Filing Flows › Green Thumb Industries (GTBIF) › Q1 2026
Green Thumb Industries (GTBIF) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 6, 2026
Green Thumb Industries (GTBIF) reported revenue of $300M for the first quarter 2026 (Q1 2026), +7% from a year earlier and -4% from the quarter before. Operating margin was 13.6%, net earnings $15.4M (5.1% of revenue).
Green Thumb Industries, Q1 2026: revenue $300M (+7% year over year), operating margin 13.6%, net earnings $15.4M, operating cash flow $75.8M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $300M | -4% | +7% |
| Gross profit | $144M | +2% | +0.3% |
| Operating profit | $40.7M | +114% | -4% |
| Net earnings | $15.4M | -81% | +85% |
| Operating cash flow | $75.8M | -16% | +2% |
| Free cash flow | $56.9M | -25% | +28% |
What changed
Revenue was $300.2M in Q1 2026, up 7% year over year and down 4% from the previous quarter.
Gross margin was 47.9%, down 3.4 points from Q1 2025. Operating profit was $40.7M, a 13.6% margin (down 1.6 points year over year). Operating profit fell $1.7M even though revenue rose $20.6M versus Q1 2025, so costs grew faster than sales. Operating expenses grew 2% against revenue growth of 7%. Net earnings were $15.4M, up 85% year over year ($15.0M including minority interests, which bore $350K of losses). The effective tax rate was 76.2%. Non-operating items added $22.4M, 35% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $75.8M (up 2% year over year), 504% of net income including minority interests. Non-cash charges added back $32.4M of depreciation and amortization and $10.5M of share-based compensation. Working capital and other items added $17.8M. Capital expenditures of $18.9M left free cash flow of $56.9M.
Questions
What was Green Thumb Industries' revenue in the first quarter 2026?
Green Thumb Industries (GTBIF) reported revenue of $300M for the first quarter 2026 (Q1 2026), +7% from a year earlier and -4% from the quarter before.
Was Green Thumb Industries profitable in the first quarter 2026?
Operating profit was $40.7M (13.6% of revenue) and net earnings $15.4M.