Filing Flows › Green Thumb Industries (GTBIF) › Q4 2025
Green Thumb Industries (GTBIF) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 25, 2026
Green Thumb Industries (GTBIF) reported revenue of $311M for the fourth quarter 2025 (Q4 2025), +6% from a year earlier and +7% from the quarter before. Operating margin was 6.1%, net earnings $83.2M (26.7% of revenue).
Green Thumb Industries, Q4 2025: revenue $311M (+6% year over year), operating margin 6.1%, net earnings $83.2M, operating cash flow $90.1M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $311M | +7% | +6% |
| Gross profit | $141M | -2% | -11% |
| Operating profit | $19.0M | -48% | -67% |
| Net earnings | $83.2M | +257% | +556% |
| Operating cash flow | $90.1M | +22% | +108% |
| Free cash flow | $75.5M | +33% | +367% |
What changed
Revenue was $311.1M in Q4 2025, up 6% year over year and up 7% from the previous quarter.
Gross margin was 45.4%, down 8.3 points from a year earlier. Operating profit was $19.0M, a 6.1% margin (down 13.3 points year over year). Operating profit fell $38.1M even though revenue rose $16.8M versus a year earlier, so costs grew faster than sales. Operating expenses grew 21% against revenue growth of 6%. Net earnings were $83.2M, up 556% year over year. The effective tax rate was 35.3%. Non-operating items added $109.4M, 85% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $90.1M (up 108% year over year), 108% of net earnings. Non-cash charges added back $56.3M of depreciation and amortization and $11.0M of share-based compensation. Working capital and other items used $60.3M. Capital expenditures of $14.7M left free cash flow of $75.5M.
Questions
What was Green Thumb Industries' revenue in the fourth quarter 2025?
Green Thumb Industries (GTBIF) reported revenue of $311M for the fourth quarter 2025 (Q4 2025), +6% from a year earlier and +7% from the quarter before.
Was Green Thumb Industries profitable in the fourth quarter 2025?
Operating profit was $19.0M (6.1% of revenue) and net earnings $83.2M.