Green Thumb Q3 Results: $316M in Cash, Rising Sales, Share Buybacks and No Plans to Split

By Nicolás Rodríguez, Managing Editor

Green Thumb Industries reported third-quarter 2026 revenue of $324.4 million and normalized EBITDA of $89.4 million, representing a 27.6% margin. The company generated $58.3 million in operating cash flow and recorded a GAAP net loss of approximately $4.8 million, or $0.02 per share.

Retail revenue increased 10.1% year over year, while comparable-store sales grew 3%.

Reported gross margin declined from 49.4% to 45.2%, partly reflecting $15.8 million in RYTHM licensing fees.

Excluding those fees, gross margin reached 50.1% and income tax expense also fell from $49.1 million to $28.1 million, a reduction management attributed primarily to the federal reclassification of state-legal medical cannabis.

“Green Thumb has spent more than a decade building a business that performs through uncertainty,” said Green Thumb Founder, Chairman and CEO Ben Kovler. “On a year-over-year basis, we grew revenue 11% and maintained our Normalized EBITDA margin, even as pricing pressure persisted in several markets.”

Green Thumb President Anthony Georgiadis highlighted 16% year-over-year growth in CPG gross revenue, recent DEA registrations for several medical dispensaries, preparations for Virginia’s adult-use market opening in July 2027, and progress toward entering Texas under the company’s conditional license.

Green Thumb Extends Share Buyback Program

Green Thumb has repurchased approximately 29.5 million shares for $203.4 million since 2023, at an average price of $6.90 per share, including more than $80 million in 2026. The company recently authorized another $50 million in potential repurchases through September 2027.

“Renewing this program gives us the flexibility to continue buying back stock when conditions present an attractive opportunity,” CEO Ben Kovler said in September.

During the earnings call, Kovler emphasized that Green Thumb would continue weighing share buybacks against acquisitions and investments in new markets, prioritizing long-term shareholder returns.

Green Thumb CEO Rejects Corporate Split Despite NYSE Listing Opportunity

During Green Thumb’s third-quarter earnings call, cannabis analyst Pablo Zuanic questioned CEO Ben Kovler about the company’s decision not to separate its medical cannabis operations to pursue a listing on a major U.S. stock exchange.

Zuanic pointed to Trulieve’s NYSE listing and its potential advantages in attracting institutional investors, asking how long Green Thumb would wait before considering a similar restructuring.

Kovler responded directly: “We’re not interested in bifurcating the business.” He explained that separating operations would introduce complications involving management, staffing, and auditing, although the company has evaluated the option.

Zuanic pressed further, asking whether Trulieve’s exchange listing gave it a competitive advantage. Kovler acknowledged the potential benefits but argued that the financial incentive was not yet compelling. He suggested that a substantially higher valuation for a separately listed medical business could change Green Thumb’s position.

What Green Thumb’s Results Mean for Cannabis Investors

Green Thumb’s third-quarter performance illustrates a distinction that has become increasingly important across the cannabis industry: revenue growth, profitability and cash generation are related, but they are not interchangeable.

The company reported higher sales, improving comparable-store performance and substantial operating cash flow while still recording a GAAP net loss.

Its balance sheet also provides options for expansion, acquisitions and investment that may be unavailable to more heavily leveraged competitors.

Yet pricing pressure, regulatory uncertainty and the cost of operating in fragmented state markets remain significant constraints.

As the industry evaluates the implications of the 2026 midterm elections, potential federal regulatory changes and emerging state markets, financial resilience will remain a major factor separating operators capable of pursuing new opportunities from those focused primarily on preserving liquidity.

These questions will also be central to the conversations at IgniteIt’s Cannabis Capital & Policy Summit in Washington, D.C., on November 18, where cannabis executives, investors and policymakers will examine how federal policy, capital markets and industry consolidation are shaping the next phase of the U.S. cannabis economy.