Business Wire·Mar 5, 2026, 6:30 AM ET

Cresco Labs Delivers Q4 2025 Revenue of $162 Million and Sequential Margin Improvement

Cresco Labs reported fiscal year 2025 revenue of $656 million, with a net loss of $140 million that included $105 million in non-cash impairment charges related to New York goodwill and California fair value adjustments.
Fiscal year 2025 operating cash flow totaled $73 million, resulting in $38 million in free cash flow, while gross profit reached $325 million with an adjusted gross margin of 50.2%.
Adjusted SG&A expenses for the full year were $200 million, representing a 5.7% year-over-year reduction, and adjusted EBITDA was $157 million with a 24.0% margin.
In the fourth quarter of 2025, revenue was $162 million, generating $27 million in operating cash flow and $40 million in adjusted EBITDA with a 25.0% margin.
Fourth quarter net loss was $89 million, driven by $93 million in one-time non-cash charges for the New York reporting unit impairment.
The company retained the number one market share position in multiple billion-dollar markets throughout the year, according to Hoodie Analytics.
As of December 31, 2025, current assets were $259 million, including $91 million in cash, cash equivalents, and restricted cash, against total debt of $330 million.
Total shares on a fully converted basis were 491,585,556, and preliminary financial results are subject to adjustment until the final audited statements are filed on March 5, 2026.
A conference call to discuss these results is scheduled for March 5, 2026, at 8:30 am Eastern Time.