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Did SNDL beat or miss consensus estimates last quarter?

What were the key takeaways from SNDL’s earnings call?

What is the revenue and EPS growth rate for SNDL year over year?

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What does SNDL do and what are its main business segments?

What is SNDL's gross profit margin?

What guidance did SNDL's management provide for the next earnings period?

- **Record Financial Performance**: Full-year free cash flow doubled to $18 million, with Cannabis Retail revenue up 6% and Liquor segment gross margin expanding 120bps.
- **Market Share Gains**: Both Retail segments gained 20bps market share, offsetting top-line declines in challenging markets.
- **Strategic Investments**: $15.1M share buyback, 5 new store openings, and $10M+ quarterly free cash flow highlight disciplined capital allocation.
- **Challenges & Risks**: U.S. cannabis portfolio resolution delays, Liquor market contraction, and Cannabis Retail same-store sales deceleration.

**【CEO Summary Section】**
- Reported record full-year net revenue, gross profit, adjusted operating income, and free cash flow, with free cash flow doubling to $18 million in 2025.
- Cannabis business expanded for 16 consecutive quarters, with both Retail and Operations segments gaining market share despite second-half market slowdown.
- Completed first stage of 1CM Cost Cannabis retail store acquisition, with 5 locations in Alberta and Saskatchewan.
- Repurchased 15.1 million shares since Q4 2024, including 4.3 million in the last 90 days.
- Continued focus on U.S. cannabis rescheduling and strategic initiatives like ERP system consolidation.

**【CFO Financial Commentary】**
- Q4 2025 net revenue $252 million (-2% YoY), driven by Liquor and Cannabis Retail contractions, offset by market share gains.
- Gross profit $70.2 million (new quarterly record), with gross margin improving 110bps to 27.8%.
- Adjusted operating income $12.8 million (new quarterly high), supported by operational efficiencies and absence of prior-year SunStream valuation adjustment.
- Full-year free cash flow $18 million (+100% YoY), despite Q4 working capital timing and capital expenditure increases.
- Cannabis Retail segment delivered 6% revenue growth (3.9% same-store sales), with gross margin expanding 190bps to 26.1%.
- Liquor segment maintained gross profit despite 3% revenue decline, driven by private label growth and Wine & Beyond banner performance.

**【Q&A Key Highlights】**
- **Cannabis Retail Slowdown**: Attributed to market saturation, promotional fatigue, and independent store closures; expects consolidation opportunities.
- **M&A Strategy**: Actively reviewing double-digit M&A pipeline, with 1CM Ontario store acquisition expected to close in Q2.
- **International Growth**: EU GMP certification expected in summer 2026; international sales grew 32% in 2025 but remain small.
- **Liquor Retail Outlook**: Focus on Wine & Beyond banner (low-single-digit growth) and private label expansion; market decline expected to persist.
- **U.S. Assets**: Parallel (Florida) foreclosure resolution expected Q2; Skymint (Michigan) receivership near completion; U.S. cannabis portfolio being optimized for capital return.

SNDL Inc. (SNDL) Q4 2025 Earnings Call Transcript

- **Record Free Cash Flow**: $16.7M Q3, first positive YTD ($7.7M) in company history.
- **Cannabis Growth**: 50% revenue jump in Operations, edibles market leadership, $4.2M intl sales.
- **Margin Expansion**: Liquor Retail gross margin 26.3% (new high), Cannabis Retail +90 bps to 24.1%.
- **Non-Cash Impact**: $11.9M charges (share comp, inventory/write-offs) vs. +43% adjusted operating income.
- **Intl Expansion**: Atholville facility to supply >$15M/month in 2026, targeting Florida/Texas medical markets.

**【CEO Summary Section】**
- Reported record quarterly free cash flow of $16.7 million, achieving positive cumulative free cash flow of $7.7 million year-to-date for the first time in company history.
- Combined Cannabis segment revenue grew 15% year-over-year, driven by double-digit growth in edibles and international sales reaching $4.2 million.
- Operational improvements include 80 basis point gross margin expansion in Liquor Retail (26.3% new record) and $4 million reduction in G&A expenses.
- Non-cash charges of $11.9 million (share-based comp, inventory/write-offs) impacted reported operating loss, but adjusted operating income improved 43% YoY.
- Accelerated store expansion with 5 new Cannabis stores and 2 Wine & Beyond stores scheduled for Q4 opening.

**【CFO Financial Commentary】**
- Net revenue $244 million (+3.1% YoY), driven by Cannabis segments offsetting Liquor Retail headwinds.
- Gross profit $64.2 million (+1.9% YoY), impacted by $3.9 million Cannabis inventory adjustments (160 bps margin drag).
- Free cash flow highlights: Q3 $16.7 million vs. $9.2 million prior year; YTD $7.7 million vs. -$10.3 million.
- Cannabis Operations revenue up 50% YoY ($37.4 million), but adjusted operating loss $4.8 million due to $6.6 million non-cash adjustments.
- Liquor Retail operating income $11.2 million (-$0.6 million YoY) due to lapping $1.2 million asset reversal.
- Cannabis Retail operating income $9.1 million (+100% YoY), supported by 4.8% same-store sales growth.

