- Full year revenue of $1.2 billion, with 60% gross margin
- Record 2025 cash flow from operations of $273 million and free cash flow of $229 million*
- Record 50.1 million branded product units sold in 2025, up 5% compared to last year
- Revenue of $1.2 billion, with 94% of revenue from retail sales.
- Achieved gross margin of 60%, with GAAP gross profit of $711 million.
- Reported net loss attributable to common shareholders of $116 million. Adjusted net loss of $27 million* excludes non-recurring charges, asset impairments, disposals and discontinued operations.
- Achieved record adjusted EBITDA of $427 million*, or 36% of revenue, up $7 million or 2% from 2024.
- Generated record cash flow from operations of $273 million and free cash flow of $229 million*.
- Cash at year end totaled $256 million.
- Redeemed $368 million of senior secured notes due 2026 and repaid $15.8 million mortgage.
- Closed $140 million private placement of senior secured notes due 2030.
- Granted conditional approval for a Dispensing Organization license under the Texas Compassionate Use Program.
- Grew rewards program to 915,000 members as of December 31, 2025.
- Added 11 dispensaries in 2025, with 233 retail locations nationwide at year end.
- Revenue of $293 million, with 93% of revenue from retail sales.
- Achieved gross margin of 60%, with GAAP gross profit of $175 million.
- Reported net loss attributable to common shareholders of $43 million. Adjusted net loss of $3 million* excludes non-recurring charges, asset impairments, disposals and discontinued operations.
- Achieved adjusted EBITDA of $105 million*, or 36% of revenue.
- Generated cash flow from operations of $59 million and free cash flow of $56 million*.
- Released a new mobile app serving Florida customers enabling patients to browse and reserve products, view promotions, and check rewards status through a seamless digital experience.
- Opened one dispensary in Findlay, Ohio.
- Opened one dispensary in Fort Myers, Florida.
- Closed second tranche $60 million private placement of senior secured notes due 2030.
- Currently operate 234 retail dispensaries and over four million square feet of cultivation and processing capacity in the United States.
Results of Operations | For the Three Months Ended | For the Full Year Ended | |||||||||||
(Figures in millions except | December | December | % Better / | September | % Better / | December | December | % Better / | |||||
Revenue | $ | 293 | $ | 301 | (3 %) | $ | 288 | 2 % | $ | 1,181 | $ | 1,186 | — % |
Gross profit | $ | 175 | $ | 187 | (6 %) | $ | 170 | 3 % | $ | 711 | $ | 716 | (1 %) |
Gross margin % | 60 % | 62 % | 59 % | 60 % | 60 % | ||||||||
Operating expenses | $ | 160 | $ | 186 | 14 % | $ | 128 | (25 %) | $ | 568 | $ | 618 | 8 % |
Operating expenses % | 55 % | 62 % | 44 % | 48 % | 52 % | ||||||||
Net loss** | $ | (43) | $ | (60) | 28 % | $ | (27) | (60 %) | $ | (116) | $ | (155) | 25 % |
Net loss continuing operations | $ | (45) | $ | (60) | 26 % | $ | (24) | (89 %) | $ | (117) | $ | (155) | 25 % |
Adjusted net (loss) income | $ | (3) | $ | 3 | NMF | $ | (12) | 75 % | $ | (27) | $ | (19) | (41 %) |
Basic and diluted shares outstanding | 192 | 190 | 191 | 191 | 190 | ||||||||
EPS continuing operations | $ | (0.23) | $ | (0.26) | 12 % | $ | (0.11) | (103 %) | $ | (0.58) | $ | (0.79) | 26 % |
Adjusted EPS | $ | (0.02) | $ | 0.02 | NMF | $ | (0.07) | 75 % | $ | (0.14) | $ | (0.10) | (40 %) |
Adjusted EBITDA | $ | 105 | $ | 111 | (6 %) | $ | 103 | 2 % | $ | 427 | $ | 420 | 2 % |
Adjusted EBITDA Margin % | 36 % | 37 % | 36 % | 36 % | 35 % | ||||||||
NMF – No Meaningful Figure |
*See “Non-GAAP Financial Measures” below for additional information and a reconciliation to GAAP for all Non-GAAP metrics. |
**Net loss attributable to common shareholders which excludes non-controlling interest. |
North American toll free: 1-844-824-3830 | Passcode: 9288786 | |
International: 1-412-542-4136 | Passcode: 9288786 |
Trulieve Fourth Quarter and Full Year 2025 Results CallA powerpoint presentation and archived replay of the webcast will be available at:
https://investors.trulieve.com/events The Company’s Form 10-K for the year ended December 31, 2025 will be available on the SEC’s website or at https://investors.trulieve.com/quarterly-results. The Company’s Management’s Discussion and Analysis for the period and the accompanying financial statements and notes will be available under the Company’s profile on https://www.sedarplus.ca and on its website at https://investors.trulieve.com/quarterly-results. This news release is not in any way a substitute for reading those financial statements, including the notes to the financial statements.
