Green Thumb Industries (GTII) Q3 2025 earnings summary

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.