Q2 2026 Green Thumb Industries Inc Earnings Call Transcript
Key Points
- Revenue grew 5% year-over-year to $307 million, with strong contributions from Minnesota, Connecticut, and Florida.
- Normalized EBITDA was $84 million, representing a solid 27.5% margin, despite ongoing pricing pressures.
- The company maintains a strong balance sheet with $284 million in cash, providing financial flexibility for strategic investments and share repurchases.
- Regulatory progress in Virginia and Texas presents significant growth opportunities, with Green Thumb already holding a head start in both markets.
- The company continues to return capital to shareholders, having repurchased approximately 29.5 million shares since Q4 2023, representing a 13% reduction in shares outstanding.
- Pricing compression remains a headwind, particularly in Massachusetts, New Jersey, and Pennsylvania, pressuring revenue and margins.
- Same-store sales declined 1% year-over-year, a slight step down from the previous quarter's 0.5% decline.
- Gross margin decreased to 45% from 50% year-over-year, partly due to $17.5 million in brand licensing fees.
- SG&A expenses increased to 38% of revenue from 36% year-over-year, driven by higher compensation costs and investments in the team.
- The company expects third-quarter sequential revenue to be flat due to the ongoing pricing environment.
Good day and thank you for standing by. Welcome to Green Thumb Industries Q2 '26 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would like to now hand the conference over to your first speaker today, Andy Grossman, EVP, Capital Markets. Please go ahead.
Thank you, Angelina. Good afternoon, and welcome to Green Thumb's second-quarter 2026 earnings call. I'm here today with Founder and CEO, Ben Kovler; President, Anthony Georgiadis; and Chief Financial Officer, Matt Faulkner.
Today's discussions and responses to questions may include forward-looking statements, which are subject to various risks and uncertainties that could cause our actual results to differ materially from these statements. These risks and uncertainties are detailed in the earnings press release issued today along with reports filed with the United States Securities and Exchange Commission and Canadian Securities
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
