Verano Holdings Corp. (VRNO)
As-reported financials and SEC filings for Verano Holdings Corp. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.
About Verano Holdings Corp.
Verano Holdings Corp. is a vertically integrated cannabis company operating in 13 U.S. states. It cultivates, processes, distributes, and retails medical and adult use cannabis products through 160 dispensaries and 14 cultivation and processing facilities. The company serves consumers seeking regulated cannabis products under various brand names and operates retail stores under banners like Zen Leaf and MÜV.
Snapshot
Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.
What changed at Verano Holdings
- Revenue fell 6.5% to $822M in FY2025, after a 6.4% decline the year before.
- Operating margin is now a 13.0% loss in FY2025, from 8.8% in FY2021.
- Most recent quarter Q2 FY2026: revenue $218M, up 7.7% from Q2 FY2025.
- Free cash flow was $12M in FY2025, 1.4% of revenue.
- Net loss narrowed to $258M in FY2025, from $342M in FY2024.
Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.
Peer comparison
Where Verano Holdings’s fundamentals sit among the 241 Materials companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).
Verano Holdings’s net margin of -31.4% ranks in the 7th percentile of the 221 Materials companies reporting it. Verano Holdings’s gross margin of 50.3% ranks in the 90th percentile of the 191 Materials companies reporting it. Verano Holdings’s operating margin of -13.0% ranks in the 12th percentile of the 189 Materials companies reporting it.
No reported insider transactions (codes P/S) in the last 90 days. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →
Percentiles describe where a figure sits among sector peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.
Short interest
Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.
| Settlement | Shares short | Change | Days to cover |
|---|---|---|---|
| 2026-08-14 | 112.6K | +122.8% | 1.00 |
| 2026-07-31 | 50.5K | +26.9% | 1.00 |
| 2026-07-15 | 39.8K | -18.0% | 1.00 |
| 2026-05-29 | 168.5K | -17.8% | 1.00 |
| 2026-05-15 | 205.0K | -77.5% | 1.00 |
| 2026-04-30 | 911.4K | +243.9% | 1.00 |
| 2026-04-15 | 265.0K | -53.0% | 1.00 |
| 2026-03-31 | 564.1K | +166.2% | 1.00 |
Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.
Income statement (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $821.5M | $878.6M | $938.5M | $879.4M | $737.9M |
| Gross profit | $413.5M | $443.9M | $475.2M | $423.1M | $331.0M |
| Operating income | $-107.1M | $-237.2M | $84.8M | $-161.1M | $64.7M |
| Net income | $-257.9M | $-341.9M | $-117.3M | $-269.2M | $-57.5M |
| Diluted EPS | $-0.71 | $-0.98 | $-0.34 | $-0.81 | $-0.20 |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.
Balance sheet (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Cash and equivalents | $82.7M | $87.8M | $174.8M | $84.9M | $99.1M |
| Current assets | $404.7M | $362.7M | $394.2M | $318.3M | $277.0M |
| Total assets | $1.74B | $1.99B | $2.32B | $2.40B | $2.55B |
| Current liabilities | $140.3M | $203.1M | $412.2M | $386.6M | $470.5M |
| Long-term debt | $391.9M | $395.7M | $393.6M | $388.5M | $276.2M |
| Total liabilities | $1.04B | $1.04B | $1.08B | $1.05B | $1.07B |
| Total equity | $702.4M | $950.8M | $1.24B | $1.34B | $1.48B |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.
Cash flow (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Operating cash flow | $52.9M | $112.2M | $109.7M | $94.3M | $182.9M |
| Capital expenditure | $41.2M | $99.0M | $36.3M | $119.2M | $141.3M |
| Free cash flow | $11.6M | $13.1M | $73.4M | $-24.8M | $41.6M |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.
Quarterly trend (as reported)
| Quarter | Revenue | Revenue YoY | Net income | Diluted EPS |
|---|---|---|---|---|
| Q2 FY2026 | $217.9M | 7.7% | $-13.4M | — |
| Q1 FY2026 | $208.2M | -0.8% | $-17.8M | $-0.05 |
| Q4 FY2025 | $206.6M | -5.3% | $-183.4M | $-0.51 |
| Q3 FY2025 | $202.8M | -6.4% | $-43.8M | $-0.12 |
| Q2 FY2025 | $202.3M | -9.0% | $-19.1M | — |
| Q1 FY2025 | $209.8M | -5.2% | $-11.5M | $-0.03 |
| Q4 FY2024 | $218.2M | -8.0% | $-272.7M | $-0.76 |
| Q3 FY2024 | $216.7M | -9.7% | $-42.6M | $-0.12 |
Latest 8 reported quarters, from company XBRL filings on SEC EDGAR.
Company facts
Selected SEC filings
Largest Materials peers
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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.