CGC

MKT CAP:$539M

Canopy Growth Corporation

Market Cap

$539M

Healthcare·Drug Manufacturers - Specialty & Generic·🇨🇦 Canada·NASDAQ

Healthcare·Drug·🇨🇦·NASDAQ

Stock Price

$1.22+$0.03 (+2.52%)

Apr 23, 2026

Company Details

Canopy Growth Corporation, together with its subsidiaries, engages in the production, distribution, and sale of cannabis and hemp-based products for recreational and medical purposes primarily in Canada, the United States, and Germany. It o...

CEO

Luc Mongeau

IPO Date

Apr 7, 2014

Website

www.canopygrowth.com

Key Metrics TTM

Revenue

$224M

+19.2% YoY

Net Income

-$256M

EPS (Diluted)

-$1.38

Free Cash Flow

-$69M

Revenue / Share

$0.65

Gross Margin

26.1%

Operating Margin

-30.7%

Net Margin

-114.3%

FCF Margin

-30.6%

P/S

2.4x

P/E

—

Earnings Reports

Q3 2025

Feb 6, 2026

$75M+36.4%EPS -$0.18

Q2 2025

Nov 7, 2025

$49MEPS -$0.00

Q1 2025

Aug 8, 2025

$53MEPS -$0.16

Q4 2024

May 30, 2025

$48MEPS -$1.04

Q3 2024

Feb 7, 2025

$55MEPS -$0.81

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 15	$4M	$2M	-$4M
Q1 16	$5M	$3M	-$3M
Q2 16	$6M	$12M	-$4M
Q4 16	$11M	$1M	-$16M
Q1 19	$66M	$78M	-$90M
Q2 19	$56M	$3M	-$194M
Q3 24	$55M	$18M	-$17M
Q4 24	$48M	$8M	-$13M
Q1 25	$53M	$13M	-$17M
Q2 25	$49M	$16M	-$12M
Q3 25	$75M	$21M	-$26M

Valuation

Quarter	P/S	P/E
Q4 15	—	—
Q1 16	—	—
Q2 16	—	—
Q4 16	486.1x	—
Q1 19	1598.9x	—
Q2 19	572.7x	—
Q3 24	1.3x	—
Q4 24	0.4x	—
Q1 25	0.6x	—
Q2 25	1.5x	—
Q3 25	1.5x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 15	-$952.9K	-$1M
Q1 16	-$3M	-$5M
Q2 16	-$4M	-$7M
Q4 16	-$11M	-$21M
Q1 19	-$116M	-$276M
Q2 19	-$156M	-$324M
Q1 22	-$103M	-$105M
Q3 24	-$20M	-$21M
Q4 24	-$24M	-$27M
Q1 25	-$8M	-$9M
Q2 25	-$13M	-$14M
Q3 25	-$17M	-$19M

Capital Expenditures

Quarter	CapEx
Q4 15	$541.5K
Q1 16	$3M
Q2 16	$4M
Q4 16	$9M
Q1 19	$160M
Q2 19	$168M
Q1 22	$2M
Q3 24	$1M
Q4 24	$2M
Q1 25	$1M
Q2 25	$1M
Q3 25	$2M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 19	+1694.6%	+2027.6%
Q2 19	+997.0%	+2993.2%
Q3 24	+779.7%	+574.5%
Q4 24	+343.6%	+127.2%
Q1 25	-20.3%	-55.6%
Q2 25	-13.0%	-75.6%
Q3 25	+36.4%	+40.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 15	$1M	31.2%
Q1 16	$712.5K	14.0%
Q2 16	$918.6K	14.8%
Q4 16	$4M	38.9%
Q1 19	$64M	96.6%
Q2 19	$68M	121.2%
Q1 22	$4M	—
Q3 24	$4M	6.9%
Q4 24	-$14M	-28.8%
Q1 25	-$72.3K	-0.1%
Q2 25	$1M	3.0%
Q3 25	$888.0K	1.2%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q4 15	$204.6K	$3M	$2M
Q1 16	$294.5K	$3M	$2M
Q2 16	$367.6K	$4M	$2M
Q4 16	—	$8M	$3M
Q1 19	$6M	$109M	$33M
Q2 19	$9M	$132M	$44M
Q3 24	—	$16M	$11M
Q4 24	—	—	$11M
Q1 25	—	$11M	$12M
Q2 25	—	$12M	$11M
Q3 25	—	$14M	$16M

Revenue by Geography

Quarter	Canada	Germany	Other Geographical Area	United States
Q3 24	$30M	$13M	$3M	$8M
Q1 25	$35M	$11M	$3M	$4M
Q2 25	$33M	$9M	$1M	$5M
Q3 25	$45M	$19M	$1M	$9M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 21	$567M	$435M	$1.0B
Q1 22	$437M	$261M	$698M
Q2 22	$394M	$216M	$610M
Q3 22	$322M	$110M	$432M
Q4 22	$488M	$77M	$565M
Q1 23	$294M	$26M	$320M
Q2 23	$176M	$23M	$199M
Q3 23	$104M	$33M	$138M
Q4 23	$124M	$24M	$149M
Q1 24	$140M	$2M	$142M
Q2 24	$167M	$2M	$169M
Q3 24	$118M	$12M	$130M
Q4 24	$83M	$13M	$96M
Q1 25	$92M	$13M	$105M
Q2 25	$218M	$0	$218M
Q3 25	$371M	$0	$371M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 15	104M	—	—
Q1 16	104M	0.0%	—
Q2 16	112M	+8.3%	—
Q4 16	164M	+46.0%	—
Q1 19	347M	+111.6%	+234.5%
Q2 19	380M	+9.7%	+266.9%
Q3 24	110M	-71.0%	-1.7%
Q4 24	108M	-2.5%	-34.4%
Q1 25	188M	+75.1%	-45.7%
Q2 25	274M	+45.5%	-27.9%
Q3 25	346M	+26.1%	+213.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 15	—	—
Q1 16	—	—
Q2 16	—	—
Q4 16	—	—
Q1 19	—	—
Q2 19	—	—
Q3 24	$53.1K	1K
Q4 24	$49.5K	960
Q1 25	$54.9K	960
Q2 25	$50.8K	960
Q3 25	$77.6K	960

Revenue / Employee