Filing Flows › Vireo Growth (VREOF) › Q4 2025
Vireo Growth (VREOF) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 17, 2026
Vireo Growth (VREOF) reported revenue of $105M for the fourth quarter 2025 (Q4 2025), +318% from a year earlier and +14% from the quarter before. Operating margin was -1.7%, net loss $20.4M (19.5% of revenue).
Vireo Growth, Q4 2025: revenue $105M (+318% year over year), operating margin -1.7%, net loss $20.4M, operating cash flow $18.7M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $105M | +14% | +318% |
| Operating profit | −$1.8M | -324% | — |
| Net earnings | −$20.4M | — | — |
| Operating cash flow | $18.7M | — | — |
| Free cash flow | $8.8M | — | — |
What changed
Revenue was $104.5M in Q4 2025, up 318% year over year and up 14% from the previous quarter. Retail was the largest line at 84% of revenue.
Gross margin was 54.4%, up 3.9 points from Q4 2024. Operating costs exceeded revenue by $1.8M, an operating margin of -1.7%. Operating expenses grew 335% against revenue growth of 318%. The fastest-growing cost line was SG&A (+383%). The quarter ended with a net loss of $20.4M, narrower than the previous quarter's $26.3M loss. Net interest and other expense of $10.2M was the main reason.
Operating cash flow was $18.7M. Non-cash charges added back $11.9M of depreciation and amortization and $9.0M of share-based compensation. Working capital and other items added $18.1M. Capital expenditures of $9.9M left free cash flow of $8.8M.
Questions
What was Vireo Growth's revenue in the fourth quarter 2025?
Vireo Growth (VREOF) reported revenue of $105M for the fourth quarter 2025 (Q4 2025), +318% from a year earlier and +14% from the quarter before.
Was Vireo Growth profitable in the fourth quarter 2025?
Operating loss was $1.8M (-1.7% of revenue) and net loss $20.4M.
Source: Vireo Growth 10-K on SEC EDGAR.