Revenue growth remains highly volatile with quarterly fluctuations, while gross margins have compressed significantly to 11.6% in 2025Q4 from a 36.0% peak in 2023Q3.
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Dec'14 | Dec'13 | Jul'13 | Jul'12 | Jul'11 | Jul'10 |
|---|
| Sales/Revenue | 284.6M | 269M | 297.15M | 333.25M | 475.7M | 546.65M | 398.77M | 226.34M | 77.95M | 39.9M | 12.7M | 1.9M | 0 | 4.14K | 4.76K | 4.49K | 549 |
| Revenue Growth % | 5.8% | -9.47% | -10.83% | -29.94% | -12.98% | 37.08% | 76.18% | 190.37% | 95.38% | 214.16% | 569.5% | - | -100% | -13% | 6.13% | 717.49% | - |
| Cost of Goods Sold | 214.93M | 189.48M | 216.26M | 396.78M | 663.11M | 479.69M | 430.46M | 137.41M | 3.76M | 2.26M | -6.29M | 731.31K | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | 75.52% | 70.44% | 72.78% | 119.06% | 139.4% | 87.75% | 107.95% | 60.71% | 4.82% | 5.67% | -49.51% | 38.56% | - | - | - | - | - |
| Gross Profit | 69.67M | 79.51M | 80.88M | -63.53M | -187.41M | 66.96M | -31.68M | 88.93M | 74.19M | 38.71M | 18.99M | 414.35K | 0 | 4.14K | 0 | 4.49K | 549 |
| Gross Margin % | 24.48% | 29.56% | 27.22% | -19.06% | -39.4% | 12.25% | -7.95% | 39.29% | 95.18% | 97.04% | 149.51% | 21.84% | - | 100% | - | 100% | 100% |
| Gross Profit Growth % | -12.38% | -1.7% | 227.32% | 66.1% | -379.89% | 311.34% | -135.63% | 19.86% | 91.64% | 103.91% | 4482.13% | - | -100% | - | -100% | 717.49% | - |
| Operating Expenses | 142.78M | 196.65M | 309.6M | 2.57B | 831.38M | 1.31B | 1.64B | 642.58M | 153.07M | 52.8M | 21.73M | 8.15M | 931.66K | 68.75K | 26.16K | 28.56K | 27.47K |
| OpEx % of Revenue | 50.17% | 73.11% | 104.19% | 770.28% | 174.77% | 239.72% | 410.58% | 283.9% | 196.37% | 132.34% | 171.16% | 429.75% | - | 1659.07% | 549.15% | 636.27% | 5003.1% |
| Selling, General & Admin | 122.92M | 121.71M | 180.59M | 297.98M | 361.1M | 523.85M | 867.74M | 605.83M | 131.13M | 38.55M | 17.33M | 7.99M | 931.66K | 68.75K | 26.16K | 28.56K | 27.47K |
| SG&A % of Revenue | 43.19% | 45.25% | 60.77% | 89.41% | 75.91% | 95.83% | 217.6% | 267.66% | 168.22% | 96.64% | 136.44% | 421.33% | - | 1659.07% | 549.15% | 636.27% | 5003.1% |
| Research & Development | 0 | 1.91M | 4.61M | 21.72M | 32.26M | 57.58M | 61.81M | 15.24M | 1.45M | 810K | 721K | 159.65K | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 0.71% | 1.55% | 6.52% | 6.78% | 10.53% | 15.5% | 6.73% | 1.86% | 2.03% | 5.68% | 8.42% | - | - | - | - | - |
| Other Operating Expenses | 19.85M | 74.95M | 124.39M | 2.25B | 438.03M | 728.99M | 707.73M | 21.51M | 20.49M | 13.43M | 3.69M | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -73.11M | -117.14M | -228.71M | -2.63B | -1.02B | -1.24B | -1.67B | -615.21M | -107.77M | -14.08M | -2.75M | -6.56M | -931.66K | -64.61K | -21.39K | -19.58K | -26.92K |
| Operating Margin % | -25.69% | -43.55% | -76.97% | -789.34% | -214.17% | -227.47% | -418.53% | -271.81% | -138.26% | -35.3% | -21.65% | -346.1% | - | -1559.07% | -449.15% | -436.27% | -4903.1% |
| Operating Income Growth % | 37.59% | 48.78% | 91.31% | -158.2% | 18.07% | 25.5% | -171.28% | -470.84% | -665.27% | -412.3% | 58.13% | -604.64% | -1342.01% | -202.01% | -9.26% | 27.26% | - |
| EBITDA | -36.63M | -74.03M | -175.54M | -2.55B | -907.86M | -1.12B | -1.54B | -568.29M | -87.29M | -8.02M | -493K | -6.06M | -927.47K | -64.61K | -21.39K | -19.58K | -26.92K |
| EBITDA Margin % | -12.87% | -27.52% | -59.07% | -765.33% | -190.85% | -204.21% | -387.18% | -251.08% | -111.98% | -20.1% | -3.88% | -319.36% | - | -1559.07% | -449.15% | -436.27% | -4903.1% |
| EBITDA Growth % | 50.51% | 57.83% | 93.12% | -180.93% | 18.68% | 27.7% | -171.68% | -551.06% | -988.5% | -1526.57% | 91.86% | -553.13% | -1335.54% | -202.01% | -9.26% | 27.26% | - |
