Filing Flows › Green Thumb Industries (GTBIF) › Q2 2025
Green Thumb Industries (GTBIF) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
Green Thumb Industries (GTBIF) reported revenue of $293M for the second quarter 2025 (Q2 2025), +5% from a year earlier and +5% from the quarter before. Operating margin was 13.4%, net earnings $732K (0.2% of revenue).
Green Thumb Industries, Q2 2025: revenue $293M (+5% year over year), operating margin 13.4%, net earnings $732K, operating cash flow $56.4M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $293M | +5% | +5% |
| Gross profit | $146M | +2% | -3% |
| Operating profit | $39.4M | -7% | -27% |
| Net earnings | $732K | -91% | -97% |
| Operating cash flow | $56.4M | -24% | +180% |
| Free cash flow | $37.4M | -16% | — |
What changed
Revenue was $293.3M in Q2 2025, up 5% year over year and up 5% from the previous quarter.
Gross margin was 49.9%, down 3.9 points from a year earlier. Operating profit was $39.4M, a 13.4% margin (down 5.8 points year over year). Operating profit fell $14.6M even though revenue rose $13.1M versus a year earlier, so costs grew faster than sales. Operating expenses grew 11% against revenue growth of 5%. Net earnings were −$645K. The effective tax rate was 96.7%.
Operating cash flow was $56.4M (up 180% year over year), 7711% of net income including minority interests. Non-cash charges added back $29.7M of depreciation and amortization and $12.0M of share-based compensation. Working capital and other items added $14.1M. Capital expenditures of $19.0M left free cash flow of $37.4M.
Questions
What was Green Thumb Industries' revenue in the second quarter 2025?
Green Thumb Industries (GTBIF) reported revenue of $293M for the second quarter 2025 (Q2 2025), +5% from a year earlier and +5% from the quarter before.
Was Green Thumb Industries profitable in the second quarter 2025?
Operating profit was $39.4M (13.4% of revenue) and net earnings $732K.