Filing Flows › Verano Holdings (VRNO) › Q3 2025
Verano Holdings (VRNO) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 29, 2025
Verano Holdings (VRNO) reported revenue of $203M for the third quarter 2025 (Q3 2025), -6% from a year earlier and +0.3% from the quarter before. Operating margin was 4.6%, net loss $43.8M (21.6% of revenue).
Verano Holdings, Q3 2025: revenue $203M (-6% year over year), operating margin 4.6%, net loss $43.8M, operating cash flow $26.4M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $203M | +0.3% | -6% |
| Operating profit | $9.3M | -65% | — |
| Net earnings | −$43.8M | — | — |
| Operating cash flow | $26.4M | +142% | -11% |
| Free cash flow | $18.9M | 44× | — |
What changed
Revenue was $202.8M in Q3 2025, down 6% year over year and roughly flat from the previous quarter.
Gross margin was 47.0%, down 3.4 points from a year earlier. Operating profit was $9.3M, a 4.6% margin (down 3.2 points year over year). Operating expenses fell 7% while revenue fell 6%. The quarter ended with a net loss of $43.8M, wider than the previous quarter's $19.1M loss. Net interest and other expense of $24.7M was the main reason.
Operating cash flow was $26.4M (down 11% year over year). Non-cash charges added back $31.6M of depreciation and amortization and $2.5M of share-based compensation. Working capital and other items added $36.1M. Capital expenditures of $7.5M left free cash flow of $18.9M.
Questions
What was Verano Holdings' revenue in the third quarter 2025?
Verano Holdings (VRNO) reported revenue of $203M for the third quarter 2025 (Q3 2025), -6% from a year earlier and +0.3% from the quarter before.
Was Verano Holdings profitable in the third quarter 2025?
Operating profit was $9.3M (4.6% of revenue) and net loss $43.8M.
Source: Verano Holdings 10-Q on SEC EDGAR.