NASDAQ$SNDL
SNDL Inc · Q3 2025 earnings
Q3 2025 earnings · · Before market open · Investor relations
Briefing
SNDL's financial and operational results for the third quarter ended September 30, 2025 were reported.
SNDL reported strong third-quarter results, achieving record free cash flow and significant growth in its Cannabis business, despite a decline in the Liquor retail segment. The company maintained a strong balance sheet with no debt and substantial unrestricted cash.
- Net revenue increased by 3.1% year-over-year, reaching $244.2 million, primarily driven by a 13.5% growth in the combined Cannabis business.
- The company achieved a record free cash flow of $16.7 million for the quarter, driven by a reduction in working capital.
- Operating loss was $(11.1) million, impacted by non-cash share-based compensation, inventory adjustments, and fixed asset write-offs.
- SNDL maintains a strong financial position with $240.6 million in unrestricted cash and no debt, enabling strategic organic and inorganic growth opportunities.
Headline financials
Revenue & EPS history
SNDL · Revenue · Quarterly
$175M
Revenue by segment
SNDL · $211M total across 3 segments · Q4 2026
- Liquor retail$104M—49.4%
- Cannabis Retail$77.3M—36.7%
- Cannabis Operations$29.4M—14.0%
Forward guidance
SNDL plans to continue its growth trajectory through strategic acquisitions, organic investments in new store openings, and facility ramp-ups, while leveraging its strong balance sheet to avoid issuing equity or incurring high-interest debt.
Tailwinds
- Acquisition of 32 cannabis retail stores from 1CM Inc. for $32.2 million, pending regulatory review.
- Targeted CAPEX and working capital investments for five new Cannabis store openings and two new Wine & Beyond stores in Q4.
- Completion of capacity ramp-up at Atholville cultivation facility, contributing to international sales.
- Partial sale of equity position in High Tide Inc., realizing a gain of $5.3 million in Q3.
- Expected resolution of SunStream restructuring process to provide exposure to dynamic medical cannabis markets.
Headwinds
- Continued softness in market demand affecting Liquor Retail net revenue.
- Industry-wide volume declines impacting convenience banners (Ace Liquor and Liquor Depot).
- Operating loss impacted by non-cash items such as share-based compensation and inventory adjustments.
- Restructuring charges of $1.5 million incurred during the quarter.
- Fixed asset write-off related to the idle Stellarton facility.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2025
+0.4%
Avg return
Earnings day
-3.1%
Avg return
5 days after
-1.5%
Avg return
30 days after
44%
12 / 27 earnings
Positive
+57.6%
Q1 2020
Best reaction
-38.5%
Q4 2019
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2026 | +1.3% | -3.4% | -0.0% | |
| Q3 2025 | -14.8% | -18.7% | -19.6% | |
| Q2 2025 | +19.9% | +15.3% | +86.1% | |
| Q1 2025 | -5.4% | -12.1% | -14.8% | |
| Q4 2024 | +3.2% | +1.9% | -9.7% | |
| Q3 2024 | -4.6% | -8.3% | -12.0% | |
| Q2 2024 | -7.0% | -8.6% | -10.9% | |
| Q1 2024 | -6.5% | +6.5% | -17.1% | |
| Q4 2023 | +14.4% | +28.8% | +22.2% | |
| Q3 2023 | +7.0% | +3.5% | +3.5% | |
| Q2 2023 | -0.6% | -1.9% | -7.1% | |
| Q1 2023 | -3.6% | +4.1% | -17.2% | |
| Q4 2022 | -3.5% | +3.5% | +18.7% | |
| Q3 2022 | +3.1% | +0.0% | -8.8% | |
| Q2 2022 | +14.4% | +7.2% | -1.1% | |
| Q1 2022 | +13.8% | +8.3% | -21.1% | |
| Q4 2021 | +1.0% | -3.8% | -22.4% | |
| Q3 2021 | +35.7% | +23.2% | -13.6% | |
| Q2 2021 | -7.1% | -11.6% | -10.5% | |
| Q1 2021 | -4.0% | -3.4% | +40.7% | |
| Q4 2020 | -3.3% | -13.9% | -43.9% | |
| Q3 2020 | -35.2% | -40.2% | +15.5% | |
| Q2 2020 | -18.2% | -22.2% | -45.6% | |
| Q1 2020 | +57.6% | +43.2% | +150.6% | |
| Q4 2019 | -38.5% | -54.7% | -52.0% | |
| Q3 2019 | -14.4% | -26.2% | -33.9% | |
| Q2 2019 | +6.6% | +0.6% | -15.8% | |
| Q4 2018 | — | — | — | |
| Q3 2018 | — | — | — | |
| Q2 2018 | — | — | — | |
| Q1 2018 | — | — | — |
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