Verano Reports $821.5 Million in 2025 Revenue, Q4 Sales and Margins Show Sequential Improvement
- Verano Holdings reported $821.5 million in revenue for 2025, with a 2% revenue increase in Q4 compared to the previous quarter but a 6% decline year-over-year from 2024.
- Gross profit margin improved to 51% in Q4 2025, with adjusted EBITDA of $55.5 million for the quarter and $229.2 million for the year, though both figures declined compared to 2024.
- The company posted a net loss of $183.4 million in Q4 and $257.9 million for the full year, citing improvements due to lower impairment charges and reduced operating expenses.
- Verano expanded operations across 13 states with 160 dispensaries, secured $195 million in a senior secured term loan, launched new products, and plans $30-$50 million in capital expenditures for 2026 focused on efficiency and growth.
Verano Holdings reported $821.5 million in revenue for 2025, with the company saying its fourth quarter showed sequential improvement in both revenue and margins as it continued trimming costs and refining operations. The Chicago-based marijuana company said Thursday that it generated $206.6 million in revenue in the final three months of 2025, up 2% from the prior quarter but down 5% from the fourth quarter of 2024. For the full year, revenue fell 6% from $878.6 million in 2024 to $821.5 million.
Gross profit for the fourth quarter was $105.7 million, or 51% of revenue, up from 47% in the prior quarter. Adjusted EBITDA for the quarter was $55.5 million, or 27% of revenue, compared to $53.1 million in the third quarter. For the full year, adjusted EBITDA totaled $229.2 million, down from $264.5 million in 2024.
Verano posted a net loss of $183.4 million in the fourth quarter and a full-year net loss of $257.9 million. The company said the year-over-year improvement in net loss was driven largely by lower impairment charges and reduced operating expenses.
George Archos, Verano’s founder and chief executive officer, said the company spent 2025 streamlining operations, adding automation and rolling out new products and partnerships. He also pointed to several strategic developments over the past year, including the company’s redomicile from Canada to Nevada, a settlement with Vireo Growth, and a conditional vertical license in Texas.
Verano said it recently closed on a $195 million senior secured term loan, a move it described as providing lower-cost capital on favorable terms. The company also expanded its revolving credit facility to $100 million and extended the maturity date to February 2029.
The company said its operations currently span 13 states and include 160 dispensaries, 14 production facilities and more than 1.1 million square feet of cultivation capacity. Verano also said it finished 2025 with top-three market share positions across every category in which it competes.
Among its more recent developments, Verano opened a new MÜV dispensary in Deltona, Florida, bringing its Florida footprint to 83 locations. It also launched a new pre-roll brand, Swift Lifts, and continued expanding its vape portfolio.
Looking ahead, Verano said it expects capital expenditures in 2026 to range from $30 million to $50 million, with spending focused on cultivation efficiency, selective retail expansion, store upgrades and technology infrastructure.