Filing Flows › GrowGeneration (GRWG) › Q4 2025
GrowGeneration (GRWG) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 20, 2026
GrowGeneration (GRWG) reported revenue of $37.8M for the fourth quarter 2025 (Q4 2025), +1% from a year earlier and -20% from the quarter before. Operating margin was -20.1%, net loss $7.4M (19.6% of revenue).
GrowGeneration, Q4 2025: revenue $37.8M (+1% year over year), operating margin -20.1%, net loss $7.4M, operating cash flow −$2.2M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $37.8M | -20% | +1% |
| Operating profit | −$7.6M | — | — |
| Net earnings | −$7.4M | — | — |
| Operating cash flow | −$2.2M | — | -305% |
What changed
Revenue was $37.8M in Q4 2025, up 1% year over year and down 20% from the previous quarter. Cultivation and Gardening was the largest line at 85% of revenue.
Gross margin was 24.1%, up 7.7 points from Q4 2024. Operating costs exceeded revenue by $7.6M, an operating margin of -20.1%. Operating expenses fell 44% while revenue rose 1%. The quarter ended with a net loss of $7.4M, wider than the previous quarter's $2.4M loss.
Operating cash flow was −$2.2M. Non-cash charges added back $2.4M of depreciation and amortization and $274K of share-based compensation. Working capital and other items added $2.6M. Capital expenditures of $103K exceeded it, leaving free cash flow of −$2.3M.
Questions
What was GrowGeneration's revenue in the fourth quarter 2025?
GrowGeneration (GRWG) reported revenue of $37.8M for the fourth quarter 2025 (Q4 2025), +1% from a year earlier and -20% from the quarter before.
Was GrowGeneration profitable in the fourth quarter 2025?
Operating loss was $7.6M (-20.1% of revenue) and net loss $7.4M.
Source: GrowGeneration 10-K on SEC EDGAR.