SNDL Inc. (SNDL) Income Statement
SNDL 2025 at a glance
Fiscal year ended December 31, 2025 · Canadian dollarsSNDL revenue and net income
Where SNDL's revenue goes
2025Each bar shows an amount and its share of revenue. SNDL kept −1.7% of revenue as net income.
SNDL profit margins
SNDL growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +2.8% | +9.9% | +73.1% | — |
| Gross profit | +7.6% | +22.6% | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
SNDL income statement in Canadian dollars
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | C$946.4M | C$920.4M | C$909.0M | C$712.2M | C$56.1M | C$60.9M | C$63.6M | C$0 | C$9.7M | C$0 |
| Cost of revenue | C$687.8M | C$680.1M | C$718.6M | C$571.8M | C$65.1M | C$110.8M | C$27.1M | C$417,141 | C$9.3M | C$0 |
| Gross profit | C$258.6M | C$240.3M | C$190.4M | C$140.4M | −C$9.0M | −C$49.9M | C$36.5M | −C$417,141 | C$366,000 | C$0 |
| Research & development | C$489,000 | C$346,000 | C$324,000 | C$2.4M | C$2.4M | C$488,000 | C$2.4M | C$14,842 | C$413,000 | C$0 |
| Sales, general & admin | C$210.6M | C$219.3M | C$230.2M | C$158.3M | C$55.4M | C$46.3M | C$85.7M | C$604,350 | C$9.0M | C$1.4M |
| Total operating expenses | C$263.1M | C$344.1M | C$353.6M | C$488.1M | C$125.4M | C$135.5M | C$88.9M | C$1.5M | C$11.1M | C$1.5M |
| Operating income | −C$4.4M | −C$103.8M | −C$163.2M | −C$347.8M | −C$134.4M | −C$185.4M | −C$52.4M | −C$1.5M | −C$12.9M | −C$1.5M |
| Interest income | C$8.0M | C$16.4M | C$15.4M | C$17.6M | C$13.7M | C$215,000 | C$44.0M | — | — | — |
| Interest expense | C$7.5M | C$7.7M | C$7.9M | C$5.9M | C$776,000 | C$8.3M | C$16.7M | C$0 | C$0 | C$0 |
| Income before taxes | −C$15.8M | −C$105.6M | −C$172.0M | −C$379.8M | −C$234.7M | −C$206.3M | −C$146.3M | −C$3.0M | −C$13.0M | −C$1.5M |
| Income taxes | — | −C$9.4M | C$15.3M | −C$7.3M | −C$7.9M | C$49.6M | −C$3.6M | C$0 | C$4.5M | −C$12,127 |
| Net income | −C$15.8M | −C$94.8M | −C$172.7M | −C$335.1M | −C$227.0M | −C$233.2M | −C$271.5M | −C$3.0M | −C$13.0M | −C$1.5M |
| EBITDA | C$48.0M | −C$41.2M | −C$99.1M | −C$326.5M | −C$223.8M | −C$185.5M | −C$130.6M | — | −C$31.3M | −C$1.4M |
| Gross margin | 27.3% | 26.1% | 20.9% | 19.7% | −16.0% | −81.9% | 57.4% | — | 3.8% | — |
| Operating margin | −0.5% | −11.3% | −18.0% | −48.8% | −239.4% | −304.4% | −82.4% | — | −133.5% | — |
| Net margin | −1.7% | −10.3% | −19.0% | −47.1% | −404.4% | −382.9% | −427.1% | — | −134.7% | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | C$235.8M | C$195.9M | C$252.5M | C$244.2M | C$244.8M | C$204.9M | C$257.7M | C$236.9M | C$228.1M | C$197.8M | C$248.4M | C$237.6M |
| Cost of revenue | C$179.4M | C$143.1M | C$182.3M | C$180.0M | C$177.2M | C$148.3M | C$188.9M | C$173.9M | C$170.0M | C$147.3M | C$191.1M | C$189.0M |
| Gross profit | C$56.3M | C$52.8M | C$70.2M | C$64.2M | C$67.6M | C$56.6M | C$68.8M | C$63.0M | C$58.2M | C$50.4M | C$57.3M | C$48.6M |
| Research & development | C$8,000 | C$4,000 | C$135,000 | C$156,000 | C$98,000 | C$100,000 | C$124,000 | C$76,000 | C$109,000 | C$37,000 | C$107,000 | C$57,000 |
| Sales, general & admin | C$49.2M | C$51.2M | C$47.0M | C$60.5M | C$51.7M | C$51.5M | C$52.3M | C$58.5M | C$56.4M | C$52.1M | C$58.4M | C$56.9M |