Trulieve Cannabis Corp. Condensed Consolidated Balance Sheets (Unaudited) (in millions, except for share data)
| |||
December 31, | December 31, | ||
ASSETS | |||
Current Assets: | |||
Cash and cash equivalents | $ 255.5 | $ 238.8 | |
Short-term investments | — | 60.4 | |
Restricted cash | — | 0.9 | |
Accounts receivable, net | 10.5 | 8.3 | |
Inventories | 242.3 | 231.4 | |
Income tax receivable | 8.5 | 10.0 | |
Prepaid expenses | 18.3 | 23.0 | |
Other current assets | 25.5 | 26.2 | |
Notes receivable – current portion, net | 1.2 | 4.8 | |
Assets associated with discontinued operations | 0.9 | 0.9 | |
Total current assets | 562.7 | 604.6 | |
Property and equipment, net | 670.4 | 716.1 | |
Right of use assets – operating, net | 108.3 | 119.5 | |
Right of use assets – finance, net | 60.0 | 64.4 | |
Intangible assets, net | 798.4 | 859.5 | |
Goodwill | 483.9 | 483.9 | |
Notes receivable, net | 0.5 | 0.5 | |
Other assets | 10.0 | 19.8 | |
Long-term assets associated with discontinued operations | 1.9 | 2.0 | |
TOTAL ASSETS | $ 2,696.1 | $ 2,870.3 | |
LIABILITIES | |||
Current Liabilities: | |||
Accounts payable and accrued liabilities | $ 82.7 | $ 94.0 | |
Deferred revenue | 9.6 | 8.0 | |
Notes payable – current portion | 4.1 | 3.4 | |
Operating lease liabilities – current portion | 13.0 | 12.1 | |
Finance lease liabilities – current portion | 10.7 | 9.5 | |
Construction finance liabilities – current portion | 2.4 | 1.9 | |
Contingencies | 0.8 | 6.3 | |
Liabilities associated with discontinued operations | 3.7 | 3.1 | |
Total current liabilities | 126.9 | 138.5 | |
Long-Term Liabilities: | |||
Private placement notes, net | 136.7 | 364.8 | |
Notes payable, net | 90.8 | 111.9 | |
Operating lease liabilities | 107.9 | 117.5 | |
Finance lease liabilities | 64.1 | 67.7 | |
Construction finance liabilities | 133.8 | 135.5 | |
Deferred tax liabilities | 178.0 | 196.5 | |
Uncertain tax position liabilities | 668.4 | 445.2 | |
Other long-term liabilities | 11.4 | 5.0 | |
Long-term liabilities associated with discontinued operations | 34.9 | 38.6 | |
TOTAL LIABILITIES | $ 1,553.1 | $ 1,621.2 | |
EQUITY | |||
Common stock, no par value; unlimited shares authorized. 192,307,145 and | $ — | $ — | |
Additional paid-in-capital | 2,073.4 | 2,057.0 | |
Accumulated deficit | (912.1) | (795.7) | |
Non-controlling interest | (18.2) | (12.3) | |
TOTAL EQUITY | 1,143.0 | 1,249.0 | |
TOTAL LIABILITIES AND EQUITY | $ 2,696.1 | $ 2,870.3 | |
Trulieve Cannabis Corp. Condensed Consolidated Statements of Operations (Unaudited) (in millions, except for share data)
| |||||||
Three Months Ended | Full Year Ended | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Revenue | $ 293.1 | $ 301.1 | $ 1,181.2 | $ 1,186.5 | |||
Cost of goods sold | 118.0 | 114.1 | 470.0 | 470.7 | |||
Gross profit | 175.2 | 187.0 | 711.2 | 715.8 | |||
Expenses: | |||||||
Selling, general, and administrative | 126.3 | 157.9 | 445.2 | 510.4 | |||
Depreciation and amortization | 29.4 | 28.6 | 117.6 | 112.8 | |||
Impairment and other charges, net of (recoveries) | 4.1 | (0.9) | 4.8 | (5.3) | |||
Total expenses | 159.9 | 185.7 | 567.7 | 618.0 | |||
