SNDL reported net revenue of CAD252.5 million in Q4 2025 (down 2.0% y/y) and a full-year record of CAD946.4 million (up 2.8% y/y), led by an 11.4% increase in its combined cannabis business. Gross profit reached CAD70.2 million in Q4 (+2.1%) and CAD258.6 million for the full year (+7.6%), while gross margin expanded to 27.8% in Q4 and 27.3% for the year, improvements of 1.1 and 1.2 percentage points respectively.

Operating income hit a Q4 record of CAD11.8 million, and full-year adjusted operating income broke even at CAD0.1 million, driven by margin progression and SG&A efficiencies. Operating cash flow was positive CAD11.7 million in Q4 and CAD33.9 million for the year, while free cash flow rose to CAD10.2 million in Q4 and CAD18.0 million for 2025, more than doubling the prior year’s record.

Capital expenditures increased to CAD12.8 million in 2025 from CAD8.6 million in 2024, with CAD4.0 million spent in Q4 to support new cannabis and liquor retail store openings. On January 6, 2026, SNDL completed the acquisition of five Cost Cannabis stores in Alberta and Saskatchewan, with regulatory approval pending for 27 additional Ontario locations.

The SunStream restructuring of the Parallel and Skymint investments advanced toward completion as U.S. cannabis rescheduling gains momentum, with only a few requirements outstanding. Between December 2025 and March 9, 2026, SNDL repurchased 4.3 million common shares for cancellation, reducing the share count and enhancing shareholder value.