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Green Thumb Industries
Green Thumb Industries (GTII) investor relations material
Green Thumb Industries Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Revenue reached $291.4 million for Q3 2025, up 1.6% year-over-year, with strong cash flow and a robust balance sheet.
GAAP net income was $23.3 million ($0.10 per share), but excluding a one-time gain, net income was $9.7 million ($0.04 per share).
Adjusted EBITDA was $80.2 million (27.5% of revenue), and cash flow from operations totaled $74.1 million.
Share repurchase program authorized for up to $50 million through September 2026, with $107 million already repurchased since 2023.
Adult-use cannabis sales launched at all eight Minnesota RISE Dispensaries by October 2025.
Financial highlights
Gross profit for Q3 2025 was $144.0 million (49.4% of revenue), down from $147.6 million (51.4%) year-over-year due to price compression.
Retail revenue declined 1% year-over-year, offset by 8% growth in Consumer Packaged Goods revenue from adult-use expansion in NY and OH.
Comparable store sales (stores open at least 12 months) decreased 7.1% year-over-year.
Total SG&A expenses were $107.3 million (36.8% of revenue), up from $105.0 million (36.6%) due to new store openings.
EBITDA was $66.8 million (22.9% of revenue), down from $71.1 million (24.8%) in Q3 2024; Adjusted EBITDA was $80.2 million, down from $89.2 million.
Outlook and guidance
Q4 2025 revenues expected to be sequentially flat to up single digits.
Management remains confident in expanding market share and delivering strong performance despite industry challenges.
Impact of price compression on gross margin
Quantify share repurchase program's impact
Minnesota adult-use regulatory framework evolution
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Next Green Thumb Industries earnings date
Q4 202525 Feb, 2026
Green Thumb Industries
Next Green Thumb Industries earnings date
Q4 202525 Feb, 2026
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Frequently asked questions
Green Thumb Industries Inc. manufactures cannabis products for medical and adult-use in the United States. The company sells vaporizer cartridges and vaporizer devices, as well as various types of cannabis flower, such as indica, sativa, hybrid. It also offers concentrates and a variety of edibles. The company's products are sold through its retail stores.
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