Income from operations | 15.3 | 1.3 | 143.5 | 97.8 | |||
Other income (expense): | |||||||
Interest expense, net | (14.7) | (14.6) | (63.5) | (62.2) | |||
Interest income | 3.4 | 3.2 | 14.5 | 14.7 | |||
Loss on debt extinguishments, net | (1.7) | — | (1.7) | — | |||
Other income (expense), net | 0.6 | (2.8) | (1.4) | (7.6) | |||
Total other expense, net | (12.4) | (14.2) | (52.0) | (55.1) | |||
Income (loss) before provision for income taxes | 2.9 | (12.9) | 91.5 | 42.7 | |||
Provision for income taxes | 47.9 | 47.6 | 208.1 | 197.6 | |||
Net loss from continuing operations | (44.9) | (60.5) | (116.6) | (154.9) | |||
Net income (loss) from discontinued operations, net of tax benefit (provision) of | 1.4 | (1.1) | (5.6) | (5.7) | |||
Net loss | (43.6) | (61.6) | (122.2) | (160.6) | |||
Less: net loss attributable to non-controlling interest from continuing operations | (0.7) | (1.8) | (5.9) | (5.5) | |||
Net loss attributable to common shareholders | $ (42.9) | $ (59.8) | $ (116.4) | $ (155.1) | |||
Earnings Per Share | |||||||
Net loss per share – Continuing operations: | |||||||
Basic and diluted | $ (0.23) | $ (0.26) | $ (0.58) | $ (0.79) | |||
Net income (loss) per share – Discontinued operations: | |||||||
Basic and diluted | $ 0.01 | $ (0.01) | $ (0.03) | $ (0.03) | |||
Weighted average number of common shares used in computing net loss per share: | |||||||
Basic and diluted | 191.7 | 190.0 | 191.3 | 190.0 | |||
Trulieve Cannabis Corp. Condensed Consolidated Statements of Cash Flows (Unaudited) (in millions)
| |||||||
Three Months Ended | Full Year Ended | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Cash flows from operating activities | |||||||
Net loss | $ (43.6) | $ (61.6) | $ (122.2) | $ (160.6) | |||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||
Depreciation and amortization | 29.4 | 28.6 | 117.6 | 112.8 | |||
Depreciation included in cost of goods sold | 14.2 | 13.5 | 55.8 | 53.6 | |||
Impairment and other charges, net of (recoveries) | 2.4 | (0.9) | 4.8 | (5.3) | |||
Loss on debt extinguishments, net | 1.7 | — | 1.7 | — | |||
Gain from disposal of discontinued operations | (0.8) | — | (0.8) | — | |||
Share-based compensation | 4.0 | 4.6 | 20.5 | 20.2 | |||
Deferred income taxes | (3.9) | (7.7) | (18.6) | (10.4) | |||
Other non-cash changes | 4.2 | 4.1 | 20.1 | 18.2 | |||
Changes in operating assets and liabilities: | |||||||
Inventories | 1.0 | (10.5) | (10.9) | (18.7) | |||
Accounts receivable | (0.3) | 1.5 | (3.7) | 0.7 | |||
Other assets | 2.4 | (2.1) | 5.8 | (9.1) | |||
Accounts payable and accrued liabilities | 0.3 | 2.6 | (11.3) | 7.2 | |||
Income tax receivable / payable | (1.1) | (4.2) | 1.6 | (8.5) | |||
Other liabilities | (2.7) | (0.5) | (16.4) | (1.6) | |||
Uncertain tax position liabilities | 52.1 | 61.1 | 223.2 | 264.9 | |||
Proceeds received from insurance for operating expenses | — | 2.1 | 5.7 | 8.0 | |||
Net cash provided by operating activities | 59.2 | 30.7 | 272.8 | 271.5 | |||
Cash flows from investing activities | |||||||
Purchases of property and equipment | (3.4) | (42.7) | (44.2) | (122.6) | |||
Purchases of internal use software | (3.7) | (6.8) | (16.3) | (25.1) | |||
