.1%

Canopy Growth made $99.5M in Q2 FY27 (+20% Y/Y): Cannabis Net Revenue $66.2M, Other revenues $18.1M, Storz and Bickel $15.1M. Operating margin -23.1%, net loss $40.7M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.

Revenue$99.5M
Year over year+20%
Operating margin-23.1%
Net earnings−$40.7M
Operating cash flow−$12.6M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was C$99.5M in Q2 FY27, up 20% year over year and down 1% from the previous quarter. Cannabis Net Revenue was the largest line at 67% of revenue. Cannabis Net Revenue added C$15.4M year over year (up 30%), 93% of the total change. Storz and Bickel declined 4%.

Gross margin was 23.5%, down 2.9 points from Q2 FY26. Operating costs exceeded revenue by C$23.0M, an operating margin of -23.1%. Operating expenses grew 19% against revenue growth of 20%. The fastest-growing cost line was Other operating costs (+165%). The quarter ended with a net loss of C$40.7M, wider than the previous quarter's C$14.6M loss.

Operating cash flow was −C$12.6M. Non-cash charges added back C$10.4M of depreciation and amortization and C$4.0M of share-based compensation. Working capital and other items added C$13.7M. Capital expenditures of C$3.0M exceeded it, leaving free cash flow of −C$15.5M.

Quarterly history

Canopy Growth revenue by quarterCanopy Growth revenue by quarter$78.0MQ4 FY25$88.7MQ1 FY26$83.0MQ2 FY26$90.4MQ3 FY26$84.7MQ4 FY26$100MQ1 FY27$99.5MQ2 FY27
Canopy Growth net earnings by quarterCanopy Growth net earnings by quarter−$221MQ4 FY25−$41.5MQ1 FY26−$1.6MQ2 FY26−$62.6MQ3 FY26−$155MQ4 FY26−$14.6MQ1 FY27−$40.7MQ2 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 FY2710-QNov 6, 2026$99.5M+20%-23.1%−$40.7M−$12.6M
Q1 FY2710-QAug 7, 2026$100M+13%-22.0%−$14.6M−$25.0M
Q4 FY2610-KJun 15, 2026$84.7M+9%-113.1%−$155M−$18.3M
Q3 FY2610-QFeb 6, 2026$90.4M+5%-29.2%−$62.6M−$17.2M
Q2 FY2610-QNov 7, 2025$83.0M+12%-20.4%−$1.6M−$18.0M
Q1 FY2610-QAug 8, 2025$88.7M+17%-25.5%−$41.5M−$10.3M
Q4 FY2510-KMay 30, 2025$78.0M-6%-23.4%−$221M−$33.2M

Charts

Canopy Growth: revenue growth, year over year and quarter over quarterCanopy Growth: revenue growth, year over year and quarter over quarterY/YQ/Q-6%Q4 FY25+17%+14%Q1 FY26+12%-6%Q2 FY26+5%+9%Q3 FY26+9%-6%Q4 FY26+13%+19%Q1 FY27+20%-1%Q2 FY27
Latest (Q2 FY27): Y/Y +20%, Q/Q -1%.
Canopy Growth: where the cash came from (+) and went (−), TTM to Q2 FY27Canopy Growth: where the cash came from (+) and went (−), TTM to Q2 FY27Other financing$286MNet borrowing (+) / repaid (−)−$156MOther investing−$108MOperating cash flow−$73.1MCash drawn (+) / kept (−)$50.7MCapital spending−$6.5MExchange rates$5.6MAsset & business sales$1.5M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Canopy Growth: profit against cash, quarter by quarterCanopy Growth: profit against cash, quarter by quarterNet incomeOperating cash flow−$98.1M−$27.0MQ3 FY25−$196M−$33.2MQ4 FY25−$44.9M−$10.3MQ1 FY26−$5.0M−$18.0MQ2 FY26−$58.3M−$17.2MQ3 FY26−$155M−$18.3MQ4 FY26−$14.6M−$25.0MQ1 FY27−$40.7M−$12.6MQ2 FY27
Latest (Q2 FY27): Net income −$40.7M, Operating cash flow −$12.6M.
Canopy Growth: diluted shares by fiscal year (split-adjusted)Canopy Growth: diluted shares by fiscal year (split-adjusted)1.11BFY21117MFY22139MFY23224MFY24323MFY25298MFY26
-73.3% since FY21: buybacks shrank the count; earlier years scaled for the 3-for-1 split before FY26.
Canopy Growth: long-term debt falling due (FY26)Canopy Growth: long-term debt falling due (FY26)$12.5M2027$50.2M2028$50.2M2029$50.2M2030$62.9M2031$55.0MLater
Cash $365M, short-term investments $0, long-term debt $233M at 2026-03-31.
Canopy Growth in its industry: growth against margin (22 companies, SIC 2833)Canopy Growth in its industry: growth against margin (22 companies, SIC 2833)revenue growth, year over year →↑ operating marginmedian +6%median -6%CURLFTLRYTRLVUSNAAAWHCRONJUSHBTMDMRMDNAIINAGEMTEXFTLFLEEEFCHUCHYEXMEHACBDYADIANPHCCFOOCGC (+20%, -23%)
Medicinal Chemicals & Botanical Products; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

