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Dec 31, 2025
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Canopy Growth Q3 2026 Earnings Report
Canopy Growth reported its financial results for the third quarter of fiscal year 2026, ending December 31, 2025, showing a narrowed net loss and adjusted EBITDA loss, driven by strong sales execution and SG&A cost savings.
Key Takeaways
Canopy Growth demonstrated improving fundamentals in Q3 FY2026, with a significant narrowing of net loss by 49% and adjusted EBITDA loss by 17% year-over-year. The company attributes this to strong sales execution and effective SG&A cost savings, particularly in Canada. The strategic recapitalization completed in January 2026 further strengthened the balance sheet, extending debt maturities to 2031, and the acquisition of MTL Cannabis is on track to close, expected to bolster its global cannabis platform.
Net loss narrowed by 49% year-over-year in Q3 FY2026.
Adjusted EBITDA loss narrowed by 17% year-over-year, driven by strong sales and cost savings.
The acquisition of MTL Cannabis is expected to close in the current quarter, strengthening the global cannabis platform.
Strategic recapitalization in January 2026 extended debt maturity dates for all outstanding indebtedness to 2031, improving the balance sheet.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Canopy Growth anticipates achieving positive Adjusted EBITDA during fiscal 2027, driven by continued cost reduction actions, expected growth across core businesses, and the strategic acquisition of MTL Cannabis.
Positive Outlook
- Expects to achieve positive Adjusted EBITDA during fiscal 2027.
- Decisive cost reduction actions taken in fiscal 2026 are strengthening current year financial performance.
- Acquisition of MTL Cannabis is on track to close and is expected to strengthen Canopy Growth’s global cannabis platform.
- Strategic recapitalization completed in January 2026 has strengthened the balance sheet.
- Maturity dates for all outstanding indebtedness have been extended to 2031.
Challenges Ahead
- No specific negative forward guidance points were explicitly stated in the provided text.
- The company is still operating at a net loss and adjusted EBITDA loss, though narrowing.
- Reliance on successful integration of acquired businesses for future growth.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
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Avg. Return Before/After Earnings
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