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Vireo Growth (VREOF) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 14, 2026 · Vireo Growth (VREOF) Q2 2026 earnings results →
Q2 2026 Revenue up 335% year over year to $209M · 0¢ of every $1 of revenue lost · operating margin -3.0%
Vireo Growth made $209M in Q2 2026 (+335% Y/Y). Operating margin -3.0%, net loss $100K. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 14, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $209.3M in Q2 2026, up 335% year over year and up 97% from the previous quarter.
Gross margin was 45.5%, up 3.1 points from Q2 2025. Operating costs exceeded revenue by $6.3M, an operating margin of -3.0%. Operating expenses grew 354% against revenue growth of 335%. The fastest-growing cost line was SG&A (+357%). The quarter ended with a net loss of $100K, narrower than the previous quarter's $20.3M loss. Non-operating items added $20.5M, 144% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $2.4M. Non-cash charges added back $5.9M of depreciation and amortization and $7.5M of share-based compensation. Working capital and other items used $10.9M. Capital expenditures of $108.2M exceeded it, leaving free cash flow of −$105.8M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 14, 2026 | $209M | +335% | -3.0% | −$100K | $2.4M |
| Q1 2026 | 10-Q | May 12, 2026 | $106M | +334% | 8.5% | −$20.3M | $11.9M |
| Q4 2025 | 10-K | Mar 17, 2026 | $105M | +318% | -1.7% | −$20.4M | $18.7M |
| Q3 2025 | 10-Q | Nov 12, 2025 | $91.7M | +264% | 0.9% | −$26.3M | −$6.7M |
| Q2 2025 | 10-Q | Aug 13, 2025 | $48.1M | +92% | -4.2% | −$14.9M | −$4.8M |
| Q1 2025 | 10-Q | May 9, 2025 | $24.5M | +2% | 8.2% | −$6.5M | −$3.4M |
| Q4 2024 | 10-K | Mar 4, 2025 | $25.0M | +4% | -3.4% | −$15.7M | −$6.4M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Vireo Growth
Vireo Growth Inc. is a reporting issuer in Canada, with its securities listed for trading on the Canadian Securities Exchange (the “ CSE ”) under the symbol “VREO” and on the OTCQX under the symbol “VREOF”. Vireo Growth is a cannabis company whose mission is to provide safe access, quality products and value to its customers while supporting its local communities through active participation and restorative justice programs. The Company is evolving with the industry and is in the midst of a transformation to being significantly more customer-centric across its operations, which include cultivation, manufacturing, wholesale and retail business lines.
In its own words, from its 10-K, filed Mar 17, 2026.
Vireo Growth against its Pharmaceutical Preparations peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +335% against the peers' median +10%. Operating margin: -3.0% against the peers' median 20.4%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| VREOF Vireo Growth | Q2 2026 | $209M | +335% | -3.0% |
| JNJ Johnson & Johnson | Q3 2026 | $25.4B | +6% | 0.1% |
| LLY ELI Lilly | Q3 2026 | $24.4B | +39% | 34.5% |
| MRK Merck | Q3 2026 | $18.1B | +5% | 30.7% |
| ABBV AbbVie | Q3 2026 | $17.4B | +10% | 36.0% |
| PFE Pfizer | Q3 2026 | $16.6B | -0.4% | 20.4% |
| BMY Bristol Myers Squibb | Q3 2026 | $13.1B | +7% | 19.4% |
| ABT Abbott Laboratories | Q3 2026 | $13.0B | +14% | 10.4% |
| REGN Regeneron Pharmaceuticals | Q3 2026 | $5.1B | +36% | 40.0% |
Source: Vireo Growth 10-Q on SEC EDGAR · CIK 1771706 · Pharmaceutical Preparations
More on VREOF
History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results