Revenue has held between $195.9M and $257.7M over ten quarters while gross margin fell from roughly 27.6% to 19.0% and operating margin was -1.4% in the latest quarter, indicating that SG&A growth and weaker pricing or mix are eroding profitability.
SNDL Inc. (SNDL) annual income statement — 9-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Feb'18 | Feb'17 |
|---|
| Sales/Revenue | 919.91M | 946.4M | 920.45M | 909.01M | 712.2M | 56.13M | 60.92M | 63.56M | 9.65M | 0 |
| Revenue Growth % | -3.33% | 2.82% | 1.26% | 27.63% | 1168.88% | -7.86% | -4.16% | 558.65% | - | - |
| Cost of Goods Sold | 695.72M | 687.75M | 680.12M | 718.59M | 571.82M | 65.13M | 110.79M | 27.07M | 9.28M | 0 |
| COGS % of Revenue | - | 72.67% | 73.89% | 79.05% | 80.29% | 116.04% | 181.86% | 42.58% | 96.21% | - |
| Gross Profit | 224.19M | 258.65M | 240.33M | 190.41M | 140.38M | -9M | -49.87M | 36.5M | 366K | 0 |
| Gross Margin % | 24.37% | 27.33% | 26.11% | 20.95% | 19.71% | -16.04% | -81.86% | 57.42% | 3.79% | - |
| Gross Profit Growth % | - | 7.62% | 26.21% | 35.65% | 1659.55% | 81.95% | -236.64% | 9871.58% | - | - |
| Operating Expenses | 233.84M | 263.07M | 344.14M | 353.59M | 488.15M | 125.38M | 135.53M | 88.87M | 11.07M | 1.53M |
| OpEx % of Revenue | - | 27.8% | 37.39% | 38.9% | 68.54% | 223.37% | 222.49% | 139.81% | 114.68% | - |
| Selling, General & Admin | 195.87M | 210.63M | 219.28M | 230.17M | 158.26M | 55.39M | 46.33M | 85.7M | 8.99M | 1.42M |
| SG&A % of Revenue | - | 22.26% | 23.82% | 25.32% | 22.22% | 98.69% | 76.06% | 134.83% | 93.2% | - |
| Research & Development | 147K | 489K | 346K | 324K | 2.45M | 2.45M | 488K | 2.41M | 413K | 0 |
| R&D % of Revenue | - | 0.05% | 0.04% | 0.04% | 0.34% | 4.36% | 0.8% | 3.79% | 4.28% | - |
| Other Operating Expenses | 2.54M | 51.95M | 124.51M | 123.09M | 327.44M | 67.54M | 88.72M | 757K | 1.66M | 108.97K |
| Operating Income | -9.65M | -4.42M | -103.81M | -163.17M | -347.77M | -134.38M | -185.4M | -52.37M | -12.88M | -1.53M |
| Operating Margin % | -1.05% | -0.47% | -11.28% | -17.95% | -48.83% | -239.41% | -304.35% | -82.39% | -133.52% | - |
| Operating Income Growth % | - | 95.74% | 36.38% | 53.08% | -158.81% | 27.52% | -254.02% | -306.45% | -742.9% | - |
| EBITDA | 45.16M | 51.85M | -47.1M | -98.22M | -300.45M | -124.21M | -173.82M | -46.08M | -12.47M | -1.42M |
| EBITDA Margin % | 4.91% | 5.48% | -5.12% | -10.81% | -42.19% | -221.3% | -285.34% | -72.49% | -129.26% | - |
| EBITDA Growth % | 230.44% | 210.08% | 52.05% | 67.31% | -141.89% | 28.54% | -277.26% | -269.37% | -778.65% | - |
| D&A (Non-Cash Add-back) | 54.81M | 56.27M | 56.71M | 64.95M | 47.32M | 10.16M | 11.58M | 6.3M | 411K | 108.97K |
| EBIT | -10.71M | -8.25M | -97.91M | -164.09M | -373.87M | -233.92M | -197.12M | -136.85M | 0 | 0 |
| Net Interest Income | -2.28M | 528K | 8.7M | 7.45M | 11.72M | 12.95M | -8.17M | -16.69M | 0 | 0 |
| Interest Income | 3.91M | 8.05M | 16.4M | 15.37M | 17.62M | 13.72M | 160.29K | 0 | 0 | 0 |
| Interest Expense | 6.19M | 7.52M | 7.7M | 7.92M | 5.9M | 776K | 8.33M | 16.69M | 0 | 0 |
| Other Income/Expense | -52.2M | -11.35M | -1.8M | -8.85M | -32M | -100.32M | -20.91M | -93.94M | -110K | -16.63K |
| Pretax Income | -61.85M | -15.77M | -105.61M | -172.02M | -379.77M | -234.7M | -206.32M | -146.31M | -12.99M | -1.55M |
| Pretax Margin % | -6.72% | -1.67% | -11.47% | -18.92% | -53.32% | -418.15% | -338.68% | -230.18% | -134.66% | - |
| Income Tax | -3.17M | 0 | -9.4M | 0 | -7.34M | -7.91M | 0 | -3.61M | 0 | -12.13K |
| Effective Tax Rate % | 5.13% | 0% | 8.91% | 0% | 1.93% | 3.37% | 0% | 2.47% | 0% | 0.78% |
| Net Income | -58.67M | -15.77M | -94.8M | -172.66M | -335.11M | -226.98M | -233.25M | -271.46M | -12.99M | -1.55M |
| Net Margin % | -6.38% | -1.67% | -10.3% | -18.99% | -47.05% | -404.4% | -382.89% | -427.09% | -134.66% | - |
| Net Income Growth % | 36.42% | 83.36% | 45.1% | 48.48% | -47.64% | 2.68% | 14.08% | -1988.99% | -740.95% | - |
| Net Income (Continuing) | -58.67M | -15.77M | -96.2M | -172.02M | -372.43M | -226.78M | -206.32M | -142.7M | -12.99M | -1.55M |
| Discontinued Operations | 0 | 0 | 0 | -4.54M | 0 | 0 | -33.63M | -128.93M | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 17.27M | 21.16M | 229K | -1.98M | 4.71M | 0 | 0 |
| EPS (Diluted) | -0.24 | -0.06 | -0.38 | -0.65 | -1.50 | -1.24 | -9.50 | -31.78 | -8.50 | -0.18 |
