Curaleaf (CURA) Q2 2026 earnings summary

Executive summary

• Achieved Q2 2026 revenue of $340 million, up 10% year-over-year, surpassing guidance and internal projections, with strong operational execution and regulatory tailwinds.

• International revenue grew 26% year-over-year to $51 million, led by Germany and the UK, with expansion into Turkey, France, and Spain expected in 2027.

• Net income from continuing operations was $12.5 million, reversing a prior net loss, with EPS of $0.05.

• Adjusted EBITDA was $70 million (21% margin), with retail/wholesale revenue mix at 71/28%.

• Expanded retail footprint to 176 dispensaries and completed buyout of Four20 Pharma for full control of Curaleaf International.

Financial highlights

• Q2 2026 revenue: $340 million; adjusted EBITDA: $70 million; adjusted EBITDA margin: 21%.

• Gross profit for Q2 was $170 million (50% margin), with adjusted gross profit at $171 million (50.2% margin).

• Net income per share was $0.05; six-month net revenue was $664.3 million, up 8% year-over-year.

• Ended Q2 with $107 million in cash and $611.5 million in outstanding debt.

• Free cash flow from operations for the first half was $17.4 million.

Outlook and guidance

• Q3 revenue expected to increase low single digits sequentially, midpoint guidance at $347 million.

• Multiple catalysts expected in 2026 and beyond to expand profitability and increase cash generation domestically and internationally.

• Anticipates continued strong traffic growth, mindful of macro volatility, energy costs, and interest rates.

• Expects further margin expansion and cash flow improvement through cost reduction and inventory management.

• Anticipated launches in Turkey, France, and Spain in 2027 to drive long-term international growth.