Purchases of short-term investments | — | — | — | (80.0) | |||
Maturities of short-term investments | — | 20.0 | 60.0 | 20.0 | |||
Other purchases and payments | — | — | (0.1) | (7.6) | |||
Other proceeds | 1.2 | 6.3 | 14.1 | 8.7 | |||
Net cash (used in) provided by investing activities | (5.9) | (23.2) | 13.5 | (206.6) | |||
Cash flows from financing activities | |||||||
Proceeds from private placement notes | 140.0 | — | 140.0 | 3.0 | |||
Payments on long-term borrowings | (385.9) | (1.8) | (393.3) | (8.1) | |||
Payments for debt issuance costs | (3.3) | — | (3.3) | 0.2 | |||
Payments for taxes related to net share settlement of equity awards | (4.4) | (2.5) | (4.8) | (14.8) | |||
Other payments and distributions | (1.9) | (2.1) | (9.0) | (13.8) | |||
Net cash used in financing activities | (255.4) | (6.4) | (270.5) | (33.4) | |||
Net (decrease) increase in cash, cash equivalents, and restricted cash | (202.1) | 1.1 | 15.8 | 31.4 | |||
Cash, cash equivalents, and restricted cash, beginning of period | 457.6 | 238.6 | 239.7 | 208.0 | |||
Cash and cash equivalents of discontinued operations, beginning of period | — | — | — | 0.3 | |||
Less: cash and cash equivalents of discontinued operations, end of period | — | — | — | — | |||
Cash, cash equivalents, and restricted cash, end of period | $ 255.5 | $ 239.7 | $ 255.5 | $ 239.7 | |||
(Amounts expressed in millions of United States dollars) | Three Months Ended | For the Full Year Ended | ||||||||
December | December | September | December | December 31, | ||||||
Net loss attributable to common shareholders | $ | (42.9) | $ | (59.8) | $ | (26.8) | $ | (116.4) | $ | (155.1) |
Add (deduct) impact of: | ||||||||||
Interest expense, net | $ | 14.7 | $ | 14.6 | $ | 16.1 | $ | 63.5 | $ | 62.2 |
Interest income | $ | (3.4) | $ | (3.2) | $ | (4.4) | $ | (14.5) | $ | (14.7) |
Provision for income taxes | $ | 47.9 | $ | 47.6 | $ | 53.0 | $ | 208.1 | $ | 197.6 |
Depreciation and amortization | $ | 29.4 | $ | 28.6 | $ | 29.5 | $ | 117.6 | $ | 112.8 |
Depreciation included in cost of goods sold | $ | 14.2 | $ | 13.5 | $ | 13.9 | $ | 55.8 | $ | 53.6 |
EBITDA (Non-GAAP) | $ | 59.9 | $ | 41.3 | $ | 81.3 | $ | 314.1 | $ | 256.4 |
EBITDA Margin (Non-GAAP) | 20 % | 14 % | 28 % | 27 % | 22 % | |||||
Impairment and other charges, net of (recoveries) | $ | 4.1 | $ | (0.9) | $ | (0.9) | $ | 4.8 | $ | (5.3) |
Campaign and political contributions | $ | 32.4 | $ | 54.8 | $ | 6.3 | $ | 66.1 | $ | 117.5 |
Acquisition, transaction, and other non-recurring costs | $ | 4.7 | $ | 7.6 | $ | 3.8 | $ | 13.2 | $ | 18.2 |
Share-based compensation | $ | 4.0 | $ | 4.6 | $ | 5.8 | $ | 20.5 | $ | 20.2 |
Loss on debt extinguishments, net | $ | 1.7 | $ | — | $ | — | $ | 1.7 | $ | — |
Other (income) expense, net | $ | (0.6) | $ | 2.8 | $ | 1.2 | $ | 1.4 | $ | 7.6 |
Discontinued operations, net of tax, attributable to common shareholders | $ | (1.4) | $ | 1.1 | $ | 5.0 | $ | 5.6 | $ | 5.7 |
Adjusted EBITDA (Non-GAAP) | $ | 104.8 | $ | 111.4 | $ | 102.7 | $ | 427.3 | $ | 420.2 |
Adjusted EBITDA Margin (Non-GAAP) | 36 % | 37 % | 36 % | 36 % | 35 % | |||||
