v3.26.1
10-Q Segment reporting (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of segment reporting
The following table presents Adjusted EBITDA by reportable segment as of December 31, 2025, 2024 and 2023, and the reconciliation of such non-GAAP financial measure to the most directly comparable GAAP measure, being income (loss) from continuing operations for the applicable periods:
Years Ended December 31,
Domestic
International(1)
Total
2025
2024
2023
2025
2024
2023
2025
2024
2023
Loss before Benefit (provision) for income taxes
$
(73,554)
$
(90,970)
$
(101,097)
$
(4,660)
$
(22,388)
$
(28,374)
$
(78,214)
$
(113,358)
$
(129,471)
Total other expense (income), net
107,653 
140,357 
169,959 
(3,989)
(2,256)
(471)
103,664 
138,101 
169,488 
Depreciation and amortization(2)
171,772 
203,076 
173,581 
24,834 
28,384 
22,012 
196,606 
231,460 
195,593 
Other adjustments (3)
45,513 
44,899 
63,047 
7,105 
2,183 
1,502 
52,618 
47,082 
64,549 
Adjusted EBITDA
$
251,384 
$
297,362 
$
305,490 
$
23,290 
$
5,923 
$
(5,331)
$
274,674 
$
303,285 
$
300,159 
(1) The Company is exposed to foreign currency exchange risk due to fluctuations between the functional currencies of its international subsidiaries and the USD. Additionally, the translation of these subsidiaries’ operating results into USD for reporting purposes introduces further exposure. While these fluctuations are not material to the Company’s consolidated operating results, they may impact the comparability of the Company’s segmented results across quarters and year-over-year.
(2) Depreciation and amortization includes depreciation and amortization from cost of goods sold and operating expenses.
(3) Other adjustments for the year ended December 31, 2025 primarily include costs related to share-based compensation expense $35.7 million, restructuring costs $3.3 million, adult use campaign and political initiatives $2.7 million as well as acquisition, transaction, and other non-recurring costs $10.9 million. Other adjustments for the year ended December 31, 2024 primarily include costs related to share-based compensation expense $25.7 million, restructuring costs $9.0 million as well as acquisition, transaction, and other non-recurring costs $12.4 million. Other adjustments for the year ended December 31, 2023 primarily include costs related to share-based compensation expense $20.0 million, restructuring costs $14.1 million as well as acquisition, transaction, and other non-recurring costs of $30.4 million.
(3) Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization, adjusted for share-based compensation expense and other adjustments related to restructuring costs, adult use campaign and political initiatives, as well as acquisition, transaction and other non-recurring costs.
The following table presents selected financial information by reportable segment for the years ended December 31, 2025, 2024 and 2023:
Years Ended December 31,
Domestic
International(1)
Total
2025
2024
2023
2025
2024
2023
2025
2024
2023
Revenues, net:
Retail revenues
$
868,732 
$
994,715 
$
1,075,103 
$
53,850 
$
38,047 
$
21,071 
$
922,582 
$
1,032,762 
$
1,096,174 
Wholesale revenues
226,334 
232,491 
197,640 
105,905 
63,078 
37,006 
332,239 
295,569 
234,646 
Management fee income
591 
1,543 
2,625 
12,723 
4,425 
2,930 
13,314 
5,968 
5,555 
Total revenues, net
1,095,657 
1,228,749 
1,275,368 
172,478 
105,550 
61,007 
1,268,135 
1,334,299 
1,336,375 
Cost of goods sold
541,458 
631,785 
688,328 
95,655 
61,737 
38,466 
637,113 
693,522 
726,794 
Selling, general and administrative(2)
400,813 
402,658 
402,560 
63,365 
41,572 
30,227 
464,178 
444,230 
432,787 
Depreciation and amortization
119,287 
144,919 
115,618 
22107 
26,885 
21159 
141,394 
171,804 
136,777 
Adjusted EBITDA
251,384 
297,362 
305,490 
23290 
5,923 
(5331)
274,674 
303,285 
300,159 
Capital expenditures
$
50,043 
$
81,891 
$
62,679 
$
13,397 
$
10,547 
$
2,762 
$
63,440 
$
92,438 
$
65,441 
(1) The Company is exposed to foreign currency exchange risk due to fluctuations between the functional currencies of its international subsidiaries and the USD. Additionally, the translation of these subsidiaries’ operating results into USD for reporting purposes introduces further exposure. While these fluctuations are not material to the Company’s consolidated operating results, they may impact the comparability of the Company’s segmented results across quarters and year-over-year.
(2) See Note 20 — Selling, general and administrative expenses for additional detail regarding the composition of consolidated selling, general and administrative expenses. No individual selling, general and administrative expense category within the International segment exceeded 10% of total consolidated selling, general and administrative expenses.
The following table presents total assets by reportable segment as of December 31, 2025 and 2024:
Total assets:
Domestic
International
Total
December 31, 2025
$
2,415,707 
$
429,608 
$
2,845,315 
December 31, 2024
2,574,687 
375,021 
2,949,708