SNDL (SNDL) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date

May 13, 2026

Before Open (Confirmed)

Period Ending

2026 (Q1)

Consensus EPS Forecast

-0.03

Last Year’s EPS

-0.04

Same Quarter Last Year

Analyst Consensus

Moderate Buy

Based on 2 Analysts Ratings

Earnings Call Summary

Q4 2025

Earnings Call Date:Mar 12, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call presents a predominantly positive operational and financial progress story: multiple record metrics (net revenue, gross profit, adjusted operating income milestones, and materially improved free cash flow) combined with strong balance sheet metrics (no debt, >$250M cash) and margin gains across retail segments. Those positives are tempered by near-term top-line softness (Q4 revenue declines), retail market saturation and consolidation, volatility and margin pressure in Cannabis Operations, and uncertainty tied to U.S. asset resolutions. On balance, the highlights—particularly margin expansion, cash generation, cost savings and a strong balance sheet—outweigh the lowlights.

Company Guidance

The company provided timing- and metric-driven guidance and near-term expectations: operationally it expects to complete ERP consolidation “days away,” finish the third and final phase of its corporate restructuring (which has already exceeded the committed $20.0M in annualized savings) and to report on the remaining One Centimeters Ontario store approvals by Q2; EU GMP certification is expected “sometime over the summer,” and the Parallel foreclosure is likely to be resolved in Q2 or shortly thereafter. Management reiterated a strong, flexible balance sheet (no debt and >$250.0M unrestricted cash at year-end 2025), continued use of its share repurchase program (15.1M shares repurchased since 2024, including 4.3M in the last 90 days), and disciplined capital deployment (capex up ~50% vs. 2024 to support new store openings — three cannabis and two Wine and Beyond/One and Beyond in Q4 — with a double‑digit pipeline under review). They reiterated seasonality in free cash flow (Q4 FCF >$10.0M; FY FCF $18.0M, more than double 2024), and signaled expectations for continued market headwinds (liquor declines of low‑ to mid‑single digits near term) but opportunity for consolidation and M&A while maintaining targets for growth and profitability (FY net revenue $946.0M, +2.8%; cannabis segments +11% vs. liquor -2.8%; FY gross margin +120 bps; Q4 net revenue $252.0M, -2% YoY; Q4 gross profit $70.2M, +2.1%; Q4 gross margin 27.8%, +110 bps; Q4 adjusted operating income ≈$13.0M).

Record Full-Year Financial Performance

Full-year 2025 net revenue of $946,000,000 (+2.8% YoY); gross profit growth of 7.6% YoY; gross margin expansion of ~120 basis points year-over-year. Adjusted operating income reached breakeven for the first time in company history and free cash flow more than doubled to $18,000,000.

Quarterly Profitability and Margin Improvement

Q4 2025 net revenue of $252,000,000 (Q4 revenue -2% YoY) delivered record quarterly gross profit of $70,200,000 (+$1.4M, +2.1% YoY) and a record quarterly gross margin of 27.8% (+110 bps). Q4 adjusted operating income reached $12,800,000 (record) and free cash flow in the quarter exceeded $10,000,000.

Cannabis Retail: Strong Revenue and Margin Expansion

Cannabis Retail achieved a full-year revenue record of $330,000,000 (+6% YoY) with 3.9% same-store sales growth. Gross profit was a record $86,100,000 and gross margin expanded to 26.1% (+80 bps YoY). Operating income for the segment exceeded $30,000,000, more than doubling versus 2024; Q4 operating income rose 33% YoY to $8,000,000.

Cannabis Operations: Meaningful Top-Line Growth (FY)

Cannabis Operations delivered record full-year net revenue of $144,700,000 (+32% YoY) and record gross profit of $32,900,000 with a gross margin of 22.8%. Growth was driven by acquisitions and international sales expansion, positioning the segment for future scale and margin improvement opportunities.

Liquor Segment Margin Gains and Market Share

Despite market-driven revenue declines, Liquor achieved Q4 gross profit of $38,700,000 and a full-year gross margin record of 25.9%. Margin expansion of ~120 bps in Q4 and ~70 bps for the full year supported a full-year operating income increase of $1,700,000 (+5% YoY). Retail segments each gained ~20 basis points of market share year-over-year.

Very Strong Balance Sheet and Capital Deployment

No debt and over $250,000,000 in unrestricted cash at year-end 2025. Company repurchased 15,100,000 shares since 2024 (4,300,000 in last 90 days). Capital expenditures increased nearly 50% YoY, mainly for new store openings. Corporate restructuring program has surpassed the committed $20,000,000 in annualized savings. ERP consolidation near completion to drive further efficiencies.

SNDL (SNDL) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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SNDL Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
May 13, 2026	2026 (Q1)	-0.03 / -	-0.043	―	―	―
Mar 12, 2026	2025 (Q4)	0.01 / 0.03	-0.18	116.00% (+0.21)
Nov 04, 2025	2025 (Q3)	0.00 / -0.04	-0.05	28.57% (+0.01)
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	-0.237	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	-0.074	90.29% (+0.07)
Mar 21, 2024	2023 (Q4)	- / -0.24	-0.283	16.24% (+0.05)

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
Mar 12, 2026	$1.54	$1.56	+1.30%
Nov 04, 2025	$2.19	$1.86	-15.07%
Jul 31, 2025	$1.44	$1.72	+19.44%
May 01, 2025	$1.49	$1.41	-5.37%

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.