Filing Flows › Canopy Growth (CGC) › Q1 FY26
Canopy Growth (CGC) Q1 FY26 earnings results (first quarter fiscal 2026)
10-Q filed Aug 8, 2025
Canopy Growth (CGC) reported revenue of $88.7M for the first quarter fiscal 2026 (Q1 FY26), +17% from a year earlier and +14% from the quarter before. Operating margin was -25.5%, net loss $41.5M (46.8% of revenue).
Canopy Growth, Q1 FY26: revenue $88.7M (+17% year over year), operating margin -25.5%, net loss $41.5M, operating cash flow −$10.3M. The chart follows the revenue to costs, profit and cash.
| Q1 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $88.7M | +14% | +17% |
| Operating profit | −$22.6M | — | — |
| Net earnings | −$41.5M | — | — |
| Operating cash flow | −$10.3M | — | — |
What changed
Revenue was C$88.7M in Q1 FY26, up 17% year over year and up 14% from the previous quarter. Cannabis Net Revenue was the largest line at 64% of revenue. Cannabis Net Revenue added C$10.9M year over year (up 24%), 84% of the total change. Storz and Bickel declined 25%.
Gross margin was 20.3%, down 10.1 points from a year earlier. Operating costs exceeded revenue by C$22.6M, an operating margin of -25.5%. Operating expenses fell 22% while revenue rose 17%. The quarter ended with a net loss of C$41.5M, narrower than the previous quarter's C$220.8M loss.
Operating cash flow was −C$10.3M. Non-cash charges added back C$9.7M of depreciation and amortization. Working capital and other items added C$21.5M. Capital expenditures of C$1.3M exceeded it, leaving free cash flow of −C$11.6M.
Questions
What was Canopy Growth's revenue in the first quarter fiscal 2026?
Canopy Growth (CGC) reported revenue of $88.7M for the first quarter fiscal 2026 (Q1 FY26), +17% from a year earlier and +14% from the quarter before.
Was Canopy Growth profitable in the first quarter fiscal 2026?
Operating loss was $22.6M (-25.5% of revenue) and net loss $41.5M.
Source: Canopy Growth 10-Q on SEC EDGAR.