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EarningsQ2 2026 Earnings Report
VFF Q2 2026 EPS Results
Actual EPS$0.06
Consensus EPS$0.01
Beat/MissBeat by +$0.04
One Year Ago EPS$0.10
VFF Q2 2026 Revenue Results
Actual Revenue$63.98M
Expected Revenue$56.30M
Beat/MissBeat by +$7.67M
YoY Revenue Growth+6.81%
Earnings Announcement Details
QuarterQ2 2026
Date08/10/2026
TimeBefore Open
Conference CallMonday, August 10, 2026
VFF Upcoming Earnings
Village Farms International's next earnings date is estimated for November 11, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
VFF Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a predominantly positive operational and financial story: record cannabis revenues, strong export growth (74% YoY), significant gross margin expansion (up ~900 bps to 51%), and increasing adjusted EBITDA at the cannabis segment level. Key growth catalysts include Delta 2 expansion (incremental +15 mt in 2026, +25 mt in 2027, full +40 mt run rate by Q3 2027), a leading EU GMP-certified Delta campus, and early momentum in Netherlands recreational operations. Near-term headwinds include sizable tax and working capital cash outflows (reducing Q2 cash flow from $19.2M to $8.9M), higher SG&A %, a slight Netherlands Phase II delay, and maturation/price pressure in the Canadian market. Overall, the strengths and growth drivers presented materially outweigh the manageable near-term challenges.Company Guidance
Record Cannabis Revenues and Profitability
Consolidated net sales of $64.0M (+27% sequential, +7% year-over-year). Consolidated net income from continuing operations of $7.2M, or $0.06 per share. This marks the fifth consecutive quarter of positive net income and EPS since divesting the legacy produce business.
Strong Adjusted EBITDA and Segment Profitability
Consolidated adjusted EBITDA from continuing operations was $15.4M (24% of sales). Cannabis segment adjusted EBITDA was $15.3M, up 16% year-over-year, with an adjusted EBITDA margin of 29%.
Major Gross Margin Expansion Driven by Delta Campus
Cannabis gross margin improved to 51%, up ~900 basis points from 42% in Q2 of last year, driven by record harvest yields at Delta, improved product mix (higher EU GMP proportion), and lower cost of production.
Exceptional International Export Growth
International export sales (medical) grew 74% year-over-year and 43% sequentially, driven predominantly by increased share in the German market and demand for EU GMP-certified product.
Delta 2 Expansion and Production Upside
First harvest from Delta 2 completed in Q2. Expected incremental production: +15 metric tons in 2026 (from D2), +25 metric tons in 2027, with a full +40 metric ton run rate beginning Q3 2027 and full availability in fiscal 2028. Post-completion, Delta annualized production expected to be ~160 metric tons.
Net Cash and Liquidity Position
Ended the quarter with approximately $73M in cash after an equity placement; net cash position of ~$33M. Long-term debt approximately $40M at a blended interest rate of 5.6% as of June 30, 2026.
Progress in International and Recreational Markets
Gained top-10 market share positions across major convenience categories in Canada; Netherlands Groningen facility began cultivation in Q2 and is expected to ramp to full production over the coming quarters. Company holds 4 of the top 10 strains in Germany and reports broad pharmacy distribution there.
Operational Efficiency and Cost Improvements
Record yields and operational efficiencies at Delta reduced cost of production, contributing meaningfully to margin expansion and operating leverage versus sales growth.
VFF Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed