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Green Thumb Industries vs Verano: revenue, profit, margins and growth compared

Green Thumb Industries brought in $1.2B of revenue in fiscal 2025, Verano $821.5M in fiscal 2025. Revenue changed by +3.4% at Green Thumb Industries and -6.5% at Verano on the year before, so Green Thumb Industries grew faster. Green Thumb Industries kept 9.7% of its revenue as net profit, Verano -31.4%. Free cash flow was $213.9M at Green Thumb Industries and $11.6M at Verano.

Side by side, latest fiscal year

GTBIFVRNO
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$1.2B$821.5M
Revenue growth+3.4%-6.5%
Net income$114.2M-$257.9M
Net margin9.7%-31.4%
Free cash flow$213.9M$11.6M
Free cash flow margin18.2%1.4%
Earnings per share (diluted)$0.48-$0.71
Cash$274.3M$82.7M
Debt$247.3M$399.7M
Price to earnings16.5n/a
Market valuen/a$438.6M
Dividend yieldn/an/a
Rank by revenue in sector#67 of 154 · Consumer staples#70 of 154 · Consumer staples

Over the years

Revenue
GTBIF FY2018: $62.5MGTBIF FY2020: $216.4MGTBIF FY2020: $556.6MGTBIF FY2021: $893.6MGTBIF FY2022: $1BGTBIF FY2023: $1.1BGTBIF FY2024: $1.1BGTBIF FY2025: $1.2BVRNO FY2020: $228.5MVRNO FY2022: $737.9MVRNO FY2022: $879.4MVRNO FY2023: $938.5MVRNO FY2024: $878.6MVRNO FY2025: $821.5MFY18FY20FY21FY22FY23FY24FY25
GTBIF $1.2BVRNO $821.5M
Net income
GTBIF FY2018: -$5.2MGTBIF FY2020: -$59.1MGTBIF FY2020: $15MGTBIF FY2021: $75.4MGTBIF FY2022: $12MGTBIF FY2023: $36.3MGTBIF FY2024: $73.1MGTBIF FY2025: $114.2MVRNO FY2020: $38.4MVRNO FY2022: -$57.5MVRNO FY2022: -$269.2MVRNO FY2023: -$117.3MVRNO FY2024: -$341.9MVRNO FY2025: -$257.9MFY18FY20FY21FY22FY23FY24FY25
GTBIF $114.2MVRNO -$257.9M
Net margin
GTBIF FY2018: -8.4%GTBIF FY2020: -27.3%GTBIF FY2020: 2.7%GTBIF FY2021: 8.4%GTBIF FY2022: 1.2%GTBIF FY2023: 3.4%GTBIF FY2024: 6.4%GTBIF FY2025: 9.7%VRNO FY2020: 16.8%VRNO FY2022: -7.8%VRNO FY2022: -30.6%VRNO FY2023: -12.5%VRNO FY2024: -38.9%VRNO FY2025: -31.4%FY18FY20FY21FY22FY23FY24FY25
GTBIF 9.7%VRNO -31.4%
Revenue growth
GTBIF FY2020: +246.3%GTBIF FY2020: +157.2%GTBIF FY2021: +60.5%GTBIF FY2022: +13.9%GTBIF FY2023: +3.7%GTBIF FY2024: +7.8%GTBIF FY2025: +3.4%VRNO FY2022: +222.9%VRNO FY2022: +19.2%VRNO FY2023: +6.7%VRNO FY2024: -6.4%VRNO FY2025: -6.5%FY20FY21FY22FY23FY24FY25
GTBIF +3.4%VRNO -6.5%
Free cash flow
GTBIF FY2018: -$45.1MGTBIF FY2020: -$106.6MGTBIF FY2020: $36.1MGTBIF FY2021: -$55.8MGTBIF FY2022: -$20.9MGTBIF FY2023: $4.9MGTBIF FY2024: $115MGTBIF FY2025: $213.9MVRNO FY2020: $11.5MVRNO FY2022: $41.6MVRNO FY2022: -$24.8MVRNO FY2023: $73.4MVRNO FY2024: $13.1MVRNO FY2025: $11.6MFY18FY20FY21FY22FY23FY24FY25
GTBIF $213.9MVRNO $11.6M

Fiscal years as each company reports them; the two may end in different months.

Questions about Green Thumb Industries and Verano

Which is bigger by revenue, Green Thumb Industries or Verano?

Green Thumb Industries is bigger by revenue: $1.2B in fiscal 2025, against $821.5M for Verano in fiscal 2025.

Which keeps more of its revenue as profit, Green Thumb Industries or Verano?

Green Thumb Industries had a net margin of 9.7% in fiscal 2025; Verano had -31.4% in fiscal 2025.

Which grew revenue faster, Green Thumb Industries or Verano?

In their latest fiscal years revenue changed by +3.4% at Green Thumb Industries and -6.5% at Verano.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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