Verano Holdings (VRNO) Cost of Revenue (2021 - 2026)
Verano Holdings (VRNO) reported Cost of Revenue of $112.41 million for Q3 2026, up 4.5% from $107.57 million a year earlier but down 4.9% from the prior quarter.
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Analysis
Verano Holdings (VRNO) Cost of Revenue (2021 - 2026) Analysis & Trends
Over the twelve months ended Sep 30, 2026, Verano Holdings' Cost of Revenue came in at $440.74 million, up 5.5% year-over-year; for FY2025, it was $408.01 million, down 6.1% from FY2024.
- Cost of Revenue has a five-year compound annual growth rate of 34.4% (FY2020 to FY2025).
- By year, Cost of Revenue came in at $434.65 million in FY2024 (-6.2%), $463.25 million in FY2023 (+1.5%), $456.35 million in FY2022 (+12.2%) and $406.83 million in FY2021 (+337.6%).
- Five-year quarterly Cost of Revenue spans a low of $89.29 million in Q2 2025 and a high of $125.55 million in Q2 2022.
- Year over year, Cost of Revenue gained in three of the last eight quarters, with growth averaging 0.5%.
- The high point for year-over-year Cost of Revenue in five years was Q2 2026 (growth of 32.4%); the low point was Q2 2025 (a decline of 17.4%).
- Per Business Quant data, the three quarters before Q3 2026 came in at $118.22 million (Q2 2026), $109.2 million (Q1 2026) and $100.92 million (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | Philip Morris International | 302.85 Bn | 281.83 Bn | 7.85 Bn | 3.58 Bn |
| 2 | British American Tobacco p.l.c | 140.62 Bn | 117.27 Bn | - | - |
| 3 | Altria | 126.99 Bn | 113.97 Bn | 3.94 Bn | 1.50 Bn |
| 4 | RLX Technology | 2.37 Bn | -1.38 Bn | 52.74 Mn | 82.40 Mn |
| 5 | Curaleaf Holdings | 2.36 Bn | 1.98 Bn | 170.48 Mn | 182.17 Mn |
| 6 | Verano Holdings | 2.05 Bn | 1.71 Bn | 100.04 Mn | 112.41 Mn |
| 7 | Trulieve Cannabis | 1.89 Bn | 629.78 Mn | 148.02 Mn | 82.20 Mn |
| 8 | Green Thumb Industries | 1.59 Bn | 362.48 Mn | 146.79 Mn | 177.62 Mn |
| 9 | Cronos | 1.25 Bn | -1.89 Bn | 32.28 Mn | 29.53 Mn |
| 10 | Turning Point Brands | 1.25 Bn | 333.93 Mn | 85.18 Mn | 65.92 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 112.41 Mn |
| Jun 30, 2026 | 118.22 Mn |
| Mar 31, 2026 | 109.20 Mn |
| Dec 31, 2025 | 100.92 Mn |
| Sep 30, 2025 | 107.57 Mn |
| Jun 30, 2025 | 89.29 Mn |
| Mar 31, 2025 | 110.23 Mn |
| Dec 31, 2024 | 110.67 Mn |
| Sep 30, 2024 | 107.59 Mn |
| Jun 30, 2024 | 108.05 Mn |
| Mar 31, 2024 | 108.35 Mn |
| Dec 31, 2023 | 119.58 Mn |
| Sep 30, 2023 | 106.87 Mn |
| Jun 30, 2023 | 118.92 Mn |
| Mar 31, 2023 | 117.88 Mn |
| Dec 31, 2022 | 122.59 Mn |
| Sep 30, 2022 | 104.59 Mn |
| Jun 30, 2022 | 125.55 Mn |
| Mar 31, 2022 | 103.62 Mn |
| Dec 31, 2021 | 102.10 Mn |
API Access
Verano Holdings Cost of Revenue 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=cost-of-revenue&ticker=VRNO&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "cost-of-revenue", "ticker": "VRNO", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=VRNO&period=max&api_key=YOUR_API_KEY");
const data = await res.json();