Verano Holdings (VRNO) Operating Expenses (2021 - 2026)
Verano Holdings (VRNO) posted quarterly Operating Expenses of $85.9 million for Q1 2026, up 1.53% year-over-year from $84.6 million in Q1 2025, and down 67.38% quarter-over-quarter from $263.3 million in Q4 2025.
Verano Holdings (VRNO) Operating Expenses (2021 - 2026) Analysis & Trends
Verano Holdings (VRNO) has reported Operating Expenses for 6 consecutive years, with $85.9 million the latest figure, recorded in Q1 2026.
- In Q1 2026, Operating Expenses rose 1.53% year-over-year to $85.9 million; the TTM figure through Mar 2026 stood at $521.9 million (down 22.73% YoY), while the FY2025 annual figure was $520.6 million, down 23.57% from the prior year.
- Operating Expenses eased to $85.9 million in Q1 2026 per VRNO's latest filing, from $263.3 million in the prior quarter.
- Across five years, Operating Expenses topped out at $411.4 million in Q4 2024 and bottomed at $9.6 million in Q1 2022.
- Historically, Operating Expenses has averaged $128.4 million across 5 years, with a median of $87.1 million in 2024.
- On a YoY basis, Operating Expenses climbed as much as 686.07% in 2023 and fell as far as 55.73% in 2023.
- Verano Holdings' Operating Expenses stood at $310.2 million in 2022, then plunged by 55.73% to $137.3 million in 2023, then surged by 199.6% to $411.4 million in 2024, then sank by 36.01% to $263.3 million in 2025, then sank by 67.38% to $85.9 million in 2026.
- Business Quant data shows VRNO's Operating Expenses at $85.9 million in Q1 2026, $263.3 million in Q4 2025, and $86.0 million in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Haleon | 44.07 Bn | 43.10 Bn | - | - |
| 2 | Teva Pharmaceutical Industries | 43.42 Bn | 39.76 Bn | 2.15 Bn | 1.29 Bn |
| 3 | Zoetis | 31.86 Bn | 30.18 Bn | 1.05 Bn | 215.00 Mn |
| 4 | Takeda Pharmaceutical | 28.77 Bn | 22.98 Bn | 5.10 Bn | -2.85 Bn |
| 5 | United Therapeutics | 22.29 Bn | 19.63 Bn | 683.80 Mn | 452.50 Mn |
| 6 | Viatris | 18.78 Bn | 17.89 Bn | 1.46 Bn | 1.45 Bn |
| 7 | Neurocrine Biosciences | 15.66 Bn | 15.27 Bn | 935.80 Mn | 807.50 Mn |
| 8 | Elanco Animal Health | 11.91 Bn | 11.38 Bn | 798.00 Mn | 550.00 Mn |
| 9 | Dr Reddys Laboratories | 10.16 Bn | 10.00 Bn | - | - |
| 10 | Verano Holdings | 441.74 Mn | 356.55 Mn | 99.70 Mn | 96.56 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 96.56 Mn |
| Mar 31, 2026 | 85.88 Mn |
| Dec 31, 2025 | 263.28 Mn |
| Sep 30, 2025 | 85.96 Mn |
| Jun 30, 2025 | 86.77 Mn |
| Mar 31, 2025 | 84.58 Mn |
| Dec 31, 2024 | 411.42 Mn |
| Sep 30, 2024 | 92.33 Mn |
| Jun 30, 2024 | 87.07 Mn |
| Mar 31, 2024 | 90.29 Mn |
| Dec 31, 2023 | 137.32 Mn |
| Sep 30, 2023 | 92.89 Mn |
| Jun 30, 2023 | 84.66 Mn |
| Mar 31, 2023 | 75.24 Mn |
| Dec 31, 2022 | 310.22 Mn |
| Sep 30, 2022 | 85.71 Mn |
| Jun 30, 2022 | 100.26 Mn |
| Mar 31, 2022 | 9.57 Mn |
| Dec 31, 2021 | 81.77 Mn |
| Sep 30, 2021 | 76.48 Mn |