For the Three Months Ended | For the Full Year Ended | |||||||||
(Amounts expressed in millions of United States dollars) | December | December | September | December | December | |||||
Net loss attributable to common shareholders | $ | (42.9) | $ | (59.8) | $ | (26.8) | $ | (116.4) | $ | (155.1) |
Net (income) loss from discontinued operations, net of | $ | (1.4) | $ | 1.1 | $ | 5.0 | $ | 5.6 | $ | 5.7 |
Adjustment of formerly redeemable non-controlling | $ | — | $ | 9.0 | $ | — | $ | — | $ | — |
Net loss from continuing operations available to common | $ | (44.3) | $ | (49.7) | $ | (21.8) | $ | (110.8) | $ | (149.4) |
Add (deduct) impact of: | ||||||||||
Adjustment of formerly redeemable non-controlling | $ | — | $ | (9.0) | $ | — | $ | — | $ | — |
Impairment and other charges, net of (recoveries) | $ | 4.1 | $ | (0.9) | $ | (0.9) | $ | 4.8 | $ | (5.3) |
Campaign and political contributions | $ | 32.4 | $ | 54.8 | $ | 6.3 | $ | 66.1 | $ | 117.5 |
Acquisition, transaction, and other non-recurring costs | $ | 4.7 | $ | 7.6 | $ | 3.8 | $ | 13.2 | $ | 18.2 |
Adjusted net (loss) income (Non-GAAP) | $ | (3.1) | $ | 2.9 | $ | (12.5) | $ | (26.7) | $ | (19.0) |
For the Three Months Ended | For the Full Year Ended | |||||||||
(Amounts expressed are per share except for shares which | December | December | September | December | December | |||||
Net loss attributable to common shareholders | $ | (0.22) | $ | (0.31) | $ | (0.14) | $ | (0.61) | $ | (0.82) |
Net (income) loss from discontinued operations, net of | $ | (0.01) | $ | 0.01 | $ | 0.03 | $ | 0.03 | $ | 0.03 |
Adjustment of formerly redeemable non-controlling | $ | — | $ | 0.05 | $ | — | $ | — | $ | — |
Net loss from continuing operations available to common | $ | (0.23) | $ | (0.26) | $ | (0.11) | $ | (0.58) | $ | (0.79) |
Add (deduct) impact of: | ||||||||||
Adjustment of formerly redeemable non-controlling | $ | — | $ | (0.05) | $ | — | $ | — | $ | — |
Impairment and other charges, net of (recoveries) | $ | 0.02 | $ | (0.00) | $ | (0.00) | $ | 0.03 | $ | (0.03) |
Campaign and political contributions | $ | 0.17 | $ | 0.29 | $ | 0.03 | $ | 0.35 | $ | 0.62 |
Acquisition, transaction, and other non-recurring costs | $ | 0.02 | $ | 0.04 | $ | 0.02 | $ | 0.07 | $ | 0.10 |
Adjusted net (loss) income (Non-GAAP) | $ | (0.02) | $ | 0.02 | $ | (0.07) | $ | (0.14) | $ | (0.10) |
Basic and diluted shares outstanding | 191.7 | 190.0 | 191.3 | 191.3 | 190.0 | |||||
For the Three Months Ended | For the Full Year Ended | |||||||||
(Amounts expressed in millions of United States dollars) | December | December | September | December | December | |||||
Cash flow from operating activities | $ | 59.2 | $ | 30.7 | $ | 76.8 | $ | 272.8 | $ | 271.5 |
Payments for property and equipment | $ | (3.4) | $ | (42.7) | $ | (12.3) | $ | (44.2) | $ | (122.6) |
Free cash flow (Non-GAAP) | $ | 55.8 | $ | (12.0) | $ | 64.4 | $ | 228.6 | $ | 148.9 |
Instagram: @Trulieve
X: @TrulieveInvestor and Media Contact
Christine Hersey, Chief Corporate Affairs & Strategy Officer
+1 (424) 202-0210
[email protected]SOURCE Trulieve Cannabis Corp.

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