| EPS Growth % | 29.97% | 84.07% | 41.62% | 56.99% | -20.97% | 86.95% | 70.11% | -273.88% | -4622.22% | - |
| EPS (Basic) | - | -0.06 | -0.38 | -0.65 | -1.50 | -1.24 | -9.50 | -31.78 | -8.50 | -0.18 |
| Diluted Shares Outstanding | 246.98M | 258.05M | 264.2M | 259.37M | 229.87M | 186.04M | 21.86M | 8.57M | 8.38M | 8.38M |
| Basic Shares Outstanding | 246.98M | 258.05M | 264.2M | 259.37M | 229.87M | 186.04M | 21.86M | 8.57M | 8.38M | 8.38M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying SNDL stock.
For fiscal year 2025, SNDL Inc. (SNDL) reported total revenue of $946.4M.
SNDL Inc. (SNDL) reported a net loss of $15.8M for the fiscal year ending 2025.
SNDL Inc. (SNDL) reported an operating income of $-4.4M, resulting in an operating profit margin of -0.5%. This margin reflects the operational efficiency of the business before interest and taxes.
SNDL Inc. (SNDL) generated $258.6M in gross profit for the year, representing a gross profit margin of 27.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent operating losses despite revenue
Revenue Plateau Masks Thin Growth
Based on reported quarterly figures, SNDL's revenue has held near $195.9M to $257.7M over ten quarters, with the latest quarter showing a year-over-year decline of 3.5% to $235.7M that suggests growth has stalled.
The revenue series shows no sustained acceleration, with quarterly swings driven more by timing and mix than by a durable upward trend. The negative year-over-year growth in the most recent quarter suggests the top line is contracting modestly rather than expanding. Investors should monitor whether the revenue base can stabilize without relying on the seasonal peak seen in late 2024 and late 2025.
Gross Margin Compression Erodes Cushion
As reported in SNDL's financial statements, gross margin fell from roughly 27.6% in early 2025 to 19.0% in the latest quarter, a decline that appears to reflect weaker pricing or unfavorable product mix.
A gross margin near 19% leaves limited room to absorb fixed operating costs, and the sharp drop from the mid-20s range suggests cost of goods is rising faster than revenue. This pattern may indicate reduced pricing power or a shift toward lower-margin sales channels, though the reported figures alone do not isolate the cause. Continued compression would warrant closer scrutiny of cost inputs and product-level profitability.
SG&A Absorbs Gross Profit Gains
Based on SNDL's reported figures, SG&A of $48.5M in the latest quarter consumed nearly all of the $44.8M gross profit, pushing operating income to a loss of $3.3M.
Operating expenses have remained in a narrow band near $47M to $60M per quarter, so the cost base is not scaling down with revenue. The result is negative operating leverage: when gross profit weakens, the fixed SG&A load deepens operating losses. Until SG&A falls relative to gross profit, the business appears structurally unable to convert revenue into operating profit.
Net Losses Exceed Operating Losses
According to reported financials, SNDL's latest net loss of $50.3M is far larger than its operating loss of $3.3M, a gap that warrants investigation into non-operating and below-the-line items.
The divergence between operating and net results is substantial and is not explained by the supplied operating line items alone. Non-operating charges, tax effects, or other items may be driving the loss, but the data does not allow their composition to be confirmed. Analysts should review the reconciliation to determine whether the gap reflects recurring or one-time items before relying on reported EPS.
Losses Persist Despite Stable Sales
Based on reported quarterly data, SNDL has posted operating losses in most of the last ten quarters, which raises the question of whether a revenue base near $235M can ever support sustained profitability at current margins.
The bear case centers on the fact that revenue has not grown while operating losses recur, implying the cost structure is misaligned with the sales base. Gross margins have trended lower, leaving less capacity to cover SG&A, and the business may need a meaningful cost reset or margin recovery to break even. Without evidence of either, the income statement suggests the current trajectory is difficult to sustain.