Green Thumb Industries Inc. (GTII), a leading national cannabis consumer packaged goods company and owner of RISE Dispensaries, has announced its financial results for the fourth quarter and full year ended December 31, 2025. The results comply with U.S. generally accepted accounting principles (GAAP) and are reported in U.S. dollars.
Fourth Quarter Highlights
For the fourth quarter ended December 31, 2025, Green Thumb achieved record revenue of $311 million, reflecting a 5.7% increase year-over-year. This performance capped off a year that saw full-year revenue grow by 3.4%, reaching $1.2 billion despite ongoing price pressures.
Annual Overview
In 2025, normalized EBITDA reached $348 million, while cash flow from operations stood at $295 million. The company ended the year with $274 million in cash, showcasing considerable financial flexibility bolstered by a senior credit facility maturing in September 2029. Recently, a $50 million increase to this facility has further enhanced their balance sheet, providing new opportunities for shareholder benefits.
Ben Kovler, Founder, Chairman, and CEO, noted, "Our 2025 performance reflects our team’s focus on driving operational efficiencies, strengthening our balance sheet, and expanding our retail footprint and brand reach. Our initiatives, including the RYTHM Bud Ball concert series, engaged over 4,000 attendees across three major cities, reinforcing our brand equity. Our strategic execution has translated into measurable momentum, as evidenced by leading third-party sales data."
RYTHM emerged as the No. 1 flower brand nationally, with RYTHM’s Animal Face recognized as the top-selling flower unit in the country during 2025. Additionally, Dogwalkers and incredibles led the uninfused pre-rolls and chocolate categories, respectively.
Financial Performance
For Q4 2025, gross profit was $141.3 million, representing 45.4% of revenue, a decline from 53.7% in the prior year. The full-year gross profit was recorded at $574.9 million or 48.9% of revenue.
Total selling, general, and administrative expenses for Q4 2025 reached $122.3 million, up from $101 million in the same period last year. This increase was primarily driven by costs associated with the expansion of new retail stores and rising compensation costs.
Future Outlook
Looking ahead, Green Thumb anticipates a mid-single-digit sequential decline in Q1 2026 revenues due to persistent pricing pressure and seasonality. However, with a strong balance sheet and disciplined capital allocation, the company is well-positioned for long-term growth.
As of December 31, 2025, Green Thumb reported current assets of $577.2 million, including cash and cash equivalents of $274.3 million, alongside total debt of $244.9 million. The company has also repurchased approximately 15.5 million Subordinate Voting Shares for $121.8 million since September 2023. Furthermore, capital expenditures for 2026 are expected to remain around $80 million, consistent with 2025 spending.
For those interested in more detailed financial insights or the latest developments regarding Green Thumb Industries, visit Inside Ticker for continuous updates.