Loading the interactive chart…

🌏Named in Asian annual reportsinteractive

Loading the interactive chart…

🔄Rotation against the market and its industry (RRG)interactive

Loading the interactive chart…

🔍Earnings qualityinteractive

Loading the interactive chart…

⚖️Fair value by methodinteractive

Loading the interactive chart…

🔭Outlook & guidanceinteractive

Loading the interactive chart…

📈Investments: gains and what it boughtinteractive

Loading the interactive chart…

🏭Its industry’s money flow (input-output)interactive

Loading the interactive chart…

About Canopy Growth

Canopy Growth is a leading global company committed to bettering lives through cannabis. With a focus on cultivation excellence, quality, trust, innovation and disciplined execution, Canopy Growth is a consumer-centric company serving patients, consumers and partners alike. The Company’s portfolio of owned and licensed brands, including Tweed, 7ACRES, DOJA, Deep Space, DeeLish, Claybourne, MTL Cannabis, Low Key by MTL and R’belle, as well as category-defining Storz & Bickel, delivers innovative cannabis products to consumers across Canada and beyond. It is also Canada’s leading provider of medical cannabis services through Spectrum Therapeutics, Abba Medix, Apollo and Canada House Clinics.

In its own words, from its 8-K, filed Aug 7, 2026.

Canopy Growth against its Medicinal Chemicals & Botanical Products peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +20% against the peers' median +7%. Operating margin: -23.1% against the peers' median 4.2%.

CompanyQuarterRevenueY/YOp. margin
CGC Canopy GrowthQ2 FY27$71.1M+20%-23.1%
CURLF Curaleaf HoldingsQ3 2026$353M+11%0.8%
TLRY Tilray BrandsQ1 FY27$257M+23%-9.4%
TRLV Trulieve CannabisQ3 2026$230M-20%18.5%
USNA Usana Health SciencesQ2 2026$223M-5%-9.0%
AAWH Ascend Wellness HoldingsQ2 2026$126M-0.9%4.2%
CRON Cronos GroupQ3 2026$83.9M+72%10.8%
JUSH Jushi HoldingsQ3 2026$70.5M+7%5.0%
BTMD bioteQ3 2026$43.3M-10%5.7%

Source: Canopy Growth 10-Q on SEC EDGAR · CIK 1737927 · Medicinal Chemicals & Botanical Products

Guidance and outlook

Canopy Growth: what its forward-looking statements are about (10-Q filed 2026-11-06)Canopy Growth: what its forward-looking statements are about (10-Q filed 2026-11-06)Other10Demand3Margins2Legal & regulation1Costs1Financing1
18 statements; tone +0.28 (−1 all cautious, +1 all confident); 2 hedged.
Canopy Growth: outlook statements against the filing beforeCanopy Growth: outlook statements against the filing beforeNew2Updated1Dropped1Confident5

13F: who owns CGC and who is buying

Largest holders of CGC (13F)Largest holders of CGC (13F)Tidal Investments LLC$8.7MMorgan Stanley$1.8MLazard Asset Management LLC$1.8MJane Street Group, LLC$1.5MUBS Group AG$1.3MGoldman Sachs Group$1.2MSusquehanna International Group, …$1.2MRoyal Bank of Canada$1.0MSBI Securities$649KFederation des caisses Desjardins…$486K
Funds' net buying of CGC by quarter (13F)Funds' net buying of CGC by quarter (13F)$2.2M2024-09−$443K2024-12$4.6M2025-03$3.8M2025-06$17.9M2025-09$9.8M2025-12−$10.0M2026-03−$632K2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on CGC

History

Every quarter: Q2 FY27 results · Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results

Compare CGC with

中文版：Canopy Growth（CGC）财报

Español · Français