Filing Flows › Green Thumb Industries (GTBIF) › Q1 2025
Green Thumb Industries (GTBIF) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 8, 2025
Green Thumb Industries (GTBIF) reported revenue of $280M for the first quarter 2025 (Q1 2025), +1% from a year earlier and -5% from the quarter before. Operating margin was 15.2%, net earnings $8.4M (3.0% of revenue).
Green Thumb Industries, Q1 2025: revenue $280M (+1% year over year), operating margin 15.2%, net earnings $8.4M, operating cash flow $74.2M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $280M | -5% | +1% |
| Gross profit | $143M | -9% | -1% |
| Operating profit | $42.5M | -26% | -40% |
| Net earnings | $8.4M | -34% | -73% |
| Operating cash flow | $74.2M | +71% | -12% |
| Free cash flow | $44.4M | +175% | -36% |
What changed
Revenue was $279.5M in Q1 2025, up 1% year over year and down 5% from the previous quarter.
Gross margin was 51.3%, down 1.3 points from a year earlier. Operating profit was $42.5M, a 15.2% margin (down 10.4 points year over year). Operating profit fell $28.2M even though revenue rose $3.7M versus a year earlier, so costs grew faster than sales. Operating expenses grew 36% against revenue growth of 1%. Net earnings were $8.3M, down 73% year over year. The effective tax rate was 78.8%.
Operating cash flow was $74.2M (down 12% year over year), 883% of net earnings. Non-cash charges added back $29.4M of depreciation and amortization and $10.3M of share-based compensation. Working capital and other items added $26.1M. Capital expenditures of $29.8M left free cash flow of $44.4M.
Questions
What was Green Thumb Industries' revenue in the first quarter 2025?
Green Thumb Industries (GTBIF) reported revenue of $280M for the first quarter 2025 (Q1 2025), +1% from a year earlier and -5% from the quarter before.
Was Green Thumb Industries profitable in the first quarter 2025?
Operating profit was $42.5M (15.2% of revenue) and net earnings $8.4M.