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Sep 30, 2025
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Canopy Growth Q2 2026 Earnings Report
Canopy Growth reported Q2 2026 results with a narrower net loss and stronger performance in Canadian cannabis sales.
Key Takeaways
Canopy Growth posted a Q2 2026 net loss of $1.6M, significantly improved from the prior year. Revenue rose to $66.7M driven by strong growth in Canadian adult-use and medical cannabis. Gross margin remained steady, and operating losses shrank due to disciplined cost controls and lower SG&A expenses.
Net loss improved to $1.6M from $128.3M a year earlier.
Revenue grew 6% YoY to $66.7M, driven by Canadian cannabis sales.
Adjusted EBITDA loss narrowed to $3M from $5.5M YoY.
Cash and cash equivalents increased to $298M, exceeding debt levels.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Canopy expects continued growth in Canadian cannabis segments and improvements in supply chain execution for European operations.
Positive Outlook
- Anticipated top-line growth in Canadian adult-use driven by new products.
- Dedicated focus on high-value medical cannabis with exclusive DOJA facility.
- Expected stabilization of European medical cannabis supply chain.
- Strong holiday season and ramp-up of VEAZY expected to boost Storz & Bickel.
- Cost savings initiatives delivering $21M in annualized savings.
Challenges Ahead
- Continued gross margin pressure in international cannabis sales.
- Supply chain disruptions in Europe impacted current quarter revenue.
- Gross margin declined YoY in the cannabis segment.
- Free cash flow remains negative despite improvements.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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