Revenue growth of 12.5% year-over-year to $81.2M has not translated into profitability, with gross margin of 27.4% trailing peers and an operating margin of -27.2% on $40.2M of SG&A.
Canopy Growth Corporation (CGC) annual income statement — 18-year revenue, gross profit & net income history
| Metric | TTM | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'17 | Mar'16 | Dec'14 | Dec'13 | Jul'13 | Jul'12 | Jul'11 | Jul'10 |
|---|
| Sales/Revenue | 354.2M | 284.6M | 269M | 297.15M | 333.25M | 475.7M | 546.65M | 398.77M | 226.34M | 77.95M | 39.9M | 39.9M | 12.7M | 1.9M | 0 | 4.14K | 4.76K | 4.49K | 549 |
| Revenue Growth % | 27.13% | 5.8% | -9.47% | -10.83% | -29.94% | -12.98% | 37.08% | 76.18% | 190.37% | 95.38% | 214.16% | 214.16% | 569.5% | - | -100% | -13% | 6.13% | 717.49% | - |
| Cost of Goods Sold | 300.34M | 214.93M | 189.48M | 216.26M | 396.78M | 663.11M | 479.69M | 430.46M | 137.41M | 3.76M | 2.26M | 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% | 5.67% | -49.51% | 38.56% | - | - | - | - | - |
| Gross Profit | 83.31M | 69.67M | 79.51M | 80.88M | -63.53M | -187.41M | 66.96M | -31.68M | 88.93M | 74.19M | 38.71M | 38.71M | 18.99M | 414.35K | 0 | 4.14K | 0 | 4.49K | 549 |
| Gross Margin % | 23.52% | 24.48% | 29.56% | 27.22% | -19.06% | -39.4% | 12.25% | -7.95% | 39.29% | 95.18% | 97.04% | 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% | 103.91% | 4482.13% | - | -100% | - | -100% | 717.49% | - |
| Operating Expenses | 192.01M | 142.78M | 196.65M | 309.6M | 2.57B | 831.38M | 1.31B | 1.64B | 642.58M | 153.07M | 52.8M | 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% | 132.34% | 171.16% | 429.75% | - | 1659.07% | 549.15% | 636.27% | 5003.1% |
| Selling, General & Admin | 167.3M | 122.92M | 121.71M | 180.59M | 297.98M | 361.1M | 523.85M | 867.74M | 605.83M | 131.13M | 38.55M | 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% | 96.64% | 136.44% | 421.33% | - | 1659.07% | 549.15% | 636.27% | 5003.1% |
| Research & Development | 0 | 0 | 0 | 4.61M | 21.72M | 32.26M | 57.58M | 61.81M | 15.24M | 1.45M | 810K | 810K | 721K | 159.65K | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | 1.55% | 6.52% | 6.78% | 10.53% | 15.5% | 6.73% | 1.86% | 2.03% | 2.03% | 5.68% | 8.42% | - | - | - | - | - |
| Other Operating Expenses | 2M | 19.85M | 74.95M | 124.39M | 2.25B | 438.03M | 728.99M | 707.73M | 21.51M | 20.49M | 13.43M | 13.43M | 3.69M | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -108.7M | -73.11M | -117.14M | -228.71M | -2.63B | -1.02B | -1.24B | -1.67B | -615.21M | -107.77M | -14.08M | -14.08M | -2.75M | -6.56M | -931.66K | -64.61K | -21.39K | -19.58K | -26.92K |
| Operating Margin % | -30.69% | -25.69% | -43.55% | -76.97% | -789.34% | -214.17% | -227.47% | -418.53% | -271.81% | -138.26% | -35.3% | -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% | -412.3% | 58.13% | -604.64% | -1342.01% | -202.01% | -9.26% | 27.26% | - |
| EBITDA | -89.99M | -36.63M | -74.03M | -175.54M | -2.55B | -907.86M | -1.12B | -1.54B | -568.29M | -87.29M | -8.02M | -8.02M | -493K | -6.06M | -927.47K | -64.61K | -21.39K | -19.58K | -26.92K |
| EBITDA Margin % | -25.41% | -12.87% | -27.52% | -59.07% | -765.33% | -190.85% | -204.21% | -387.18% | -251.08% | -111.98% | -20.1% | -20.1% | -3.88% | -319.36% | - | -1559.07% | -449.15% | -436.27% | -4903.1% |
| EBITDA Growth % | -232.89% | 50.51% | 57.83% | 93.12% | -180.93% | 18.68% | 27.7% | -171.68% | -551.06% | -988.5% | -1526.57% | -1526.57% | 91.86% | -553.13% | -1335.54% | -202.01% | -9.26% | 27.26% | - |
| D&A (Non-Cash Add-back) | 27.59M | 36.47M | 43.12M | 53.18M | 80.03M | 110.94M | 127.12M | 125.01M | 46.92M | 20.49M | 6.06M | 6.06M | 2.26M | 507.2K | 4.19K | 0 | 0 | 0 | 0 |
