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How Vireo Growth (VREOF) makes money

Vireo Growth (VREOF) made $209M of revenue in the second quarter 2026 (Q2 2026), +335% from a year earlier.

Drawing the Sankey…

Vireo Growth: revenue by line, Q4 2024 to Q1 2026Vireo Growth: revenue by line, Q4 2024 to Q1 2026RetailWholesaleRetail: $89.9M latest$89.9MWholesale: $16.3M latest$16.3MQ4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026
Wholesale went from 23% of revenue in Q4 2024 to 15% in Q1 2026, the largest shift in the mix.
Vireo Growth revenue by quarterVireo Growth revenue by quarter$25.0MQ4 2024$24.5MQ1 2025$48.1MQ2 2025$91.7MQ3 2025$105MQ4 2025$106MQ1 2026$209MQ2 2026
Vireo Growth: where each dollar of revenue goesVireo Growth: where each dollar of revenue goesIncome tax7¢Operating cash flow1¢

Where each dollar of revenue goes

LineQ2 2026% of revenue
Revenue$209M100.0%
Income tax$14.3M6.8%
Operating cash flow$2.4M1.1%

Revenue, quarter by quarter

QuarterRevenueY/Y
Q2 2026$209M+335%
Q1 2026$106M+334%
Q4 2025$105M+318%
Q3 2025$91.7M+264%
Q2 2025$48.1M+92%
Q1 2025$24.5M+2%
Q4 2024$25.0M+4%

From Vireo Growth's 10-Q filed Aug 14, 2026 (on EDGAR).

Questions

How does Vireo Growth make money?

Vireo Growth (VREOF) made $209M of revenue in the second quarter 2026 (Q2 2026), +335% from a year earlier.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.