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Cresco Labs
Cresco Labs (CL) investor relations material
Cresco Labs Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Mar, 2026
Executive summary
Achieved $162 million in Q4 2025 revenue and $656 million for the full year, with sequential margin improvement and strong operating cash flow, while maintaining No. 1 market share in multiple billion-dollar markets and operating 73 retail stores as of year-end.
Generated ~$73 million in operating cash flow for 2025, paid down ~$35 million in debt, and ended the year with ~$94 million in cash and equivalents.
Strengthened the balance sheet by refinancing debt, extending maturities to 2030, and exiting California to focus on higher-return markets.
Focused on organic growth in core markets, targeted expansion, and leveraging infrastructure for higher incremental returns.
Maintained leadership in branded market share in Illinois, Pennsylvania, and Massachusetts, and introduced new retail initiatives like the Sunnyside house brand LOUDER.
Financial highlights
Q4 2025 revenue was $162 million; full-year revenue reached $656 million.
Q4 adjusted gross profit was $84.4 million (52.2% margin); adjusted EBITDA was $40.4 million (25.0% margin); operating cash flow was $27 million.
Q4 net loss was ($88.9 million), primarily due to a $93.5 million impairment loss; FY 2025 net loss was $140 million, including $105 million in one-time, non-cash charges.
Ended the year with $94 million in cash and no near-term maturities.
Q4 free cash flow was $18 million; FY 2025 free cash flow was $38 million.
Outlook and guidance
Expect a high single-digit sequential revenue decline in Q1, mainly due to Michigan excise tax changes, California exit, seasonality, and ongoing price compression.
Gross margin expected to normalize from Q4's elevated levels due to seasonal mix shifts and competitive pricing.
SG&A to remain consistent with recent run rates; no repeat of prior period benefits like bad debt reserve reductions.
Operational improvements and disciplined capital allocation are expected to support performance growth and long-term expansion.
Management expects to capitalize on industry consolidation and potential federal reform, focusing on organic expansion and selective acquisitions.
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Next Cresco Labs earnings date
Q1 20261 Jun, 2026
Cresco Labs
Next Cresco Labs earnings date
Q1 20261 Jun, 2026
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Cresco Labs Inc is a vertically integrated cannabis and medical marijuana company operating across several U.S. states. The company engages in the cultivation, manufacturing, distribution, and retail of cannabis products through owned brands and dispensaries. Cresco Labs serves both adult-use and medical cannabis markets. The company is headquartered in Chicago, Illinois, and its shares are listed on the CSE.
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