| EBIT | -235.72M | -224.69M | -522.43M | -366M | -2.96B | -163.92M | -576.77M | -1.5B | -614.06M | -116.19M | -6.71M | -6.71M | -1.32M | -6.56M | -931.66K | -64.61K | -21.39K | -19.58K | -26.92K |
| Net Interest Income | -23.71M | -28.2M | -65.75M | -89.12M | -101.88M | -97.34M | 12.91M | 59.61M | 30.9M | 566K | -66K | -66K | -140K | 40.55K | 0 | 0 | 4.76K | 0 | 549 |
| Interest Income | 11.35M | 10M | 8.81M | 16.23M | 24.28M | 6.6M | 21.37M | 66.33M | 49.31M | 1.35M | 0 | 0 | 0 | 40.55K | 0 | 0 | 4.76K | 4.49K | 549 |
| Interest Expense | 35.06M | 38.19M | 74.57M | 105.35M | 126.16M | 103.94M | 8.46M | 6.72M | 18.41M | 784K | 66K | 66K | 140K | 0 | 1.27K | 0 | 0 | 4.49K | 0 |
| Other Income/Expense | -190.89M | -189.78M | -479.85M | -242.64M | -455.64M | 750.94M | -440.5M | 159.91M | -94.03M | 68.14M | 3.81M | 3.81M | -621K | -912.37K | -1.27K | 0 | 0 | 0 | 26.92K |
| Pretax Income | -299.59M | -262.88M | -597M | -471.36M | -3.09B | -267.86M | -1.68B | -1.51B | -709.24M | -51.46M | -10.28M | -10.28M | -3.37M | -7.48M | -932.92K | -64.61K | -21.39K | 0 | 0 |
| Pretax Margin % | -84.58% | -92.37% | -221.94% | -158.63% | -926.07% | -56.31% | -308.05% | -378.43% | -313.35% | -66.01% | -25.76% | -25.76% | -26.54% | -394.18% | - | -1559.07% | -449.15% | - | - |
| Income Tax | 325.94K | 23K | 7.14M | 12.33M | -5.73M | -8.95M | -13.14M | -121.61M | 4.11M | -392K | 2.7M | 2.7M | 126K | 0 | 0 | 0 | 0 | -4.49K | 26.92K |
| Effective Tax Rate % | -0.11% | -0.01% | -1.2% | -2.62% | 0.19% | 3.34% | 0.78% | 8.06% | -0.58% | 0.76% | -26.31% | -26.31% | -3.74% | 0% | 0% | 0% | 0% | - | - |
| Net Income | -314.06M | -262.91M | -598.12M | -657.27M | -3.28B | -310.04M | -1.74B | -1.32B | -736.28M | -67.28M | -7.52M | -7.52M | -3.5M | -8.93M | -932.92K | -64.61K | -21.39K | -24.07K | -26.92K |
| Net Margin % | -88.67% | -92.38% | -222.35% | -221.19% | -983.68% | -65.18% | -319.2% | -331.35% | -325.3% | -86.32% | -18.85% | -18.85% | -27.53% | -470.87% | - | -1559.07% | -449.15% | -536.27% | -4903.1% |
| Net Income Growth % | 18.61% | 56.04% | 9% | 79.95% | -957.32% | 82.23% | -32.06% | -79.46% | -994.3% | -794.6% | -115.13% | -115.13% | 60.86% | -857.35% | -1343.98% | -202.01% | 11.11% | 10.59% | - |
| Net Income (Continuing) | -314.06M | -262.91M | -604.14M | -483.68M | -3.08B | -258.91M | -1.67B | -1.39B | -712.02M | -51.06M | -7.57M | -7.57M | -3.5M | -8.93M | -932.92K | -64.61K | -21.39K | -24.07K | -26.92K |
| Discontinued Operations | 0 | 0 | 6.02M | -192.11M | -229.12M | -71.66M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 139K | 1.59M | 36.84M | 140.01M | 204.8M | 289.81M | 84.47M | -32K | -32K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.74 | -0.88 | -5.53 | -8.79 | -70.70 | -7.70 | -4.45 | -3.90 | -1.99 | -0.31 | -0.14 | -0.14 | -0.05 | -0.30 | -0.93 | -0.06 | -0.02 | -0.02 | -0.03 |
| EPS Growth % | 70.35% | 84.09% | 37.09% | 87.57% | -818.18% | -73.03% | -14.1% | -95.98% | -541.94% | -121.43% | -208.37% | -208.37% | 84.87% | 67.74% | -1341.86% | -201.4% | 11.2% | 10.41% | - |
| EPS (Basic) | - | -0.88 | -5.53 | -8.79 | -70.70 | -7.70 | -4.45 | -3.96 | -1.99 | -0.31 | -0.14 | -0.14 | -0.05 | -0.30 | -0.93 | -0.06 | -0.02 | -0.02 | -0.03 |
| Diluted Shares Outstanding | 423.11M | 2.98B | 107.55M | 74.79M | 46.37M | 39.13M | 375.71M | 356.15M | 337.51M | 177.3M | 118.99M | 118.99M | 77.02M | 29.95M | 1M | 1M | 1M | 1M | 1M |
| Basic Shares Outstanding | 423.11M | 2.98B | 107.55M | 74.79M | 46.37M | 39.13M | 375.28M | 350.03M | 337.51M | 177.3M | 118.99M | 118.99M | 77.02M | 29.95M | 1M | 1M | 1M | 1M | 1M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying CGC stock.
