Village Farms International (VFF) Q3 FY2026 earnings: revenue $67 million, up 0.2% on the year

Village Farms International, Inc. (VFF) reported revenue of $67 million for Q3 FY2026, the quarter ended 30 September 2026, up 0.2% on the same quarter a year earlier. Net income was $10 million, down 2.4% on the year, and diluted earnings per share $0.08. The figures are the company's own, from the 10-Q it filed with the SEC on 9 November 2026.

Revenue

$67 million

+0.2% on the year · +4.6% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

19.7%

24.5% a year earlier

Q4 FY2024Q3 FY2026

Net income

$10 million

-2.4% on the year · +39.5% on the quarter

Q4 FY2024Q3 FY2026

Diluted EPS

$0.08

0.0% on the year · +33.3% on the quarter

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 2 new, 3 kept.

Cannabis sales reached $55.0 million: Cannabis net sales rose 3% to $55.0 million from $53.5 million. Consolidated sales were $66.9 million against $66.7 million, with Other Produce sales falling to $11.3 million from $12.8 million.
Cannabis Adjusted EBITDA fell to 27%: Cannabis Adjusted EBITDA from continuing operations was $14.7 million, or 27% of sales, against $20.2 million or 38%. Consolidated Adjusted EBITDA from continuing operations was $18.2 million against $20.7 million.
International exports up 75%: Exports reached $20.8 million, up from $11.9 million and in line with the second-quarter figure of $20.9 million. Management said the company remains one of the largest exporters of medical cannabis to Europe, with a leading share in Germany.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	66.9	64.0	66.7	+4.6%	+0.2%
Cost of revenue	37.6	34.0	34.8	+10.5%	+8.0%
Gross profit	29.3	30.0	31.9	-2.2%	-8.2%
Gross margin	43.8%	46.8%	47.9%
Selling, general and administrative	16.1	18.8	15.6	-14.2%	+3.5%
Operating income	13.2	11.2	16.3	+18.1%	-19.3%
Operating margin	19.7%	17.4%	24.5%
Interest expense	0.4	0.5	0.6	-7.1%	-31.4%
Pre-tax income	13.1	10.5	15.5	+25.5%	-15.5%
Income tax	3.2	3.3	4.7	-2.6%	-32.6%
Effective tax rate	24.2%	31.2%	30.4%
Net income	10.0	7.1	10.2	+39.5%	-2.4%
Net margin	14.9%	11.2%	15.3%
Diluted EPS	$0.08	$0.06	$0.08	+33.3%	0.0%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Capital expenditure	1.9	6.2	1.8	-70.3%	+1.4%
Depreciation and amortisation	4.6	4.0	4.2	+14.4%	+9.3%
Share-based compensation	0.5	0.3	1.0	+56.0%	-54.9%
Buybacks	0.0	0.4	0.0
Diluted shares, weighted	131m	125m	121m	+4.7%	+8.3%
Shares outstanding at period end	122m	122m	115m	+0.4%	+6.4%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	323	312	295	+3.4%	+9.3%
Redeemable equity	6.4	6.4	10.0	-0.6%	-35.9%
Debt	38.7	40.0	34.6	-3.2%	+11.8%
Other liabilities	73.5	69.9	78.4	+5.2%	-6.3%
Total liabilities and equity	441	428	418	+3.0%	+5.5%
Fixed assets	189	190	180	-0.8%	+4.8%
Goodwill	42.8	42.8	43.7	+0.1%	-2.0%
Intangible assets	20.2	21.1	23.8	-4.3%	-14.8%
Cash and equivalents	79.3	72.9	82.6	+8.7%	-4.0%
Receivables	41.6	32.4	31.4	+28.4%	+32.7%
Inventory	46.4	46.7	34.2	-0.5%	+35.7%
Other assets	22.4	22.5	23.0	-0.3%	-2.4%
Total assets	441	428	418	+3.0%	+5.5%

Questions

What was Village Farms International's revenue in Q3 FY2026?

Village Farms International (VFF) reported revenue of $67 million for Q3 FY2026, the quarter ended 30 September 2026, up 0.2% on the same quarter a year earlier.

