Filing Flows › Verano Holdings (VRNO) › Q4 2025
Verano Holdings (VRNO) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 12, 2026
Verano Holdings (VRNO) reported revenue of $207M for the fourth quarter 2025 (Q4 2025), -5% from a year earlier and +2% from the quarter before. Operating margin was -76.3%, net loss $183M (88.8% of revenue).
Verano Holdings, Q4 2025: revenue $207M (-5% year over year), operating margin -76.3%, net loss $183M, operating cash flow $13.8M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $207M | +2% | -5% |
| Operating profit | −$158M | -1799% | — |
| Net earnings | −$183M | — | — |
| Operating cash flow | $13.8M | -48% | -68% |
| Free cash flow | $4.4M | -77% | -85% |
What changed
Revenue was $206.6M in Q4 2025, down 5% year over year and up 2% from the previous quarter.
Gross margin was 51.2%, up 1.9 points from a year earlier. Operating costs exceeded revenue by $157.6M, an operating margin of -76.3%. Operating expenses fell 36% while revenue fell 5%. The quarter ended with a net loss of $183.4M, wider than the previous quarter's $43.8M loss.
Operating cash flow was $13.8M (down 68% year over year). Non-cash charges added back $29.3M of depreciation and amortization and $2.3M of share-based compensation. Working capital and other items added $165.6M. Capital expenditures of $9.4M left free cash flow of $4.4M.
Questions
What was Verano Holdings' revenue in the fourth quarter 2025?
Verano Holdings (VRNO) reported revenue of $207M for the fourth quarter 2025 (Q4 2025), -5% from a year earlier and +2% from the quarter before.
Was Verano Holdings profitable in the fourth quarter 2025?
Operating loss was $158M (-76.3% of revenue) and net loss $183M.
Source: Verano Holdings 10-K on SEC EDGAR.