Green Thumb Industries Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data Green Thumb Industries 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

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	62.5	216	557	894	1,017	1,055	1,137	1,175
Cost of revenue	34.2	109	252	402	513	528	536	600
Gross profit	28.3	107	304	492	504	526	601	575
Selling, general and administrative	54.7	135	198	277	294	342	377	437
Operating expenses	54.7	135	198	277	383	342	377	437
Operating income	-26.3	-27.7	106	215	121	185	224	138
Interest expense	2.28	13.7	18.7	22	21.2	19.1	24.3	20
Interest income	1.95	1.47	0.11	1.43	4.07	6.7	9.07	11.4
Other non-operating income	56.1	-22.5	-3.18	-9.87	-12.6	-28.6	-24.3	126
Pre-tax income	29.8	-50.2	103	205	108	156	200	263
Income tax	7.18	9.34	83.9	125	94.8	119	126	147
Net income to minority interests	27.8	-0.43	4.09	4.93	1.68	1.15	0.77	1.9
Net income	-5.24	-59.1	15	75.4	12	36.3	73.1	114
EBITDA	-21.2	3.79	159	283	218	285	338	283
EPS, basic	-0.04	-0.31	0.07	0.34	0.05	0.15	0.31	0.49
EPS, diluted	-0.04	-0.31	0.07	0.33	0.05	0.15	0.30	0.48
Shares, basic (weighted)	130	191	211	223	237	238	237	234
Shares, diluted (weighted)	130	191	213	227	238	240	242	237

Balance sheet

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	146	46.7	83.8	230	178	162	172	274
Receivables		7.53	21.4	22.1	31	43	52.8	51.3
Inventory		46	69.5	95.5	116	113	147	158
Other current assets		2.05	2.78	5.07	6.18	5.38	4.68	18.4
Total current assets		109	184	364	351	343	404	577
Property, plant and equipment	65.3	156	190	409	558	687	716	691
Lease right-of-use assets		63.6	140	176	242	238	246	240
Goodwill	39.2	375	383	633	590	590	590	592
Intangible assets		435	406	675	590	539	488	437
Long-term investments	40.9	14.1	40.8	94.9	74.2	64.4	43.6	32.7
Total assets		1,168	1,359	2,386	2,434	2,490	2,537	2,790
Accounts payable		8.75	20.5	14.1	18.4	24.5	24.8	24.6
Accrued liabilities		37.2	46.7	84.7	87	59.6	86.2	75.5
Total current liabilities		111	119	204	147	126	165	177
Long-term debt		91.1	98.7	239	275	306	243	226
Lease liabilities		61.1	146	183	249	249	261	255
Other non-current liabilities								0
Total liabilities		324	444	766	768	787	748	879
Total debt							258	247
Shareholders' equity		841	911	1,621	1,665	1,703	1,789	1,905
Minority interests		2.51	3.54	-1.64	0.52	0.38	-0.2	5.21
Total equity	342	843	914	1,619	1,665	1,703	1,789	1,911
Total liabilities and equity		1,168	1,359	2,386	2,434	2,490	2,537	2,790

Cash flow statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-5.24	-59.1	15	75.4	12	36.3	73.1	114
Depreciation and amortization	5.18	31.5	52.5	68.5	96.7	101	113	145
Stock-based compensation	12.1	18.3	19.3	19.6	27.1	28.2	33.3	44.9
Deferred income tax	4.06	-13.4	2.1	-7.54	-48.1	-14.4	-6.05	18.7
Change in receivables	-3.68	-0.79	-14.3	-0.16	-8.84	-12	-9.86	1.09
Change in payables	4.73	-1.4	11.7	-9.53	3.57	6.07	0.27	0.04
Cash from operations	-17.7	-18	95.9	132	159	225	195	295
Capital expenditures	-27.4	-88.6	-59.8	-188	-180	-220	-80.2	-81.1
Acquisitions	-51.5	109	-8.92	-32.4	-7.35	0	0	-29.5
Purchases of investments	-42.6		-0.53	-79.1	-5.8	-8.8	-39.6	-75.7
Sales and maturities of investments	20		0.17	18.4
Cash from investing	-111	-175	-57.3	-281	-220	-228	-89.5	-130
Stock issued			0	155	0	0
Cash from financing	246	93.4	-1.55	295	8.64	-13.1	-95.6	-50.9
Net change in cash	116	-99.3	37.1	147	-52.7	-16	10.1	114
Free cash flow	-45.1	-107	36.1	-55.8	-20.9	4.93	115	214
Interest paid	0.87	5.02	12.8	15.3	18.6	20.9	21.5	21.7
Income taxes paid	2.88	18.5	72.6	148	118	99.5	131	30.2

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $7.91 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	46.9%	Gross profit / revenue.
Operating margin	9.6%	Operating income / revenue.
EBITDA margin	20.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	23.2%	Pre-tax income / revenue.
Net margin	10.5%	Net income / revenue.
FCF margin	16.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	22.2%	Cash from operations / revenue.
Effective tax rate	55.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	6.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.5%	Net income / average total assets.
Return on invested capital (ROIC)	5.8%	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	37.2%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	3.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	5.9%	Capital expenditures / revenue.
D&A / revenue	10.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	3.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	4.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	16.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-4.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	4.5%	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	13.6%	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	-38.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	4.4%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	5.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-16.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	9.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	12.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	56.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	112.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	50.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	60.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	112.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	47.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	51.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	23.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	25.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	86.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	42.7%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	6.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	4.6%	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	15.9%	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	10.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.7%	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	15.5%	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	-2.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	2.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.85x	Current assets / current liabilities.
Quick ratio	1.54x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.30x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	33.9%	Total liabilities / total assets.
Interest coverage	5.45x	Operating income / interest expense.
Working capital	$405.5M	Current assets - current liabilities.
Goodwill and intangibles / assets	36.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$821.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.43x	Revenue / average total assets.
Fixed asset turnover	1.74x	Revenue / average property, plant and equipment.
Inventory turnover	3.55x	Cost of revenue / average inventory.
Days inventory	103 days	365 x average inventory / cost of revenue.
Receivables turnover	22.8x	Revenue / average receivables.
Days sales outstanding	16 days	365 x average receivables / revenue.
Days payables	10 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	109 days	Days inventory + days sales outstanding - days payables.
FCF conversion	156.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	26.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.41	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.
Revenue per share	$5.43	Revenue / diluted weighted shares.
FCF per share	$0.89	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.21	Cash from operations / diluted weighted shares.
Book value per share	$8.34	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$3.69	Tangible book value / shares outstanding.
Cash per share	$1.27	(Cash + short-term investments) / shares outstanding.

What was Green Thumb Industries Inc.'s revenue in fiscal 2025?

Green Thumb Industries Inc. reported revenue of $1.18B for fiscal 2025, 3.4% higher than the year before.

Was Green Thumb Industries Inc. profitable in fiscal 2025?

Yes. Net income was $114.2M, a net margin of 9.7%.

How much free cash flow did Green Thumb Industries Inc. generate in fiscal 2025?

Cash from operations of $294.9M minus capital expenditures of $81.1M left free cash flow of $213.9M.

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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