**【Q&A Key Highlights】**
- **Cannabis Operations Gross Margin**: CFO expects 25%+ going forward (excluding one-time $3.9M inventory write-off in Q3).
- **International Sales Growth**: Q3 $4.2 million, with 2026 targets of >$15M/month from Atholville facility (15,000kg/month capacity).
- **1CM Transaction Update**: Regulatory review in Ontario delayed beyond prior expectations; no new info to share.
- **Cannabis Retail Strategy**: Shifting focus from top-line growth to margin optimization (90 bps gross margin expansion YoY).
- **Share-Based Compensation**: 121% share price increase triggered $6.8M non-cash charge, impacting Corporate segment costs.


SNDL Inc. (SNDL) Q3 2025 Earnings Call Transcript

- **Historic milestone**: First-quarter positive operating income ($5.8M) and net earnings achieved.
- **Revenue growth**: 7.3% YoY to $245M, driven by 43% Cannabis Operations growth and 11% Cannabis Retail expansion.
- **Gross margin record**: 27.6% consolidated margin, matching Q1 high, with $3.8M in international sales.
- **Balance sheet strength**: $200M+ cash, no debt, enabling strategic investments.
- **International focus**: European exports expected to accelerate, with Q2 sales up 43% YoY.
- **Cost control**: $5M G&A reduction YoY, supporting reinvestment in growth initiatives.

**【CEO Summary Section】**
- Achieved **first-time positive operating income** of $5.8M (adjusted) and net earnings, marking a historic milestone.
- **Revenue growth across all segments**: Cannabis segment expanded 3x faster than the Canadian market, while Liquor Retail returned to growth with 1% YoY increase.
- **Gross margin improvements**: Consolidated gross margin matched Q1 record high of 27.6%, driven by productivity initiatives and Indiva acquisition synergies.
- **Cost management success**: Reduced G&A expenses by $5M YoY, despite inflation, enabling reinvestment in growth.
- **Strong balance sheet**: $200M+ unrestricted cash with no debt, positioning for high-return organic and inorganic opportunities.
- **International expansion**: Exported cannabis to U.K. and Europe, with $3.8M in Q2 international sales, targeting accelerated growth in Q3.

**【CFO Financial Commentary】**
- **Revenue**: $245M (+7.3% YoY), driven by 43% growth in Cannabis Operations ($35.8M) and 11% rise in Cannabis Retail ($84.4M).
- **Gross profit**: $67.6M (+16.2% YoY), with 210bps margin expansion.
- **Free cash flow**: Negative $7.9M due to working capital investments for international growth and store openings.
- **Segment performance**: Liquor Retail gross margin hit record 25.7%, Cannabis Retail operating income doubled YoY to $8.1M.

**【Q&A Highlights】**
- **International strategy**: Prioritizing high-margin European exports while maintaining Canadian market focus; Q2 international sales $3.8M, expected to grow substantially in Q3.
- **Supply chain resilience**: Atholville facility meets 15% of biomass needs, leveraging market procurement to avoid capital-intensive cultivation expansion.
- **Liquor Retail recovery**: 2.7% same-store sales growth driven by Wine & Beyond banner (+7.2%) and private label sales (+8.1%).
- **U.S. assets**: SunStream restructuring delayed due to court delays; Texas operations retained, Pennsylvania assets disclaimed.
- **Market share ambition**: Focused on profitable growth over market share, targeting oligopoly dynamics in Canada.
- **Margins in Europe**: International sales accretive to Canadian average, though subject to emerging market volatility.

SNDL Inc. (SNDL) Q2 2025 Earnings Call Transcript

- **Record Performance**: Q1 2025 net revenue $205M (+3.6% YoY), cannabis segment +16.8% driven by Indiva acquisition; 27.6% gross margin (new high).
- **Strategic Momentum**: 1CM retail acquisition (~$32M) on track for Q3 close; Board exploring US cannabis platform expansion.
- **Profitability Boost**: $3M productivity savings, $4M overhead reductions (85% of $17M annual target); free cash flow improved $5.3M YoY.
- **Growth Drivers**: Cannabis Retail +8.7% YoY (5.2% same-store sales), Cannabis Ops revenue +53% YoY.

**【CEO Opening Remarks】**
- Q1 2025 net revenue reached $205M (+3.6% YoY), driven by 16.8% cannabis segment growth (including Indiva acquisition) offset by liquor retail decline.
- Record gross margin of 27.6% achieved despite seasonal low revenue quarter; free cash flow marginally negative at -$1M.
- Strategic initiatives: 1CM retail acquisition (~$32M) expected to close Q3, and Board initiating strategic review of US cannabis exposure and listing status.

