Cresco Labs Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Cresco Labs Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	129	476	822	843	771	724	656
Cost of revenue	82.9	270	415	436	409	360	331
Gross profit	45.6	207	406	407	362	364	325
Selling, general and administrative	94.1	229	318	351	299	255	247
Operating expenses					450	257	353
Operating income	-34.3	-23.5	-217	-84.3	-87.8	107	-28
Interest expense					43.6	37.9	41.7
Interest income					2.15	2.92	3.75
Other non-operating income					-59.1	-118	-67.4
Pre-tax income	-50.8	-64.2	-257	-127	-147	-10.6	-95.4
Income tax	14.5	28.6	40.1	88.9	33	49.9	44.6
Net income to minority interests	-22.1	9.39	22.8	-3.8	-4.33	13.9	-4.64
Net income	-43.2	-102	-320	-212	-176	-74.4	-135
EBITDA	-30	-2.1			-25.3	166	20.7
EPS, basic	-0.37	-0.39	-1.22	-0.71	-0.54	-0.22	-0.38
EPS, diluted	-0.37	-0.39	-1.22	-0.71	-0.54	-0.22	-0.38
Shares, basic (weighted)					324	345	355
Shares, diluted (weighted)					324	345	355

Balance sheet

	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	49.1	136	224	122	103	138	57.9
Receivables					51.1	51.6	37.9
Inventory	49.6	67.2	137	135	108	83.3	98.7
Other current assets					4.29	2.23	19.9
Total current assets	159	249	422	326	278	294	259
Property, plant and equipment	156	229	369	380	368	345	327
Lease right-of-use assets	46.7	71.8	88	128	100	95.8	86.8
Goodwill	138	451	447	331	280	283	208
Intangible assets	94.2	196	438	408	297	294	275
Other non-current assets					5.98	15	14.1
Total assets	617	1,233	1,780	1,584	1,358	1,355	1,197
Accounts payable					27.6	13.7	16.5
Accrued liabilities					69.1	54.3	58
Deferred revenue					1.2	1.4	1.2
Short-term debt					2	2.61	3.3
Total current liabilities	150	253	288	256	200	94.3	100
Long-term debt					498	461	417
Lease liabilities	82.9	74.5	119	173	141	135	126
Other non-current liabilities					7.89	8.15	1
Total liabilities	294	657	983	996	930	967	945
Total debt					500	463	420
Paid-in capital					82.9	123	120
Retained earnings	-115	-328	-842	-1,076	-1,266	-1,352	-1,500
Other comprehensive income					-1.15	-2.23	-1.63
Shareholders' equity	187	473	756	627	506	475	340
Minority interests	136	102	42.2	-39.4	-77.6	-86.7	-87.9
Total equity	279	575	798	588	428	388	253
Total liabilities and equity	617	1,233	1,780	1,584	1,358	1,355	1,197

Cash flow statement

	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-65.3	-92.8	-297	-216	-180	-60.5	-140
Depreciation and amortization	4.22	21.4			62.5	59.1	48.7
Stock-based compensation					16.4	14.2	11.2
Deferred income tax					-35.4	-2.79	-4.15
Change in receivables					-5.37	-1.73	12
Change in inventory					23.5	18.6	-18
Change in payables					27.8	-16.9	8.62
Cash from operations	-25.2	-7.85	14.5	18.7	58.6	132	72.9
Capital expenditures	-91.7	-87.2	-93.9	-83	-55.4	-19.5	-35.1
Acquisitions					0	-3.23	-1.75
Cash from investing	-108	-64.7	-164	-36.6	-44.6	-25.2	-40.7
Debt issued					20.2	0	312
Debt repaid	0	-10.3	-200	0	0	-40	-360
Stock issued	0	3.52	124	0	0	0.01	0.01
Cash from financing	48.9	161	235	-86.6	-26.9	-71.5	-82.1
Exchange rate effect	0	-1.12	-0.23	-0.11	-0.06	-0.04	-0.02
Net change in cash	-83.9	87.8	85.3	-105	-13	35.7	-49.9
Free cash flow	-117	-95	-79.4	-64.3	3.18	113	37.8
Interest paid					53.6	55.2	51.3
Income taxes paid	0.25	13.5	74	46.8	70.9	9.2	6.96

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $0.75 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	49.5%	Gross profit / revenue.
Operating margin	-4.3%	Operating income / revenue.
EBITDA margin	3.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-14.5%	Pre-tax income / revenue.
Net margin	-20.6%	Net income / revenue.
FCF margin	5.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	11.1%	Cash from operations / revenue.
Return on equity (ROE)	-33.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-10.6%	Net income / average total assets.
Return on invested capital (ROIC)	-2.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	37.7%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	5.4%	Capital expenditures / revenue.
D&A / revenue	7.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-9.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-8.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	6.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-10.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-7.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	9.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-126.1%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-87.5%	EBITDA vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-45.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	57.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	-66.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-28.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-18.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-6.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-11.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-8.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-0.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	2.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.59x	Current assets / current liabilities.
Quick ratio	0.96x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.58x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.23x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	35.1%	Total debt / total assets.
Liabilities / assets	78.9%	Total liabilities / total assets.
Net debt	$362.5M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	17.5x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	-0.67x	Operating income / interest expense.
Working capital	$159.1M	Current assets - current liabilities.
Goodwill and intangibles / assets	40.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$143.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.51x	Revenue / average total assets.
Fixed asset turnover	1.95x	Revenue / average property, plant and equipment.
Inventory turnover	3.64x	Cost of revenue / average inventory.
Days inventory	100 days	365 x average inventory / cost of revenue.
Receivables turnover	14.7x	Revenue / average receivables.
Days sales outstanding	25 days	365 x average receivables / revenue.
Days payables	17 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	109 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	48.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.38	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	-$0.38	Net income per basic share, as reported (split-adjusted).
Revenue per share	$1.85	Revenue / diluted weighted shares.
FCF per share	$0.11	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.21	Cash from operations / diluted weighted shares.
Book value per share	$0.96	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$0.40	Tangible book value / shares outstanding.
Cash per share	$0.16	(Cash + short-term investments) / shares outstanding.

What was Cresco Labs Inc.'s revenue in fiscal 2025?

Cresco Labs Inc. reported revenue of $655.8M for fiscal 2025, 9.5% lower than the year before.

Was Cresco Labs Inc. profitable in fiscal 2025?

No. It reported a net loss of $135.4M.

How much free cash flow did Cresco Labs Inc. generate in fiscal 2025?

Cash from operations of $72.9M minus capital expenditures of $35.1M left free cash flow of $37.8M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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