How much did Village Farms International earn in Q3 FY2026?

Net income for Q3 FY2026 was $10 million, down 2.4% on the year, and diluted earnings per share $0.08.

When did Village Farms International report Q3 FY2026 results?

Village Farms International filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 9 November 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022 †	Q2 FY2022 †	Q3 FY2022 †	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024 * †	Q1 FY2025 †	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	72.8	70.2	82.9	71.1	69.5	64.7	77.2	69.5	74.2	78.1	53.6	54.9	82.6	39.7	59.9	66.7	n/a	50.2	64.0	66.9
Cost of revenue	53.0	60.3	76.6	62.7	66.6	52.4	65.7	54.9	63.2	62.6	40.0	41.3	75.6	25.5	37.6	34.8	30.4	29.3	34.0	37.6
Gross profit	19.9	9.9	6.3	8.4	2.9	12.3	11.5	14.6	11.0	15.5	13.6	13.6	6.9	14.2	22.3	31.9	19.2	21.0	30.0	29.3
Gross margin	27%	14%	8%	12%	4%	19%	15%	21%	15%	20%	25%	25%	8%	36%	37%	48%	39%	42%	47%	44%
SG&A	16.1	17.9	18.5	17.8	17.0	17.4	16.8	15.8	15.5	16.4	17.1	14.6	18.5	14.6	15.4	15.6	14.7	15.9	18.8	16.1
Operating income	n/a	n/a	n/a	n/a	n/a	n/a	n/a	0.8	n/a	n/a	n/a	2.1	n/a	-0.4	6.9	16.3	n/a	5.0	11.2	13.2
Operating margin	n/a	n/a	n/a	n/a	n/a	n/a	n/a	1%	n/a	n/a	n/a	4%	n/a	-1%	12%	24%	n/a	10%	17%	20%
Interest expense	0.9	0.7	0.7	1.0	0.9	1.1	1.4	1.0	1.0	0.9	0.9	0.8	0.8	0.7	0.8	0.6	0.5	0.5	0.5	0.4
Pre-tax income	1.2	-8.3	-43.8	-12.3	-29.7	-6.1	-0.0	-2.9	-18.3	-2.4	-23.3	-0.7	-11.0	-1.1	12.4	15.5	4.5	4.4	10.5	13.1
Tax rate	-83%	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	20%	30%	48%	38%	31%	24%
Net income	2.1	-6.5	-36.6	-8.7	-49.3	-6.6	-1.4	-1.3	-22.5	-2.9	-23.5	-0.8	-8.6	-6.7	26.5	10.2	n/a	2.9	7.1	10.0
Net margin	3%	-9%	-44%	-12%	-71%	-10%	-2%	-2%	-30%	-4%	-44%	-1%	-10%	-17%	44%	15%	5%	6%	11%	15%
Diluted EPS	$0.04	-$0.07	-$0.41	-$0.10	-$0.55	-$0.06	-$0.01	-$0.01	-$0.20	-$0.03	-$0.21	-$0.01	-$0.08	-$0.06	$0.24	$0.08	n/a	$0.02	$0.06	$0.08
Operating cash flow	-18.5	-9.6	0.6	-4.2	-6.7	-3.7	-1.6	12.1	-1.5	-0.1	5.7	4.3	0.4	-6.4	n/a	n/a	n/a	n/a	n/a	n/a
Capital expenditure	6.5	5.3	5.0	2.6	1.4	1.1	1.5	1.8	2.2	1.9	3.0	3.3	1.9	1.2	2.8	1.8	n/a	9.2	6.2	1.9
Free cash flow	-25.0	-14.9	-4.4	-6.8	-8.1	-4.7	-3.1	10.2	-3.6	-1.9	2.7	1.0	-1.5	-7.6	n/a	n/a	n/a	n/a	n/a	n/a
Buybacks	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	0.0	0.0	0.0	3.0	6.4	0.4	0.0
Shares outstanding	88m	89m	89m	89m	92m	110m	110m	110m	110m	110m	112m	112m	112m	112m	113m	115m	116m	114m	122m	122m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2026, filed 9 November 2026: the filing.