Green Thumb Industries (GTII) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue reached $293.3 million, up 4.7% year-over-year, driven by CPG sales and adult-use market expansion in New York and Ohio.

• Adjusted EBITDA was $83 million (28% margin), with $56 million in operating cash flow.

• GAAP net loss was $0.65 million ($0.01/share); excluding a one-time $11.7 million asset sale loss, net income was $11 million ($0.05/share).

• Repurchased 5.6 million shares for $24 million during the quarter.

• Strategic investments in THC beverages and partnerships, including AgriPi Corporation, are expanding product offerings and market reach.

Financial highlights

• Gross profit was $146.3 million (49.9% margin), down from $150.5 million (53.7%) year-over-year due to price compression.

• Retail revenue increased 0.3% year-over-year; comparable store sales declined 4.1%.

• CPG net revenue rose 17% year-over-year; CPG gross revenue up 8.4%.

• SG&A expenses were $107 million (36% of revenue), up from $97 million (34%) last year.

• Adjusted EBITDA was $83 million, down from $94 million year-over-year.

Outlook and guidance

• Q3 revenue expected to be flat to down low single digits sequentially, assuming no adult use launch in Minnesota.

• Margins and adjusted EBITDA anticipated to remain below 30% due to ongoing pricing challenges.

• Management remains confident in strategy and financial strength to navigate current market conditions.

• Cautious near-term outlook due to price compression, regulatory uncertainty, and macroeconomic pressures.