SNDL's earnings call presented a positive outlook with significant achievements such as the first-ever positive operating income, strong growth in the cannabis segment, and expansion in international markets. However, challenges remain, notably with negative free cash flow and legal issues in the U.S. market.

Company Guidance -

Q3 2025

In the second quarter of 2025, SNDL achieved several significant milestones, including reporting positive operating income and net earnings for the first time in its history, driven by a strategic improvement agenda and growth across all operating segments. The company's cannabis business notably grew at nearly three times the rate of the Canadian recreational market. SNDL also posted a 7.3% increase in net revenue, reaching $245 million, with gross profit up by 16.2% to $67.6 million, reflecting a 210 basis point improvement in gross margin. Liquor Retail saw a 1% revenue growth, with Wine and Beyond showing a 7.2% increase. The Cannabis Operations segment experienced a 43% revenue growth, partly due to the Indiva acquisition. Despite a negative free cash flow of $7.9 million, attributed to working capital investments and seasonal factors, SNDL maintained a strong balance sheet with over $200 million in unrestricted cash and no debt, positioning itself for high-return growth opportunities. The company is also expanding its international footprint, with $3.8 million in export revenues for Q2 and continued focus on the U.K. and Continental Europe markets.

First-Ever Positive Operating Income

SNDL achieved positive operating income for the first time in its history, with a $5.8 million adjusted operating income, representing a $10.4 million year-over-year increase and a 226% growth.

Cannabis Business Growth

The cannabis segment expanded nearly 3x the rate of the Canadian recreational market, contributing significantly to the company's revenue growth.

International Expansion

SNDL expanded its international footprint, serving patients in the U.K. and Continental Europe, with $3.8 million in export revenues for Q2 and expectations for substantial growth in Q3.

Strong Balance Sheet

SNDL reported having no debt and over $200 million in unrestricted cash, positioning them to pursue high-return growth opportunities.

Gross Margin Expansion

The company matched its record gross margin of 27.6% reported in the previous quarter, with a 210 basis point improvement year-over-year.

Liquor Retail Growth

The Liquor Retail segment posted a revenue increase of 1% year-over-year, with same-store sales growth of 2.7% and a 7.2% increase in the Wine and Beyond banner.

SNDL (SNDL) Earnings, Revenues Date & History

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SNDL Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 17, 2025	2025 (Q3)	>-0.01 / -	-0.051	―	―	―
Jul 31, 2025	2025 (Q2)	-0.04 / <0.01	-0.014	150.00% (+0.02)
May 01, 2025	2025 (Q1)	-0.06 / -0.04	-0.007	-500.00% (-0.04)
Mar 18, 2025	2024 (Q4)	-0.01 / -0.18	-0.239	24.24% (+0.06)
Nov 05, 2024	2024 (Q3)	-0.04 / -0.05	-0.045	-12.90% (>-0.01)
Aug 02, 2024	2024 (Q2)	0.00 / -0.01	-0.067	78.49% (+0.05)
May 09, 2024	2024 (Q1)	-0.04 / >-0.01	-0.075	90.29% (+0.07)
Mar 21, 2024	2023 (Q4)	- / -0.24	-0.285	16.24% (+0.05)
Nov 13, 2023	2023 (Q3)	- / -0.06	-0.41	84.88% (+0.35)
Aug 14, 2023	2023 (Q2)	- / -0.09	-0.31	70.00% (+0.22)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

SNDL Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 31, 2025	$1.44	$1.72	+19.44%
May 01, 2025	$1.49	$1.41	-5.37%
Mar 18, 2025	$1.55	$1.60	+3.23%
Nov 05, 2024	$2.16	$2.39	+10.65%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.