Village Farms International (VFF) Q4 2025 earnings summary

Executive summary

• Achieved record full-year consolidated net income from continuing operations of $21 million ($0.19/share), adjusted EBITDA of $50 million, and operating cash flow of $58 million for 2025, with step function growth across key metrics compared to 2024.

• Global cannabis sales grew 70% year-over-year, with international export sales increasing more than six-fold, driven by EU GMP-certified operations and expansion in the Netherlands.

• Q4 consolidated net sales rose 9% year-over-year to $49.6 million, with Canadian cannabis sales up 10% and international export cannabis sales up 384%.

• Transitioned legacy produce business to private ownership, allowing the cannabis business to stand independently and retain long-term greenhouse asset optionality.

• Ended 2025 with $86 million in cash and completed $6.7 million in share repurchases since Q3.

Financial highlights

• Full-year consolidated net sales reached $215.9 million, up from $195.9 million in 2024.

• Full-year net income from continuing operations reached $21 million ($0.19 per share), a $49 million improvement year-over-year.

• Adjusted EBITDA from continuing operations was $50 million, up $48 million, and cash flow from continuing operations was $58 million, up $44 million from 2024.

• Q4 net sales grew 9% year-over-year to $49.6 million; net income from continuing operations was $2.3 million, compared to a $5.7 million loss in Q4 2024.

• Q4 gross margin improved to 39% from 16% year-over-year; full-year gross margin was 41%.

Outlook and guidance

• Expansion projects in Canada and the Netherlands remain on schedule and under budget, with significant new cultivation capacity expected in 2026.

• Expecting sequential growth in international exports in Q1 2026 and new shipments to multiple jurisdictions in the coming months.

• Management expects to maintain a balanced approach to capital allocation, focusing on organic and acquisitive growth and ongoing share repurchases.