SNDL on Nasdaq

SNDL Inc.

SNDL Inc. is a Canadian medicinal chemicals and botanical products company based in Edmonton.2

Price unavailable

Last updated Oct 20, 2026.

Overview

946.4MRevenue, fiscal 20253
-15.8MNet income, fiscal 20253

Compare with Canopy Growth Corporation, Aurora Cannabis or IM Cannabis Corp., or pick any stock.

  • TickerSNDL on Nasdaq2
  • IndustryMedicinal Chemicals & Botanical Products2
  • HeadquartersEdmonton, Canada2
  • Incorporated inAlberta, Canada4
  • Business address17220 Stony Plain Road Nw, Suite 101, Edmonton4
  • Filer categoryLarge accelerated filer4
  • Legal formAlberta Business Corporation2
  • LEI984500EBVC4BEACF6F532
  • StatusActive2
  • LEI statusIssued and current2
  • Registered address4000-421 7 AVE SW, T2P 4K9 Alberta, Canada2
  • Registered withMinistry of Service Alberta, 20267162622

See how the biggest companies compare on our leaderboards

Financials

From the company’s reports to the SEC. Every number links to the filing it came from. Figures are in CAD, the currency the company reports in.

Key numbers, fiscal 2025

27.3%Gross margin3
-0.7%Operating margin3
-1.7%Net margin3
2.8%Revenue growth, 20253
-1.4%Return on equity3
58.1M CADFree cash flow3

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Liquor Retail brought in 38% of the revenue SNDL Inc. broke down this way in fiscal 2025.

  1. Liquor Retail539.6M CAD338%down 3% from 2024
  2. Cannabis406.8M CAD329%up 11% from 2024
  3. Cannabis Retail330.2M CAD323%up 6% from 2024
  4. Cannabis Operations144.7M CAD310%up 32% from 2024
Business segments by year
Business segments20242025
Liquor Retail555.3M CAD539.6M CAD
Cannabis365.2M CAD406.8M CAD
Cannabis Retail311.7M CAD330.2M CAD
Cannabis Operations109.5M CAD144.7M CAD

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue73¢687.8M CAD
  • Research and development0¢489.0K CAD
  • Other costs27¢251.5M CAD
  • Interest1¢6.7M CAD

Out of 946.4M CAD in revenue.3 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Capital spending18¢12.8M CAD
  • Share buybacks22¢15.3M CAD
  • Kept or used elsewhere60¢42.8M CAD

Out of 70.9M CAD of cash from operations.3

Financial statements

Revenue56783946.4M CAD in 2025+1389% since 2019
0250.0M CAD500.0M CAD750.0M CAD1.0B CAD2019: 63.6M CAD63.6M CAD20192020: 60.9M CAD60.9M CAD2020−4%2021: 56.1M CAD56.1M CAD2021−8%2022: 712.2M CAD712.2M CAD2022+1169%2023: 909.0M CAD909.0M CAD2023+28%2024: 920.4M CAD920.4M CAD2024+1%2025: 946.4M CAD946.4M CAD2025+3%
Gross profit56783258.6M CAD in 2025+609% since 2019
-100.0M CAD0100.0M CAD200.0M CAD300.0M CAD2019: 36.5M CAD36.5M CAD20192020: -49.9M CAD-49.9M CAD20202021: -9.0M CAD-9.0M CAD2021−82%2022: 140.4M CAD140.4M CAD20222023: 190.4M CAD190.4M CAD2023+36%2024: 240.3M CAD240.3M CAD2024+26%2025: 258.6M CAD258.6M CAD2025+8%
Operating income956783-6.3M CAD in 2025−51% since 2018
-400.0M CAD-300.0M CAD-200.0M CAD-100.0M CAD02018: -12.9M CAD-12.9M CAD20182019: -52.4M CAD-52.4M CAD2019+306%2020: -185.4M CAD-185.4M CAD2020+254%2021: -134.4M CAD-134.4M CAD2021−28%2022: -347.8M CAD-347.8M CAD2022+159%2023: -163.2M CAD-163.2M CAD2023−53%2024: -103.8M CAD-103.8M CAD2024−36%2025: -6.3M CAD-6.3M CAD2025−94%
Net income956783-15.8M CAD in 2025+21% since 2018
-400.0M CAD-300.0M CAD-200.0M CAD-100.0M CAD02018: -13.0M CAD-13.0M CAD20182019: -271.6M CAD-271.6M CAD2019+1990%2020: -239.9M CAD-239.9M CAD2020−12%2021: -226.8M CAD-226.8M CAD2021−5%2022: -372.4M CAD-372.4M CAD2022+64%2023: -176.6M CAD-176.6M CAD2023−53%2024: -96.2M CAD-96.2M CAD2024−46%2025: -15.8M CAD-15.8M CAD2025−84%

