Curaleaf (CURA) Q3 2026 earnings summary

Executive summary

• Q3 revenue reached a record $352.7M, up 10.9% YoY and 3.6% sequentially; adjusted EBITDA was $77.6M at a 22.0% margin.

• Domestic and international revenue grew 8% and 28%, respectively; quarter-end cash was $104.9M.

• Priorities included improving cultivation yields, product quality and consistency, supply-chain efficiency, and disciplined inventory management.

Financial highlights

• Q3 revenue was $352.7M versus $317.9M a year earlier; gross profit was $170.5M.

• Adjusted EBITDA was $77.6M, up from $71.7M in Q3 2025; net loss from continuing operations was $37.4M, or $0.14 per share, versus $54.3M, or $0.24 per share.

• Retail revenue was $243M and wholesale revenue was $106M, representing 70% and 30% of retail and wholesale revenue, respectively.

• Nine-month revenue was $1,017.0M, up 9% YoY; continuing-operations net income was $45.2M versus a $152.4M loss.

Outlook and guidance

• Q4 revenue is expected to rise 1%–2% sequentially, implying ~$358M at the midpoint; German pricing pressure and seasonal promotions temper the outlook.

• Q4 adjusted gross margin is expected at 48%–49%, with adjusted EBITDA roughly flat with Q3; SG&A savings are expected to offset some margin compression.

• FY 2026 operating cash flow target remains ~$150M; FY capex is expected to be ~$80M.

• Spain commercialization is expected in Q4 2026; France and Turkey market launches are anticipated in 2027, subject to regulatory processes.