| Total operating expenses | C$61.8M | C$64.0M | C$60.0M | C$73.6M | C$64.7M | C$64.8M | C$144.9M | C$81.5M | C$63.0M | C$54.8M | C$142.3M | C$65.0M |
| Operating income | −C$5.4M | −C$11.2M | C$10.2M | −C$9.4M | C$2.9M | −C$8.2M | −C$76.1M | −C$18.5M | −C$4.8M | −C$4.4M | −C$84.9M | −C$16.4M |
| Interest income | C$1.1M | — | C$1.7M | C$1.8M | C$1.5M | C$3.0M | C$15.8M | C$194,000 | C$3.4M | C$4.3M | C$3.6M | C$3.7M |
| Interest expense | C$2.1M | — | C$2.0M | C$1.9M | C$1.8M | C$1.8M | C$1.9M | C$1.9M | C$1.9M | C$2.0M | C$1.6M | C$1.7M |
| Income before taxes | −C$9.5M | −C$11.4M | C$9.4M | −C$13.3M | C$2.9M | −C$14.7M | −C$73.8M | −C$17.9M | −C$6.3M | −C$7.6M | −C$85.4M | −C$21.8M |
| Income taxes | −C$1.7M | −C$1.5M | — | — | — | — | −C$6.6M | C$1.4M | −C$1.3M | −C$3.0M | −C$9.0M | C$8.2M |
| Net income | −C$7.8M | −C$9.9M | C$9.4M | −C$13.3M | C$2.9M | −C$14.7M | −C$67.1M | −C$19.3M | −C$5.8M | −C$2.6M | −C$82.8M | −C$21.8M |
| EBITDA | C$6.6M | C$2.7M | C$25.5M | C$2.6M | C$18.6M | C$1.3M | −C$57.9M | −C$2.0M | C$9.8M | C$8.9M | −C$68.0M | −C$3.5M |
| Gross margin | 23.9% | 27.0% | 27.8% | 26.3% | 27.6% | 27.6% | 26.7% | 26.6% | 25.5% | 25.5% | 23.1% | 20.5% |
| Operating margin | −2.3% | −5.7% | 4.1% | −3.8% | 1.2% | −4.0% | −29.5% | −7.8% | −2.1% | −2.2% | −34.2% | −6.9% |
| Net margin | −3.3% | −5.1% | 3.7% | −5.5% | 1.2% | −7.2% | −26.1% | −8.2% | −2.5% | −1.3% | −33.3% | −9.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported in SNDL's financial statements (latest annual report filed March 12, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
SNDL financial results
In fiscal year 2025 (ended December 31, 2025), SNDL reported revenue of C$946.4 million, up 2.8% from the year before. It had a net loss of C$15.8 million, a net profit margin of −1.7%. Over five years revenue grew at an average rate of 73.1% a year. Figures are in Canadian dollars, the currency of its financial statements.
See the SNDL stock overview for the latest quote and news, or the SNDL chart for price history and technical indicators.
SNDL income statement FAQ
What is SNDL's annual revenue?
SNDL reported total revenue of C$946.4 million for fiscal year 2025, which ended on December 31, 2025. That was up 2.8% from C$920.4 million the previous year.
Is SNDL profitable?
No. SNDL reported a net loss of C$15.8 million in fiscal 2025, a net profit margin of −1.7%; its operating margin was −0.5%.
What is SNDL's gross margin?
SNDL's gross margin was 27.3% in fiscal 2025: for every $100 of revenue, SNDL kept $27 after the direct cost of its products and services.
How much does SNDL spend on research and development?
SNDL spent C$0.5 million on research and development in fiscal 2025, 0.1% of revenue.
How fast is SNDL growing?
Revenue grew 73.1% a year on average over the last five fiscal years, from C$60.9 million to C$946.4 million.
When will SNDL report its next earnings?
SNDL is expected to report results for the quarter ending September 30, 2026 on October 27, 2026 before the market opens.
When does SNDL's fiscal year end?
SNDL's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 12, 2026.