Green Thumb Industries (GTII) Q2 2026 earnings summary

Executive summary

• Revenue for Q2 2026 reached $307 million, up 5% year-over-year, with normalized EBITDA of $84.3 million (27.5% margin).

• Net income was $4.9 million ($0.02 per share), reversing a net loss of $0.6 million in Q2 2025.

• Cash flow from operations was $29 million, and the company ended the quarter with $284 million in cash.

• Share repurchases totaled about 8 million shares in Q2 at just over $6 per share, with 29.5 million shares repurchased since Q4 2023.

• Strategic focus remains on disciplined growth, capital returns, and readiness for regulatory changes, including potential uplisting to a U.S. exchange.

Financial highlights

• Gross profit was $138 million (45% of revenue), down from $146 million (50%) last year, mainly due to $17.5 million in brand licensing fees and price compression.

• EBITDA was $53.1 million (17.3% margin), down from $69.1 million (23.6%) in Q2 2025.

• SG&A expenses were $118 million (38% of revenue), up from $107 million (36%) last year, driven by compensation and new store costs.

• Income tax expense dropped to $12.5 million from $21.6 million, reflecting regulatory changes.

• Retail revenue grew just under 4% year-over-year, with strong contributions from Minnesota, Connecticut, and Florida.

Outlook and guidance

• Q3 2026 revenue expected to be flat sequentially due to ongoing pricing pressures.

• Full-year 2026 CapEx guidance remains at approximately $80 million.

• Anticipates supply constraints in Virginia upon adult-use launch in July 2027, with incremental investment decisions pending.

• Expects continued transition of consumers from hemp to regulated cannabis channels, especially in Ohio.

• Management remains optimistic about long-term positioning due to scale, brands, and shelf space.