Green Thumb Industries reported fourth quarter and full-year 2025 financial results today, posting record fourth quarter revenue and more than $1.2 billion in revenue for the year despite continued price compression across multiple markets.
The Chicago-based cannabis company generated $311.1 million in revenue in the fourth quarter, a 5.7% increase from the same period in 2024. For the full year, revenue reached $1.2 billion, up 3.4% year-over-year.
Net income attributable to the company totaled $83.2 million in the fourth quarter, or $0.36 per basic share and $0.35 per diluted share. That marked a sharp increase from $12.7 million in the fourth quarter of 2024, largely due to favorable fair value adjustments on related party warrants. For the full year, net income came in at $114.2 million, or $0.49 per basic share and $0.48 per diluted share.
Normalized EBITDA, a non-GAAP measure that includes brand license fees, reached $100.2 million in the fourth quarter, representing 32.2% of revenue. For the full year, normalized EBITDA totaled $348.4 million, or 29.6% of revenue. Cash flow from operations was $90 million in the fourth quarter and $294.9 million for the year.
The company ended 2025 with $274.3 million in cash and cash equivalents. Total debt outstanding stood at $244.9 million, including $142.5 million in senior debt. Subsequent to the quarter’s end, Green Thumb increased its syndicated credit facility by $50 million, bringing the principal outstanding under that facility to $189 million.
Founder, Chairman and Chief Executive Ben Kovler said the company’s results reflect operational efficiencies and disciplined capital allocation during a period marked by pricing pressure and intense competition.
According to third-party retail tracking data cited by the company, Green Thumb’s brands held nationwide leadership positions in several key categories during 2025. RYTHM was the top-selling flower brand in the U.S., with its Animal Face strain ranking as the No. 1 selling flower unit in the country. Dogwalkers led the uninfused pre-roll category, and incredibles was the top-selling chocolate brand.
Retail expansion also played a key role in 2025 performance. Green Thumb grew its retail footprint by 12 stores during the year, ending with 113 locations across 14 states. Minnesota was a major contributor in the fourth quarter after the company’s eight RISE Dispensaries in the state transitioned to adult-use sales in September. The launch helped drive fourth quarter retail growth, though comparable sales for stores open at least 12 months declined 1.8% year-over-year.
Consumer packaged goods gross revenue in the fourth quarter declined 1% compared to the prior year, primarily due to price compression and increased competition. For the full year, however, consumer packaged goods revenue increased 4%, supported by adult-use sales in Minnesota and Ohio and continued growth in Florida and New York.
Gross profit for the fourth quarter was $141.3 million, or 45.4% of revenue, down from 53.7% in the fourth quarter of 2024. For the full year, gross margin fell to 48.9%, compared to 52.9% the year prior. The company attributed the decline largely to ongoing price compression.
Selling, general and administrative expenses rose to $122.3 million in the fourth quarter, or 39.3% of revenue, up from 34.3% a year earlier. For the full year, SG&A expenses totaled $437.2 million, reflecting increased costs associated with new store openings and higher compensation expenses.
In addition to investing in growth, Green Thumb continued returning capital to shareholders. During 2025, the company repurchased approximately 7.7 million Subordinate Voting Shares for $38.9 million. Since September 2023, total repurchases have reached roughly 15.5 million shares for $121.8 million. In September 2025, the board authorized up to $50 million for additional share repurchases through September 2026.
The company also completed a structural shift separating its hemp and cannabis operations through the sale of brand intellectual property and an investment in RYTHM, Inc., a federally compliant, non-plant-touching business. Under the new structure, Green Thumb will continue manufacturing cannabis products under licensing agreements.
Looking ahead, the company expects first quarter 2026 revenue to decline sequentially by mid-single digits due to continued pricing pressure and seasonal trends. Capital expenditures for 2026 are projected at approximately $80 million, roughly in line with 2025 spending.
Green Thumb operates manufacturing facilities and retail locations across 14 U.S. markets and employs around 5,000 people. The company manufactures and distributes brands including RYTHM, Dogwalkers, incredibles, Beboe, &Shine, Doctor Solomon’s and Good Green, and operates the RISE retail chain.