For fiscal year 2026, 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 2026.
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.
Key Metrics
Top Statement Risk
Operating leverage failure despite revenue growth
Metrics are mathematically derived from official filings.
Revenue Recovery Loses Momentum Post-Peak
According to Canopy Growth's reported financials, quarterly revenue rose from $66.2M in early 2025 to a $102.3M peak in 2026Q3, before receding to $71.2M in Q4 and recovering to $81.2M — growth of 12.5% year-over-year but off an inconsistent base.
The Q3 2026 spike of 36.8% year-over-year was not sustained, with Q4 growth decelerating to 9.6% and Q1 2027 recovering to 12.5%, suggesting the peak quarter may have reflected order timing or a one-time customer pull rather than durable demand acceleration. Prior high quarters in this series, including 2025Q3's $74.8M, repeatedly failed to hold, so investors should watch whether the $80M-plus quarterly run-rate becomes a genuine new baseline rather than another temporary lift.
Gross Margin Swings Undermine Pricing Power
As reported in Canopy Growth's income statements, gross margin ranged from a 11.6% low in 2026Q4 to 34.8% in 2025Q1, and now sits at 27.4% — below peer benchmarks of 42.6% for Aurora and 41.4% for Cronos, implying weaker structural pricing.
The repeated pattern of sharp margin compression in fourth quarters — 16.2% in 2025Q4 and 11.6% in 2026Q4 — appears to point to write-downs or promotional discounting, though the magnitude of the swings suggests the underlying cost structure may be unstable rather than simply seasonal. With COGS at $58.9M against $81.2M of revenue in the latest quarter, CGC's cost base does not yet appear to flex in line with peer producers reporting 40%+ gross margins, leaving it exposed to continued volatility as competition intensifies.
Operating Losses Persist Despite Revenue Scale
Canopy Growth's latest income statement shows an operating loss of $22.1M on $81.2M of revenue — a negative 27.2% operating margin — with SG&A of $40.2M consuming nearly half of the top line despite four consecutive quarters of positive revenue growth.
Operating leverage remains largely absent: the operating loss narrowed from -$36.2M in 2026Q3 to -$22.1M in 2027Q1, but that improvement appears to track a swing in gross profit more than overhead discipline, since SG&A held roughly flat at around $40M between those periods. SG&A has stayed in a $30–41M range across the last five reported quarters rather than stepping down, against a revenue base that has not yet sustainably cleared $100M — leaving little cushion if top-line softness returns.
Losses Narrow but Still Swallow Revenue
Canopy Growth's reported net loss of $14.6M in 2027Q1 compares with $220.8M in 2025Q4, a 93% reduction — yet every quarter in the ten-quarter series shows negative net income, and SBC of $1.4M adds modest dilution despite the improved optics.
The narrowing of net loss appears largely explained by improved operating performance and likely below-the-line items not detailed in the data — the roughly $7.5M gap between the -$22.1M operating loss and -$14.6M net loss in 2027Q1 suggests non-operating gains that may not recur. SBC has fallen from a peak of $18.7M in 2025Q4 to under $2M, so the equity compensation drag appears to have abated, but negative diluted EPS in every reported quarter means the improvement in optics has not yet translated into bottom-line profitability.
Persistent Losses Challenge Restructuring Narrative
Based on peer comparables, Aurora and Cronos report gross margins of 42.6% and 41.4% with far smaller operating losses of -14.6% and -12.0%, yet Canopy's operating margin remains -27.2% and net margin -18.0%, suggesting its cost structure is materially less efficient than sector leaders.
A skeptic would likely focus on the fact that net income was negative in all ten reported quarters, that 2027Q1's improved result still reflected an 18% net margin deficit, and that the recurring fourth-quarter margin collapse hints at inventory valuation pressure rather than demand softness alone. The persistent gap between CGC's gross margin and peer leaders suggests the company may not yet have achieved the product mix or pricing architecture required to sustain positive operating leverage — a structural challenge rather than a cyclical one, and one that could weigh on valuation recovery even as headline losses narrow.