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Verano Holdings (VRNO) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 29, 2026 · Verano Holdings (VRNO) Q3 2026 earnings results →
Q3 2026 Revenue up 5% year over year to $212M · 2¢ of every $1 of revenue lost · operating margin 5.6%
Verano Holdings made $212M in Q3 2026 (+5% Y/Y). Operating margin 5.6%, net loss $4.1M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 29, 2026.
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What changed this quarter
Revenue was $212.4M in Q3 2026, up 5% year over year and down 3% from the previous quarter.
Gross margin was 47.1%, up 0.1 points from Q3 2025. Operating profit was $11.9M, a 5.6% margin (up 1.0 points year over year). Of the extra revenue versus Q3 2025, 27% reached operating profit, above the 5% margin then. Operating expenses grew 3% against revenue growth of 5%. The quarter ended with a net loss of $4.1M, narrower than the previous quarter's $13.4M loss. Net interest and other expense of $8.7M was the main reason.
Operating cash flow was $48.7M (up 85% year over year). Non-cash charges added back $29.8M of depreciation and amortization and $1.1M of share-based compensation. Working capital and other items added $21.8M. Capital expenditures of $13.1M left free cash flow of $35.6M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 29, 2026 | $212M | +5% | 5.6% | −$4.1M | $48.7M |
| Q2 2026 | 10-Q | Aug 5, 2026 | $218M | +8% | 1.4% | −$13.4M | $30.6M |
| Q1 2026 | 10-Q | Apr 30, 2026 | $208M | -0.8% | 6.3% | −$17.8M | $18.6M |
| Q4 2025 | 10-K | Mar 12, 2026 | $207M | -5% | -76.3% | −$183M | $13.8M |
| Q3 2025 | 10-Q | Oct 29, 2025 | $203M | -6% | 4.6% | −$43.8M | $26.4M |
| Q2 2025 | 10-Q | Aug 7, 2025 | $202M | -9% | 13.0% | −$19.1M | $10.9M |
| Q1 2025 | 10-Q | May 8, 2025 | $210M | -5% | 7.2% | −$11.5M | $1.8M |
Charts
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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 Verano Holdings
Verano Holdings Corp., a Nevada corporation (“Verano,” the “Company,” “we,” “us,” or “our”), one of the U.S. cannabis industry’s leading companies based on historical revenue, geographical scope and brand performance, is a vertically integrated, multi-state operator embracing a mission of saying Yes to plant progress and the bold exploration of cannabis. As an operator of licensed cannabis cultivation, processing, wholesale distribution and retail facilities, our goal is to support communal wellness by providing responsible access to regulated medical and adult use cannabis products. As of March 10, 2026, through our subsidiaries and affiliates we operate businesses in 13 states, including 160 retail dispensaries and 14 cultivation and processing facilities with over 1.1 million square feet of cultivation capacity.
In its own words, from its 10-K, filed Mar 12, 2026.
Verano Holdings against its Agricultural Production-Crops peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +5% against the peers' median +5%. Operating margin: 5.6% against the peers' median 5.6%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| VRNO Verano Holdings | Q3 2026 | $212M | +5% | 5.6% |
| CTVA Corteva | Q2 2026 | $6.4B | -1% | 24.7% |
| DOLE Dole | Q2 2026 | $2.5B | +3% | 1.9% |
| DMC Del Monte | Q3 2026 | $1.1B | +7% | 2.7% |
| GTBIF Green Thumb Industries | Q3 2026 | $324M | +11% | 7.7% |
| TSNDF TerrAscend | Q3 2026 | $68.2M | +5% | 15.1% |
| VFF Village Farms International | Q2 2026 | $64.0M | +7% | 17.4% |
| LMNR Limoneira | Q3 FY26 | $43.8M | -8% | -6.8% |
| ITHUF iANTHUS Capital Holdings | Q2 2026 | $35.3M | +0.5% | -6.4% |
Source: Verano Holdings 10-Q on SEC EDGAR · CIK 1848416 · Agricultural Production-Crops
13F: who owns VRNO and who is buying
More on VRNO
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results