Retail was Verano Holdings’s largest segment in fiscal 2025, bringing in $672.66M of $821.50M (82%).
| Segment | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|
| Retail | $721.59M | $741.33M | $672.25M | $672.66M | ||
| Wholesale | $275.53M | $348.99M | $353.48M | $318.39M | ||
| Cultivation | — | — | — | — | ||
| All Other | -$117.71M | -$151.87M | -$147.14M | -$169.55M | ||
| Intersegment Eliminations | — | — | — | — | ||
| Total | $879.41M | $938.45M | $878.59M | $821.50M |
Verano Holdings brought in $821.50M from its three segments in fiscal 2025, the year ended December 31, 2025. That was down 6.5% from $878.59M in fiscal 2024. Retail was the largest at $672.66M (81.9%), ahead of Wholesale at $318.39M (38.8%).
Compared with fiscal 2024, Retail grew 0.1% to $672.66M, while Wholesale fell 9.9% to $318.39M. From fiscal 2022 to 2025, combined revenue from these segments fell from $879.41M to $821.50M, a compound annual decline of 2.2%. Retail's share held steady at about 81.9%.
The total is net of All Other, which took $169.55M off revenue in fiscal 2025.
Verano Holdings (VRNO) reports its revenue by segment. In fiscal 2025, Retail was its largest segment, bringing in $672.66M (81.9% of the total), followed by Wholesale at $318.39M (38.8%).
Retail was Verano Holdings' largest segment in fiscal 2025, bringing in $672.66M, or 81.9% of the $821.50M total across its three segments.
Retail grew faster than Wholesale in fiscal 2025, up 0.1% from $672.25M to $672.66M. Wholesale fell 9.9% to $318.39M.
Every figure comes from Verano Holdings' annual financial filings, as reported. Each line keeps the name Verano Holdings gives it, and years follow its fiscal calendar.
Verano Holdings' revenue by segment goes back to fiscal 2020, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.