Filing Flows › Canopy Growth (CGC) › Q2 FY26
Canopy Growth (CGC) Q2 FY26 earnings results (second quarter fiscal 2026)
10-Q filed Nov 7, 2025
Canopy Growth (CGC) reported revenue of $83.0M for the second quarter fiscal 2026 (Q2 FY26), +12% from a year earlier and -6% from the quarter before. Operating margin was -20.4%, net loss $1.6M (2.0% of revenue).
Canopy Growth, Q2 FY26: revenue $83.0M (+12% year over year), operating margin -20.4%, net loss $1.6M, operating cash flow −$18.0M. The chart follows the revenue to costs, profit and cash.
| Q2 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $83.0M | -6% | +12% |
| Operating profit | −$16.9M | — | — |
| Net earnings | −$1.6M | — | — |
| Operating cash flow | −$18.0M | — | — |
What changed
Revenue was C$83.0M in Q2 FY26, up 12% year over year and down 6% from the previous quarter. Cannabis Net Revenue was the largest line at 61% of revenue. Cannabis Net Revenue added C$5.4M year over year (up 12%), 60% of the total change. Storz and Bickel declined 10%.
Gross margin was 26.4%, down 3.1 points from a year earlier. Operating costs exceeded revenue by C$16.9M, an operating margin of -20.4%. Operating expenses fell 43% while revenue rose 12%. The quarter ended with a net loss of C$1.6M, narrower than the previous quarter's C$41.5M loss. Non-operating items added C$15.5M, -1086% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −C$18.0M. Non-cash charges added back C$9.2M of depreciation and amortization and C$2.0M of share-based compensation. Working capital and other items used C$27.6M. Capital expenditures of C$1.2M exceeded it, leaving free cash flow of −C$19.2M.
Questions
What was Canopy Growth's revenue in the second quarter fiscal 2026?
Canopy Growth (CGC) reported revenue of $83.0M for the second quarter fiscal 2026 (Q2 FY26), +12% from a year earlier and -6% from the quarter before.
Was Canopy Growth profitable in the second quarter fiscal 2026?
Operating loss was $16.9M (-20.4% of revenue) and net loss $1.6M.
Source: Canopy Growth 10-Q on SEC EDGAR.