Filing Flows › Consumer Staples › Green Thumb Industries (GTBIF)
Green Thumb Industries (GTBIF) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 4, 2026 · Green Thumb Industries (GTBIF) Q3 2026 earnings results →
Q3 2026 Revenue up 11% year over year to $324M · 2¢ of every $1 of revenue lost · operating margin 7.7%
Green Thumb Industries made $324M in Q3 2026 (+11% Y/Y). Operating margin 7.7%, net loss $6.7M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $324.4M in Q3 2026, up 11% year over year and up 6% from the previous quarter.
Gross margin was 45.2%, down 4.2 points from Q3 2025. Operating profit was $25.1M, a 7.7% margin (down 4.9 points year over year). Operating profit fell $11.7M even though revenue rose $33.0M versus Q3 2025, so costs grew faster than sales. Operating expenses grew 13% against revenue growth of 11%. The quarter ended with a net loss of $6.7M, after a profit of $3.4M the previous quarter. Minority interests bore $1.8M of it: to shareholders the quarter was a loss of $4.8M. Net interest and other expense of $3.7M was the main reason.
Operating cash flow was $58.3M (down 21% year over year). Non-cash charges added back $34.2M of depreciation and amortization and $10.4M of share-based compensation. Working capital and other items added $20.3M. Capital expenditures of $20.2M left free cash flow of $38.0M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 4, 2026 | $324M | +11% | 7.7% | −$6.7M | $58.3M |
| Q2 2026 | 10-Q | Aug 4, 2026 | $307M | +5% | 6.5% | $4.9M | $29.0M |
| Q1 2026 | 10-Q | May 6, 2026 | $300M | +7% | 13.6% | $15.4M | $75.8M |
| Q4 2025 | 10-K | Feb 25, 2026 | $311M | +6% | 6.1% | $83.2M | $90.1M |
| Q3 2025 | 10-Q | Nov 5, 2025 | $291M | +2% | 12.6% | $23.3M | $74.1M |
| Q2 2025 | 10-Q | Aug 7, 2025 | $293M | +5% | 13.4% | $732K | $56.4M |
| Q1 2025 | 10-Q | May 8, 2025 | $280M | +1% | 15.2% | $8.4M | $74.2M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Green Thumb Industries
Green Thumb Industries Inc. is a reporting issuer in the United States and Canada and the Company’s Subordinate Voting Shares (as hereinafter defined) are listed for trading on the Canadian Securities Exchange (“CSE”) under the symbol “GTII.” The Company’s Subordinate Voting Shares are also traded in the United States on the OTCQX Best Market (the “OTCQX”) under the symbol “GTBIF.” Originally founded in 2014, Green Thumb began operations in 2015 upon the award of a medical marijuana license for cultivation/processing and retail sale of cannabis in Illinois. The Company has since expanded its operational footprint to fourteen U.S. markets, including California, Connecticut, Florida, Illinois, Maryland, Massachusetts, Minnesota, Nevada, New Jersey, New York, Ohio, Pennsylvania, Rhode Island and Virginia.
In its own words, from its 10-K, filed Feb 25, 2026.
Green Thumb Industries against its Agricultural Production-Crops peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +11% against the peers' median +5%. Operating margin: 7.7% against the peers' median 5.6%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| GTBIF Green Thumb Industries | Q3 2026 | $324M | +11% | 7.7% |
| CTVA Corteva | Q2 2026 | $6.4B | -1% | 24.7% |
| DOLE Dole | Q2 2026 | $2.5B | +3% | 1.9% |
| DMC Del Monte | Q3 2026 | $1.1B | +7% | 2.7% |
| VRNO Verano Holdings | Q3 2026 | $212M | +5% | 5.6% |
| TSNDF TerrAscend | Q3 2026 | $68.2M | +5% | 15.1% |
| VFF Village Farms International | Q2 2026 | $64.0M | +7% | 17.4% |
| LMNR Limoneira | Q3 FY26 | $43.8M | -8% | -6.8% |
| ITHUF iANTHUS Capital Holdings | Q2 2026 | $35.3M | +0.5% | -6.4% |
Source: Green Thumb Industries 10-Q on SEC EDGAR · CIK 1795139 · Agricultural Production-Crops
Guidance and outlook
13F: who owns GTBIF and who is buying
More on GTBIF
- How Green Thumb Industries makes money: revenue by segment
- Green Thumb Industries next earnings date and what analysts expect
- Green Thumb Industries stock forecast, price target and fair value
- Who owns Green Thumb Industries stock: holders, funds and Congress trades
- Green Thumb Industries guidance and outlook
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results