Filing Flows › Canopy Growth (CGC) › Q2 FY27
Canopy Growth (CGC) Q2 FY27 earnings results (second quarter fiscal 2027)
10-Q filed Nov 6, 2026
Canopy Growth (CGC) reported revenue of $99.5M for the second quarter fiscal 2027 (Q2 FY27), +20% from a year earlier and -0.9% from the quarter before. Operating margin was -23.1%, net loss $40.7M (40.9% of revenue).
Canopy Growth, Q2 FY27: revenue $99.5M (+20% year over year), operating margin -23.1%, net loss $40.7M, operating cash flow −$12.6M. The chart follows the revenue to costs, profit and cash.
| Q2 FY27 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $99.5M | -0.9% | +20% |
| Operating profit | −$23.0M | — | — |
| Net earnings | −$40.7M | — | — |
| Operating cash flow | −$12.6M | — | — |
What changed
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.
Questions
What was Canopy Growth's revenue in the second quarter fiscal 2027?
Canopy Growth (CGC) reported revenue of $99.5M for the second quarter fiscal 2027 (Q2 FY27), +20% from a year earlier and -0.9% from the quarter before.
Was Canopy Growth profitable in the second quarter fiscal 2027?
Operating loss was $23.0M (-23.1% of revenue) and net loss $40.7M.
Source: Canopy Growth 10-Q on SEC EDGAR.