Green Thumb Industries reported record fourth-quarter revenue and full-year revenue growth despite ongoing price compression, driven by operational efficiencies, retail expansion, and strong brand performance. The company maintained financial flexibility with a solid cash position and credit facility, while continuing to return capital to shareholders through share repurchases.
Record fourth-quarter revenue of $311.1 million, an increase of 5.7% over the prior year.
positiveFull-year 2025 revenue increased 3.4% to $1.2 billion.
positiveNormalized EBITDA for the year was $348.4 million, and cash flow from operations was $294.9 million.
positiveEnded 2025 with cash of $274.3 million and a senior credit facility maturing in September 2029, which was subsequently increased by $50 million.
positiveRYTHM was the No. 1 flower brand across the country in 2025, with Animal Face being the No. 1 selling flower unit.
positiveGrew retail footprint by 12 locations for a total of 113 stores nationwide.
positiveGross profit for the fourth quarter 2025 was $141.3 million or 45.4% of revenue, down from $158.1 million or 53.7% of revenue over the prior year period, primarily driven by price compression.
negativeTotal selling, general and administrative expenses for the full year 2025 were $437.2 million or 37.2% of revenue, compared to $376.7 million or 33.1% of revenue in the prior year, primarily due to increased costs associated with new retail stores and compensation.
attentionNormalized EBITDA for the full year 2025 decreased to $348.4 million or 29.6% of revenue, compared to $371.3 million or 32.7% of revenue in 2024.
negativeConsumer Packaged Goods' gross revenue for the fourth quarter decreased by 1% versus the prior year period, primarily due to price compression and increased competition.
negativeFourth quarter 2025 comparable sales (stores open at least 12 months) decreased 1.8% versus the prior year on a base of 99 stores.
negativeThe Company expects first quarter 2026 revenues to be sequentially down mid-single digits due to continued pricing pressure and seasonality.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
The Green Thumb team delivered record fourth-quarter revenue of $311 million, up 5.7% year-over-year, capping a year in which full-year revenue grew 3.4% to $1.2 billion despite ongoing price compression.
Our 2025 performance reflects our team’s focus on driving operational efficiencies, strengthening our balance sheet, and expanding our retail footprint and brand reach.
According to BDSA’s U.S. retail sales tracking for 2025, our brands held nationwide leadership across multiple key categories in 2025. RYTHM was the No. 1 flower brand across the country, and our team should be incredibly proud.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.