**【CFO Financial Highlights】**
- Cannabis Operations segment revenue +53% YoY ($34.3M vs $22.4M), gross margin expands 12.4pts to 26.8%.
- Adjusted operating income improved $6.3M YoY to $5.2M (Cannabis Retail) and $2.4M (Cannabis Ops), offset by SunStream portfolio valuation loss.
- Free cash flow improved $5.3M YoY to -$1.1M, driven by working capital management and lower CapEx.

**【CEO Strategic Priorities】**
- **Growth**: Cannabis Retail +8.7% YoY (5.2% same-store sales), gaining 0.3% market share; Cannabis Ops revenue +53% YoY.
- **Profitability**: $3M incremental productivity savings, $4M overhead savings (85% of $17M annual target achieved).
- **People**: 100% Indiva employees transitioned to SNDL HR platform; employee engagement initiatives and total compensation transparency.

**【Q&A Key Takeaways】**
- **US Market Strategy**: Board evaluating regulatory flexibility to pursue multi-state US cannabis platform; no immediate cash outlay needed via existing credit investments.
- **Retail Acquisitions**: Actively pursuing medium/large-scale Canadian retail portfolios; 1CM deal expected to close Q3.
- **Government Policy**: Cautious optimism on excise tax reform; focus on provincial regulatory improvements (e.g., edible milligram limits).

SNDL (SNDL)-1 May 25-2025 Q1 Earnings call transcript

- **Record financial performance**: 2024 ends with $920M revenue, 26.1% gross margin, $8.9M free cash flow.
- **Cannabis dominance**: 42% Q4 revenue growth, 27.2% gross margin, 12 straight quarters of gains.
- **Strategic momentum**: Indiva acquisition, CSE listing, $12M Q4 free cash flow beat.
- **Liquor resilience**: 22% Q4 gross margin despite 3.4% revenue decline.
- **Long-term vision**: $100M annualized free cash flow target by 2027.

**【CEO Opening Remarks】**
- Full year 2024 records: $920M net revenue, $240M gross profit, 26.1% gross margin, $8.9M free cash flow.
- Cannabis segment: 12 consecutive quarters of revenue growth, 42% Q4 YoY increase, 27.2% Q4 gross margin.
- Strategic moves: Indiva acquisition (largest edible manufacturer), Nova privatization, CSE listing application.
- Operational highlights: $12M Q4 free cash flow, $8M productivity savings, 78 new distribution points added in Q4.

**【CFO Financial Breakdown】**
- Q4 2024: $257.7M net revenue (+3.7% YoY), $68.8M gross profit (+20% YoY), 26.7% gross margin.
- Full year: 26.1% gross margin (520bps improvement), $8.9M free cash flow vs. breakeven guidance.
- Liquor Retail: 3.4% Q4 revenue decline offset by 22% gross margin, 41% full year margin.
- Cannabis Operations: $37.1M Q4 revenue (+42% YoY), $7.5M from Indiva, 27.2% Q4 gross margin.

**【Q&A Key Takeaways】**
- Liquor Retail outlook: 0% growth in 2025, long-term 1-1.5% CAGR.
- U.S. investments: Florida market focus, no immediate capital injection plans.
- CSE listing: Strategic optionality, no direct U.S. plant-touching plans yet.
- Cannabis Retail: Banner flexibility, 40bps market share gain, 6.3% Q4 same-store sales growth.
- Free cash flow target: $100M annualized within 3 years.

Actual				-2.8805	-2.2026	-0.1755	-0.9916	-0.7161	-0.2423	0.0631	-0.1581	-0.1598	-0.2407	-0.2963					-0.249	-0.0074	-0.0146	-0.0517	-0.1737	-0.0417	0.0073	-0.0359	0.0291
Forecast				-1.8924	-1.2758	-0.571	-0.3336	-0.0199	0	0	0	0	0.0259	-0.0193	0.0148	0.0074	0.0075	0.0074	0.0075	-0.0443	0	-0.037	-0.0128	-0.0582	-0.0367	-0.0004	0.0109
Surprise	0.00%	0.00%	0.00%	-52.21%	-72.64%	+69.26%	-197.24%	-3498.49%	0.00%	0.00%	0.00%	0.00%	-1029.34%	-1435.23%	0.00%	0.00%	0.00%	0.00%	-3420.00%	+83.30%	0.00%	-39.73%	-1257.03%	+28.35%	+119.89%	-8875.00%	+166.97%

SNDL

SNDL fundamentals

SNDL Q4 2025 Earnings

Earnings Call

You can ask Aime

SNDL

SNDL fundamentals

SNDL Q4 2025 Earnings

Earnings Call

SNDL Earnings Call Summary for Q4/202510:00 AM on Mar 12, 2026

SNDL Earnings Call Summary for Q3/202510:00 AM on Nov 4, 2025

SNDL Earnings Call Summary for Q2/202510:00 AM on Jul 31, 2025

SNDL Earnings Call Summary for Q1/202510:00 AM on May 1, 2025

SNDL Earnings Call Summary for Q4/202410:00 AM on Mar 18, 2025

You can ask Aime