Revenue growth remains highly volatile with a recent contraction to $195.9M in 2026Q1, while operating margins remain strained, evidenced by the -5.7% margin reported in the same period.
| Sales/Revenue | 937.39M | 946.4M | 920.45M | 909.01M | 712.2M | 56.13M | 60.92M | 63.56M | 9.65M | 0 |
| Revenue Growth % | 1.05% | 2.82% | 1.26% | 27.63% | 1168.88% | -7.86% | -4.16% | 558.65% | - | - |
| Cost of Goods Sold | 682.57M | 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 | 254.82M | 258.65M | 240.33M | 190.41M | 140.38M | -9M | -49.87M | 36.5M | 366K | 0 |
| Gross Margin % | 27.18% | 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 | 262.24M | 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 | 210.35M | 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 | 393K | 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 | 4M | 51.95M | 124.51M | 123.09M | 327.44M | 67.54M | 88.72M | 757K | 1.66M | 108.97K |
| Operating Income | -7.42M | -4.42M | -103.81M | -163.17M | -347.77M | -134.38M | -185.4M | -52.37M | -12.88M | -1.53M |
| Operating Margin % | -0.79% | -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 | 48.78M | 51.85M | -47.1M | -98.22M | -300.45M | -124.21M | -173.82M | -46.08M | -12.47M | -1.42M |
| EBITDA Margin % | 5.2% | 5.48% | -5.12% | -10.81% | -42.19% | -221.3% | -285.34% | -72.49% | -129.26% | - |
| EBITDA Growth % | 195.08% | 210.08% | 52.05% | 67.31% | -141.89% | 28.54% | -277.26% | -269.37% | -778.65% | - |
| D&A (Non-Cash Add-back) | 56.2M | 56.27M | 56.71M | 64.95M | 47.32M | 10.16M | 11.58M | 6.3M | 411K | 108.97K |
| EBIT | -6.58M | -8.25M | -97.91M | -164.09M | -373.87M | -233.92M | -197.12M | -136.85M | 0 | 0 |
| Net Interest Income | -665K | 528K | 8.7M | 7.45M | 11.72M | 12.95M | -8.17M | -16.69M | 0 | 0 |
| Interest Income | 5.03M | 8.05M | 16.4M | 15.37M | 17.62M | 13.72M | 160.29K | 0 | 0 | 0 |
| Interest Expense | 5.69M | 7.52M | 7.7M | 7.92M | 5.9M | 776K | 8.33M | 16.69M | 0 | 0 |
| Other Income/Expense | -5.06M | -11.35M | -1.8M | -8.85M | -32M | -100.32M | -20.91M | -93.94M | -110K | -16.63K |
| Pretax Income | -12.47M | -15.77M | -105.61M | -172.02M | -379.77M | -234.7M | -206.32M | -146.31M | -12.99M | -1.55M |
| Pretax Margin % | -1.33% | -1.67% | -11.47% | -18.92% | -53.32% | -418.15% | -338.68% | -230.18% | -134.66% | - |
| Income Tax | -1.5M | 0 | -9.4M | 0 | -7.34M | -7.91M | 0 | -3.61M | 0 | -12.13K |
| Effective Tax Rate % | 12% | 0% | 8.91% | 0% | 1.93% | 3.37% | 0% | 2.47% | 0% | 0.78% |
| Net Income | -10.98M | -15.77M | -94.8M | -172.66M | -335.11M | -226.98M | -233.25M | -271.46M | -12.99M | -1.55M |
| Net Margin % | -1.17% | -1.67% | -10.3% | -18.99% | -47.05% | -404.4% | -382.89% | -427.09% | -134.66% | - |
| Net Income Growth % | 89.74% | 83.36% | 45.1% | 48.48% | -47.64% | 2.68% | 14.08% | -1988.99% | -740.95% | - |
| Net Income (Continuing) | -10.98M | -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) | -0.04 | -0.06 | -0.38 | -0.65 | -1.50 | -1.24 | -9.50 | -31.78 | -8.50 | -0.18 |
| EPS Growth % | 86.88% | 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 | 260.17M | 258.05M | 264.2M | 259.37M | 229.87M | 186.04M | 21.86M | 8.57M | 8.38M | 8.38M |
| Basic Shares Outstanding | 260.17M | 258.05M | 264.2M | 259.37M | 229.87M | 186.04M | 21.86M | 8.57M | 8.38M | 8.38M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Persistent Canadian Market Saturation
According to recent financial disclosures, SNDL's quarterly revenue has fluctuated significantly, peaking at $257.7M in 2024Q4 before contracting to $195.9M in 2026Q1, suggesting that the company's diversified retail and cannabis model struggles to maintain consistent top-line momentum in a saturated Canadian market environment.
The revenue trajectory appears heavily influenced by the cyclical nature of its liquor retail segment and the inherent volatility of cannabis wholesale pricing. Investors should monitor whether the recent decline in revenue reflects a structural loss of market share or merely seasonal adjustments within the retail footprint.
As reported in quarterly filings, SNDL has maintained a relatively stable gross margin profile, hovering near 27% over the last ten quarters, which indicates that the company's retail-heavy strategy provides a defensive buffer against the extreme margin compression seen in pure-play cannabis cultivation peers.
While the 27.33% average gross margin suggests some pricing power, the persistent impact of the Canadian excise tax regime continues to limit potential upside. Future margin expansion appears contingent on the company's ability to increase private-label penetration, which may help bypass third-party procurement costs.
Based on the provided income statement data, SNDL's operating income has failed to scale consistently with gross profit, as evidenced by the 2026Q1 operating loss of $11.2M despite generating $52.8M in gross profit, highlighting the difficulty of managing a complex, multi-segment cost structure.
The inability to consistently achieve positive operating margins suggests that SG&A expenses remain disproportionately high relative to the company's current revenue scale. This indicates that the conglomerate structure may be creating operational inefficiencies that management has yet to fully address through cost rationalization.
Analysis of the income statement reveals that net income is frequently impacted by non-operating items and significant quarterly swings, such as the $67.1M loss in 2024Q4, which suggests that reported EPS may not accurately reflect the underlying cash-generating capability of the core retail operations.
The presence of fluctuating stock-based compensation and potential fair value adjustments warrants further investigation into the sustainability of reported earnings. Investors should be cautious of relying on headline net income figures, as they appear heavily influenced by accounting requirements rather than pure operational performance.
While the liquor segment provides a defensive floor, the company's reliance on the SunStream investment portfolio introduces significant valuation risk, as Level 3 inputs for loan recoverability could lead to future impairments that would negatively impact the balance sheet and overall investor sentiment.
Short-sellers may focus on the potential for inventory impairments and the complexity of managing disparate business lines, which could mask underlying weakness in the core cannabis operations. The market's current valuation may be overly optimistic regarding the potential for a successful pivot into the US THC market.
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.