Village Farms International earnings date
Want to see VFF full AI Analyst Report?
Village Farms International (VFF) Q3 2026 Earnings Report
VFF Q3 2026 EPS Results
- Actual EPS
- $0.08
- Consensus EPS
- $0.05
- Beat/Miss
- Beat by +$0.03
- One Year Ago EPS
- $0.08
VFF Q3 2026 Revenue Results
- Actual Revenue
- $66.90M
- Expected Revenue
- $64.38M
- Beat/Miss
- Beat by +$2.53M
- YoY Revenue Growth
- +0.24%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/09/2026
- Time
- Before Open
- Conference Call
- Monday, November 9, 2026
Village Farms International's next earnings date is estimated for March 18, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
The call was broadly positive, supported by record cannabis revenue, 75% international export growth, sequential EBITDA improvement, strong liquidity, resilient EU GMP pricing, and multiple capacity-expansion and market-entry opportunities. The company also reported meaningful challenges, including lower margins, a 75% decline in spot trim pricing, Canadian sales and growth below objectives, lower cannabis EBITDA and operating cash flow, U.S. regulatory challenges, and expected fourth-quarter seasonality. Highlights significantly outweighed the lowlights, but management acknowledged that several operating improvements depend on the ramp-up of expansion projects and regulatory developments.
Village Farms expects Delta 2 completion in the first quarter, with its full 40 metric ton annual run rate by the middle of next year, supporting organic growth through 2028; it exercised rights to convert 25% of Delta 1 to cannabis production during 2027, providing optionality to activate an additional 16 acres of 700 thousand square feet, with no formal conversion plan today and potential production of “probably in the area of 50 to 60” metric tons, or “probably 50 metric tons”; Groningen is now fully planted and expected to begin driving stronger revenue growth in the fourth quarter and throughout next year; Canadian growth remains targeted at mid single digits, while trim conditions are expected to begin normalizing in Q4 after spot trim pricing was down about 75% year over year; the company expects a similar Q4 produce-sales decline to last year’s about 60% and may experience similar holiday period seasonality again in 2026; and Village Farms has a clear and cost efficient plan to bring its 30-acre 1.3-million-square-foot Monahans greenhouse online within a 12-month time frame, with Delta 2 conversions taking “like, 6 months.”
- Record Cannabis Revenue and Improved Sequential ResultsQ3 cannabis revenue reached a record $55 million. Consolidated net sales were $66.9 million, up 5% sequentially and level with Q3 last year. Net income from continuing operations was $10 million, or $0.08 per share, up from $7.2 million in Q2.
- Adjusted EBITDA and Operating Cash Flow StrengthAdjusted EBITDA from continuing operations was $18.2 million, or 27% of sales, up 18% sequentially from $15.4 million. Year-to-date adjusted EBITDA was $43.5 million; excluding last year's one-time $4.3 million vendor settlement, year-to-date adjusted EBITDA was up 18%. Operating cash flow was $9.5 million in Q3.
- Strong International Export GrowthInternational export sales increased 75% year over year to $20.8 million, in line with the prior quarter's record performance. Management said demand continues to outpace current supply capabilities and that the business remains somewhat supply constrained while awaiting further production from Delta 2.
- Resilient EU GMP Pricing and Competitive PositionManagement stated that it has not lowered pricing for EU GMP-compliant product and that pricing remains favorable. Q3 average net selling price declined 9% year over year entirely because of a mix shift toward bulk flower, rather than aggressive price reductions. Village Farms described its Delta facility as the world's largest single-site EU GMP-certified cannabis facility and said the vast majority of production is completed under GMP conditions.
- Favorable European Regulatory DevelopmentsManagement said UK and German regulators are tightening requirements around converted product, while EU GMP-certified product at the source remains favored. The company said approximately 740 tons of EU GMP-certified flower capacity exists globally, with roughly 420 tons certified at the source of production, and stated that reduced reliance on conversion could create shortages of truly source-compliant product.
- Canadian Branded Portfolio Maintains Market PositionCanadian branded sales were $25.3 million. Village Farms maintained a top-five overall national market-share position, with brands in the top 10 in every major product category. The company continued to gain market share in vapes and infused pre-rolls, while branded-channel average net selling price increased 6% year over year.
- Improving Canadian Competitive and Regulatory EnvironmentManagement said multiple competitors are de-emphasizing Canadian branded sales, with some exiting dry flower, and described the resulting competitive dynamics as improving. The company also cited Canadian government actions against illicit-market activity and the move to one federal cannabis excise stamp as developments it expects to support operating efficiencies.
