Green Thumb Industries Inc. Q3 2026 Earnings Recap

Green Thumb shares fell 4.7% after the earnings call, with persistent pricing pressure and unresolved federal tax and rescheduling uncertainty likely weighing on the outlook. Revenue grew year over year, but management offered no near-term resolution to those uncertainties.

Key Takeaways

• Q3 revenue was $324 million, up 11% year over year.
• Normalized EBITDA was $89 million, about 28% of revenue; the margin was in line with the year-ago quarter despite pricing pressure in several markets.
• Cash from operations was $58 million, up from Q2, and the company ended the quarter with $316 million in cash.
• Federal rescheduling remains pending, and timing for 280E tax guidance is uncertain; management said Section 280E no longer applies to its medical business.
• The board authorized a new $50 million share repurchase program; the company said it had returned more than $200 million to shareholders since Q4 2023.