Green Thumb Industries (GTBIF) Operating Margin (2019 - 2026)
Green Thumb Industries (GTBIF) recorded Operating Margin of 6.51% in Q2 2026, down 6.94 percentage points from 13.45% a year earlier and down 7.06 percentage points from the prior quarter.
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Analysis
Green Thumb Industries (GTBIF) Operating Margin (2019 - 2026) Analysis & Trends
On a TTM basis, Green Thumb Industries' Operating Margin came in at 9.63% as of Jun 30, 2026, down 6.11 percentage points year-over-year; for FY2025, it came in at 11.72%, down 8.02 percentage points from FY2024.
- Annual Operating Margin has a five-year change of -7.35 percentage points (FY2020 to FY2025).
- Across earlier years, Operating Margin came in at 19.74% in FY2024 (+2.23 pp), 17.51% in FY2023 (+5.61 pp), 11.90% in FY2022 (-12.14 pp) and 24.04% in FY2021 (+4.98 pp).
- Quarterly Operating Margin has ranged from -17.17% in Q4 2022 to 25.62% in Q1 2024 over the past five years.
- On a year-over-year basis, Operating Margin has declined for six consecutive quarters, with an average year-over-year change of -5.25 percentage points over the last eight quarters.
- Peak year-over-year performance for Operating Margin in the last five years was a gain of 35.26 percentage points in Q4 2023, against a drop of 39.50 percentage points in Q4 2022 at the low end.
- Per Business Quant, the preceding three quarters came in at 13.57% (Q1 2026), 6.12% (Q4 2025) and 12.61% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Philip Morris International | 302.14 Bn | 283.71 Bn | 7.66 Bn | 40.48% |
| 2 | British American Tobacco p.l.c | 129.64 Bn | 108.78 Bn | - | - |
| 3 | Altria | 115.45 Bn | 101.65 Bn | 3.82 Bn | 51.32% |
| 4 | Curaleaf Holdings | 2.87 Bn | 2.47 Bn | 169.91 Mn | 1.24% |
| 5 | RLX Technology | 2.63 Bn | -932.13 Mn | 52.74 Mn | 12.90% |
| 6 | Trulieve Cannabis | 2.37 Bn | 989.63 Mn | 162.29 Mn | -136.75% |
| 7 | Green Thumb Industries | 1.53 Bn | 385.54 Mn | 137.87 Mn | 6.51% |
| 8 | Cronos | 1.26 Bn | -1.96 Bn | 28.45 Mn | 10.49% |
| 9 | Turning Point Brands | 1.21 Bn | 343.16 Mn | 93.70 Mn | 11.69% |
| 10 | Verano Holdings | 871.29 Mn | 544.91 Mn | 99.70 Mn | 1.44% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 6.51% |
| Mar 31, 2026 | 13.57% |
| Dec 31, 2025 | 6.12% |
| Sep 30, 2025 | 12.61% |
| Jun 30, 2025 | 13.45% |
| Mar 31, 2025 | 15.20% |
| Dec 31, 2024 | 19.40% |
| Sep 30, 2024 | 14.86% |
| Jun 30, 2024 | 19.28% |
| Mar 31, 2024 | 25.62% |
| Dec 31, 2023 | 18.09% |
| Sep 30, 2023 | 17.80% |
| Jun 30, 2023 | 16.27% |
| Mar 31, 2023 | 17.78% |
| Dec 31, 2022 | -17.17% |
| Sep 30, 2022 | 18.67% |
| Jun 30, 2022 | 24.48% |
| Mar 31, 2022 | 22.49% |
| Dec 31, 2021 | 22.33% |
| Sep 30, 2021 | 24.85% |
API Access
Green Thumb Industries Operating Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-margin&ticker=GTBIF&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-margin", "ticker": "GTBIF", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-margin&ticker=GTBIF&period=max&api_key=YOUR_API_KEY");
const data = await res.json();