- Delta 2 Expansion ProgressThe Delta 2 expansion remains on track for completion in the first quarter, with expectations to reach its full 40-metric-ton annual run rate by the middle of next year. Management said the expansion is expected to support organic growth in domestic Canadian and international export markets through 2028.
- Delta 1 Conversion OptionalityVillage Farms exercised its contractual right to convert 25% of the Delta 1 greenhouse to cannabis production during 2027. This provides optionality to activate approximately 16 acres, or 700,000 square feet, of production. Management estimated that the additional quarter could potentially produce approximately 50 to 60 metric tons, while emphasizing that no formal conversion decision has been made.
- Groningen Facility Fully PlantedThe Netherlands Phase 2 facility in Groningen is now fully planted. Management expects the facility to begin driving stronger revenue growth in the fourth quarter and throughout next year.
- Positive Initial Dutch Pilot-Program FindingsThe Dutch government's first annual monitoring report described experiences among coffee shops and growers as positive. Product availability widened, consumer price-value ratings improved compared with before the program, and the report found no clear difference in public health, livability, or safety compared with nonparticipating municipalities.
- Other Segment ImprovementThe other segment, including clean energy and remaining produce operations in the Delta 1 greenhouse, generated $11.9 million in net sales, $2.3 million in net income, and $3.4 million in adjusted EBITDA. Year-over-year improvements were driven primarily by stronger yields and pricing.
- Strong Liquidity and Net Cash PositionVillage Farms ended the quarter with approximately $80 million in cash, up $6.3 million sequentially. Long-term debt was approximately $39 million at a weighted-average rate of 5.7%, the $10 million revolver was undrawn, and management reported a net cash position of $41 million.
- Expansion Investment Substantially CompleteYear-to-date capital expenditures were $17.3 million, primarily for Delta 2 and Groningen, both of which management said are now substantially complete. The company said it remains in an excellent financial position to continue investing in its platform.
- Texas Market Entry PreparationFollowing the midterm elections, Village Farms announced plans to operationalize its standalone 30-acre, 1.3-million-square-foot Monahans, Texas greenhouse for cannabis production. Management said it has a clear and cost-efficient plan that could bring the facility online within a 12-month time frame and that it is pursuing all permissible pathways to enter the Texas market.
- Potential Texas Production Cost AdvantageManagement stated that the Monahans site may have a cost advantage over Delta facilities because its location does not require supplemental lighting to run a cannabis crop through the winter, although supplemental lighting could help increase yield.
- Supportive U.S. Cannabis Policy OutlookManagement said voters in multiple states supported cannabis access or reform, including Ohio, Iowa, Wisconsin, and Texas, and expressed optimism about potential federal rescheduling of legal adult cannabis to Schedule 3. The company also said the incoming Congress could be the most supportive of cannabis reform in American history.
- Disciplined M&A StrategyManagement said it prefers organic growth opportunities but will pursue accretive opportunities that accelerate capabilities. The company stated that it will remain patient and disciplined on valuation and regulatory frameworks and will not complete a deal that is not strategically compelling or accretive.
VFF Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 18, 2027 | 2026 (Q4) | 0.05- | 0.02 | ― | ― |
| Nov 09, 2026 | 2026 (Q3) | 0.050.08 | 0.08 | 0.00% (+0.00) | |
| Aug 10, 2026 | 2026 (Q2) | 0.010.06 | 0.1 | -40.00% (-0.04) | |
| May 11, 2026 | 2026 (Q1) | 0.020.02 | -0.06 | 133.33% (+0.08) | |
| Mar 12, 2026 | 2025 (Q4) | 0.040.02 | -0.08 | 125.00% (+0.10) | |
| Nov 10, 2025 | 2025 (Q3) | 0.030.08 | -0.01 | 900.00% (+0.09) | |
| Aug 11, 2025 | 2025 (Q2) | -0.010.10 | -0.21 | 147.62% (+0.31) | |
| May 12, 2025 | 2025 (Q1) | -0.01-0.06 | -0.03 | -100.00% (-0.03) | |
| Mar 13, 2025 | 2024 (Q4) | -0.02-0.08 | -0.2 | 60.00% (+0.12) | |
| Nov 07, 2024 | 2024 (Q3) | -0.03-0.01 | -0.01 | 0.00% (+0.00) |
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.
