Filing Flows › Green Thumb Industries (GTBIF) › Q3 2025
Green Thumb Industries (GTBIF) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 5, 2025
Green Thumb Industries (GTBIF) reported revenue of $291M for the third quarter 2025 (Q3 2025), +2% from a year earlier and -0.6% from the quarter before. Operating margin was 12.6%, net earnings $23.3M (8.0% of revenue).
Green Thumb Industries, Q3 2025: revenue $291M (+2% year over year), operating margin 12.6%, net earnings $23.3M, operating cash flow $74.1M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $291M | -0.6% | +2% |
| Gross profit | $144M | -2% | -2% |
| Operating profit | $36.7M | -7% | -14% |
| Net earnings | $23.3M | — | +170% |
| Operating cash flow | $74.1M | +31% | +55% |
| Free cash flow | $56.6M | +51% | +91% |
What changed
Revenue was $291.4M in Q3 2025, up 2% year over year and down 1% from the previous quarter.
Gross margin was 49.4%, down 2.0 points from a year earlier. Operating profit was $36.7M, a 12.6% margin (down 2.2 points year over year). Operating profit fell $5.9M even though revenue rose $4.5M versus a year earlier, so costs grew faster than sales. Operating expenses grew 2% against revenue growth of 2%. Net earnings were $23.3M, up 170% year over year. The effective tax rate was 67.4%. Non-operating items added $36.2M, 50% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $74.1M (up 55% year over year), 311% of net income including minority interests. Non-cash charges added back $30.1M of depreciation and amortization and $11.7M of share-based compensation. Working capital and other items added $8.6M. Capital expenditures of $17.5M left free cash flow of $56.6M.
Questions
What was Green Thumb Industries' revenue in the third quarter 2025?
Green Thumb Industries (GTBIF) reported revenue of $291M for the third quarter 2025 (Q3 2025), +2% from a year earlier and -0.6% from the quarter before.
Was Green Thumb Industries profitable in the third quarter 2025?
Operating profit was $36.7M (12.6% of revenue) and net earnings $23.3M.