Every line of the income statement as filed: the last 2 fiscal years, latest first.3

Period ending2025-12-312024-12-31
Net revenue946.4M CAD920.4M CAD
Cost of sales687.8M CAD680.1M CAD
Gross profit258.6M CAD240.3M CAD
Investment income7.8M CAD15.6M CAD
Share of loss of equity-accounted investees-3.6M CAD-65.5M CAD
General and administrative182.2M CAD187.2M CAD
Sales and marketing14.6M CAD12.0M CAD
Research and development489.0K CAD346.0K CAD
Depreciation and amortization51.9M CAD54.2M CAD
Share-based compensation13.9M CAD20.0M CAD
Restructuring costs3.3M CAD2.7M CAD
Asset impairment, net2.6M CAD17.3M CAD
Loss on disposition of assets182.0K CAD370.0K CAD
Operating loss-6.3M CAD-103.8M CAD
Other expenses, net-9.4M CAD-1.8M CAD
Loss before income tax-15.8M CAD-105.6M CAD
Income tax recovery0 CAD9.4M CAD
Net loss-15.8M CAD-96.2M CAD
Equity-accounted investees - share of other comprehensive (loss) income-19.2M CAD31.5M CAD
"Investments at fair value through other comprehensive income (""FVOCI"") - change in fair value"5.4M CAD1.9M CAD
Owners of the company-15.8M CAD-94.8M CAD
Non-controlling interest0 CAD-1.4M CAD
Owners of the company-29.6M CAD-61.4M CAD
Non-controlling interest0 CAD-1.4M CAD
Comprehensive loss-29.6M CAD-62.9M CAD
Basic net loss per common share attributable to owners of the Company-0.06 CAD-0.36 CAD
Diluted net loss per common share attributable to owners of the Company-0.06 CAD-0.36 CAD

Compare SNDL Inc. with another company

Corporate structure

SNDL Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of SNDL Inc.

  • ARMISTICE CAPITAL, LLC Filed SCHEDULE 13G/A on SNDL Inc., latest Aug 20, 2025 (2 filings since Aug 14, 2025)
  • ETF MANAGERS GROUP, LLC Filed SC 13G/A on SNDL Inc., latest Feb 14, 2023 (2 filings since Aug 25, 2022)
  • SNDL Inc. Edmonton, Alberta, Canada

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What SNDL Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, net151.9M CAD3 Dec 31, 2025145.8M CAD3 Dec 31, 2024+4.2%
Operating-lease assets (leased space)138.4M CAD3 Dec 31, 2025115.4M CAD3 Dec 31, 2024+19.9%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents252.2M CAD3 Dec 31, 2025218.4M CAD3 Dec 31, 2024+15.5%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill124.2M CAD3 Dec 31, 2025124.2M CAD3 Dec 31, 20240%
Intangible assets, net (excluding goodwill)58.5M CAD3 Dec 31, 202561.3M CAD3 Dec 31, 2024−4.6%

Inventory

ItemLatestA year beforeChange
Inventory, total126.9M CAD3 Dec 31, 2025127.9M CAD3 Dec 31, 2024−0.8%

Former names

  • Sundial Growers Inc.Apr 29, 2019 to Jul 25, 20224

Timeline

  1. Dec 31, 2024Founded SNDL Inc. is founded2

Calendar

Coming up

  1. Oct 27, 2026 · Before the openReports results for the quarter ending Sep/2026 A year earlier it reported ($0.04) a share, on Nov 4, 2025.11

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

191 filings to the SEC since October 2021: 6 annual reports, 7 large holders, 178 other. The latest 20:

  1. Oct 15, 20266-K EDGAR
  2. Oct 14, 20266-K EDGAR
  3. Oct 6, 20266-K EDGAR
  4. Sep 8, 20266-K EDGAR
  5. Aug 4, 20266-K EDGAR
  6. Jul 28, 20266-K EDGAR
  7. Jul 28, 20266-K EDGAR
  8. Jul 27, 20266-K EDGAR
  9. Jul 15, 20266-K EDGAR
  10. May 28, 20266-K EDGAR
  11. Apr 29, 20266-K EDGAR
  12. Apr 29, 20266-K EDGAR
  13. Apr 15, 20266-K EDGAR
  14. Mar 30, 20266-K EDGAR
  15. Mar 12, 202640-F EDGAR
  16. Mar 12, 20266-K EDGAR
  17. Feb 19, 20266-K EDGAR
  18. Jan 7, 20266-K EDGAR
  19. Dec 15, 20256-K EDGAR
  20. Dec 12, 2025144 EDGAR

The 191 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Morgan Stanley10,214,013$13.8M0.0%−1,197,108
Cannell Capital LLC8,639,381$11.7M8.1%−121,774
Tidal Investments LLC5,334,370$7.2M0.0%−176,305
Arrowstreet Capital, Limited Partnership2,357,401$3.2M0.0%−639,022
Citadel Advisors LLC2,165,081$2.9M0.0%+286,969
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.2,113,976$2.9M0.0%−125,388
Goldman Sachs Group Inc1,970,467$2.7M0.0%+788,392
Susquehanna International Group, Llp1,913,418$2.6M0.0%+351,097
Ewing Morris & Co. Investment Partners Ltd.1,481,222$2.0M1.0%+180,000
Jpmorgan Chase & Co1,262,553$1.7M0.0%−135,767
Jane Street Group, LLC1,165,093$1.6M0.0%+841,619
Renaissance Technologies LLC1,051,792$1.4M0.0%+449,567
Man Group plc909,470$1.2M0.0%+80,976
Lazard Asset Management LLC864,433$1.2M0.0%−185,845
OneDigital Investment Advisors LLC585,135$789.9K0.0%+369,642
WINTON GROUP Ltd500,453$675.6K0.0%+2,020
State Street Corp454,423$613.5K0.0%+1,304
Simplex Trading, LLC442,677$597.6K0.0%+44,743
Group One Trading LLC431,853$583.0K0.0%+161,926
AdvisorShares Investments LLC400,728$541.0K0.1%−3,109,133
Dimensional Fund Advisors LP328,065$442.9K0.0%No change
Cable Car Capital, LP306,195$413.4K0.0%No change
BlackRock, Inc.301,640$407.2K0.0%−19,115
RBF Capital, LLC250,000$337.5K0.0%No change
Baader Bank Aktiengesellschaft250,000$337.5K0.0%−718

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How SNDL Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARSNDL Inc.1
  • CIK0001766600
  • Filer statusLarge accelerated filer not an emerging growth company1
  • Incorporated inA014
  • Fiscal year endsDecember 311
  • Industry code (SIC)2833 Medicinal Chemicals & Botanical Products1
  • SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance1
  • Business address17220 Stony Plain Road Nw, Suite 101, Edmonton, Canada (Federal Level)1
  • Phone178094499941
  • Shares outstanding263,359,123 shares as of Dec 31, 202514
  • AuditorCBIZ CPAs P.C. (“CBIZ”), New York, New York, United States PCAOB ID 199; it also attests to the company’s internal control over financial reporting14
  • On EDGAR sinceApr 29, 20191
  • Filings401 in all: 6-K (289), CORRESP (15), UPLOAD (15), 424B5 (10), EFFECT (9), F-3 (7), S-8 (6), SC 13G/A (5)1
    All 33 form types

    20-F (4), SC 13G (4), SEC STAFF LETTER (4), 144 (3), 40-F (3), 20-F/A (2), DRS (2), F-1 (2), F-1/A (2), S-8 POS (2), SCHEDULE 13G (2), SCHEDULE 13G/A (2), 424B4 (1), 8-A12B (1), CERT (1), D (1), DRS/A (1), DRSLTR (1), F-1MEF (1), F-3/A (1), F-3MEF (1), F-X (1), FWP (1), POS AM (1), RW (1)

  • Latest filingsAnnual report (40-F) Mar 12, 2026

Securities registered for trading

ClassSymbolExchange
Common Shares, no par valueSNDLNasdaq

From the cover page of the 40-F filed Mar 12, 2026 (Section 12(b) of the Exchange Act).14

Sources

The numbers on this page point here. Each one links to the record it came from.

  1. 1
  2. 2
  3. 3
  4. 4
  5. 5
  6. 6
  7. 7
  8. 8
  9. 9
  10. 10
  11. 11
  12. 12
  13. 13
  14. 14