Village Farms International (NASDAQ:VFF) cemented its transition from a traditional greenhouse grower to a high-margin cannabis producer, reporting record consolidated net income of $21 million, or $0.19 per share, for the full year 2025.
The Vancouver-based company’s pivot toward the burgeoning global digital and medical cannabis markets appears to be paying off.
International export sales skyrocketed 384% year-over-year, providing a high-growth counterbalance to the domestic Canadian market.
Within Canada, the company maintained its efficiency lead, reporting a gross margin of 43% for its cannabis segment—a figure that remains among the highest in the peer group.
For the fourth quarter, net sales rose 9% to $49.6 million, while full-year adjusted EBITDA reached $49.9 million.
This operational strength translated directly to the balance sheet, with the company generating $58.1 million in operating cash flow and ending the year with a cash position of $86 million.
Management has used this liquidity to lean into shareholder returns, repurchasing $6.7 million of shares since the third quarter.
The company is now eyeing 2026 as a year of significant capacity expansion.