| D&A (Non-Cash Add-back) | 36.47M | 43.12M | 53.18M | 80.03M | 110.94M | 127.12M | 125.01M | 46.92M | 20.49M | 6.06M | 2.26M | 507.2K | 4.19K | 0 | 0 | 0 | 0 |
| EBIT | -224.69M | -522.43M | -366M | -2.96B | -163.92M | -576.77M | -1.5B | -614.06M | -116.19M | -6.71M | -1.32M | -6.56M | -931.66K | -64.61K | -21.39K | -19.58K | -26.92K |
| Net Interest Income | -28.2M | -65.75M | -89.12M | -101.88M | -97.34M | 12.91M | 59.61M | 30.9M | 566K | -66K | -140K | 40.55K | 0 | 0 | 4.76K | 0 | 549 |
| Interest Income | 10M | 8.81M | 16.23M | 24.28M | 6.6M | 21.37M | 66.33M | 49.31M | 1.35M | 0 | 0 | 40.55K | 0 | 0 | 4.76K | 4.49K | 549 |
| Interest Expense | 38.19M | 74.57M | 105.35M | 126.16M | 103.94M | 8.46M | 6.72M | 18.41M | 784K | 66K | 140K | 0 | 1.27K | 0 | 0 | 4.49K | 0 |
| Other Income/Expense | -189.78M | -479.85M | -242.64M | -455.64M | 750.94M | -440.5M | 159.91M | -94.03M | 68.14M | 3.81M | -621K | -912.37K | -1.27K | 0 | 0 | 0 | 26.92K |
| Pretax Income | -262.88M | -597M | -471.36M | -3.09B | -267.86M | -1.68B | -1.51B | -709.24M | -51.46M | -10.28M | -3.37M | -7.48M | -932.92K | -64.61K | -21.39K | 0 | 0 |
| Pretax Margin % | -92.37% | -221.94% | -158.63% | -926.07% | -56.31% | -308.05% | -378.43% | -313.35% | -66.01% | -25.76% | -26.54% | -394.18% | - | -1559.07% | -449.15% | - | - |
| Income Tax | 23K | 7.14M | 12.33M | -5.73M | -8.95M | -13.14M | -121.61M | 4.11M | -392K | 2.7M | 126K | 0 | 0 | 0 | 0 | -4.49K | 26.92K |
| Effective Tax Rate % | -0.01% | -1.2% | -2.62% | 0.19% | 3.34% | 0.78% | 8.06% | -0.58% | 0.76% | -26.31% | -3.74% | 0% | 0% | 0% | 0% | - | - |
| Net Income | -262.91M | -598.12M | -657.27M | -3.28B | -310.04M | -1.74B | -1.32B | -736.28M | -67.28M | -7.52M | -3.5M | -8.93M | -932.92K | -64.61K | -21.39K | -24.07K | -26.92K |
| Net Margin % | -92.38% | -222.35% | -221.19% | -983.68% | -65.18% | -319.2% | -331.35% | -325.3% | -86.32% | -18.85% | -27.53% | -470.87% | - | -1559.07% | -449.15% | -536.27% | -4903.1% |
| Net Income Growth % | 56.04% | 9% | 79.95% | -957.32% | 82.23% | -32.06% | -79.46% | -994.3% | -794.6% | -115.13% | 60.86% | -857.35% | -1343.98% | -202.01% | 11.11% | 10.59% | - |
| Net Income (Continuing) | -262.91M | -604.14M | -483.68M | -3.08B | -258.91M | -1.67B | -1.39B | -712.02M | -51.06M | -7.57M | -3.5M | -8.93M | -932.92K | -64.61K | -21.39K | -24.07K | -26.92K |
| Discontinued Operations | 0 | 6.02M | -192.11M | -229.12M | -71.66M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 139K | 1.59M | 36.84M | 140.01M | 204.8M | 289.81M | 84.47M | -32K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.88 | -5.53 | -8.79 | -70.70 | -7.70 | -4.45 | -3.90 | -1.99 | -0.31 | -0.14 | -0.05 | -0.30 | -0.93 | -0.06 | -0.02 | -0.02 | -0.03 |
| EPS Growth % | 84.09% | 37.09% | 87.57% | -818.18% | -73.03% | -14.1% | -95.98% | -541.94% | -121.43% | -208.37% | 84.87% | 67.74% | -1341.86% | -201.4% | 11.2% | 10.41% | - |
| EPS (Basic) | -0.88 | -5.53 | -6.47 | -70.70 | -7.70 | -4.45 | -3.96 | -1.99 | -0.31 | -0.14 | -0.05 | -0.30 | -0.93 | -0.06 | -0.02 | -0.02 | -0.03 |
| Diluted Shares Outstanding | 2.98B | 107.55M | 74.79M | 46.37M | 39.13M | 375.71M | 356.15M | 337.51M | 177.3M | 118.99M | 77.02M | 29.95M | 1M | 1M | 1M | 1M | 1M |
| Basic Shares Outstanding | 2.98B | 107.55M | 101.63M | 46.37M | 39.13M | 375.28M | 350.03M | 337.51M | 177.3M | 118.99M | 77.02M | 29.95M | 1M | 1M | 1M | 1M | 1M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Regulatory and liquidity constraints
As indicated by recent financial disclosures, CGC's top-line performance exhibits significant quarterly variance, with revenue fluctuating from a high of $102.3 million in 2025Q3 to $65.0 million in 2024Q4, suggesting that organic growth durability remains elusive amidst ongoing shifts in the Canadian recreational cannabis market.
The inconsistent revenue trajectory appears to reflect the company's struggle to maintain market share in a commoditized environment. Investors should monitor whether the recent pivot toward an asset-light model can stabilize these top-line swings or if competitive pricing pressures will continue to dictate the company's growth ceiling.
According to reported income statements, gross margins have oscillated significantly, dropping to 11.6% in 2025Q4 from a peak of 36.0% in 2023Q3, which highlights the structural difficulty in maintaining pricing power while navigating the heavy excise tax burden inherent in the Canadian cannabis sector.
The compression of margins suggests that the company's product mix may be shifting toward lower-margin categories or that aggressive discounting is required to move inventory. This instability warrants further investigation into whether the Storz & Bickel hardware segment can provide the necessary margin floor to offset cannabis-related volatility.
Based on the provided quarterly data, operating expenses consistently exceed gross profit, resulting in persistent operating losses that reached $27.5 million in 2025Q4, indicating that the company has yet to achieve the necessary scale to cover its fixed overhead and administrative cost structure.
The inability to scale operating income faster than gross profit suggests that the current cost-cutting initiatives have not yet reached a critical mass. Analysts should remain cautious, as the persistent gap between gross profit and SG&A expenses implies that the business model remains fundamentally reliant on external capital.
As reported in financial filings, net income figures are frequently distorted by large, non-recurring charges, including a $157.1 million loss in 2025Q4, which complicates the assessment of core operational performance and suggests that reported EPS is not a reliable indicator of underlying business health.
The frequent, large-scale write-downs and non-operating items suggest that the company's bottom line is highly sensitive to accounting adjustments rather than operational efficiency. Investors should focus on cash-based metrics to better understand the true economic reality of the firm's ongoing operations.
Based on the historical trend of negative net income and persistent cash burn, the company's reliance on equity issuance to fund operations appears to be a primary concern, as evidenced by the recurring dilution and the ongoing need to manage debt obligations in a high-rate environment.
Short-sellers may focus on the company's limited cash runway and the potential for further dilutive financing if the asset-light transition fails to yield positive cash flow. The structural separation of U.S. assets further complicates the valuation, potentially masking the true extent of the capital required to sustain the enterprise.
Quick answers to the most common questions about buying CGC stock.
For fiscal year 2025, Canopy Growth Corporation (CGC) reported total revenue of $284.6M. This represents a 51840155.0% increase compared to $0.0M in 2009.
Canopy Growth Corporation (CGC) reported a net loss of $262.9M for the fiscal year ending 2025.
Canopy Growth Corporation (CGC) reported an operating income of $-73.1M, resulting in an operating profit margin of -25.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Canopy Growth Corporation (CGC) generated $69.7M in gross profit for the year, representing a gross profit margin of 24.5%. This demonstrates the company's core pricing power and production efficiency.