Trulieve Cannabis (TRUL) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue was $302 million, stable year-over-year, with 94% from retail sales and a gross margin of 61%; adjusted EBITDA reached $111 million (37% margin), reflecting disciplined expense control and operational efficiency.

• Net loss attributable to common shareholders was $14 million; adjusted net loss was $8 million, excluding non-recurring items.

• Retail traffic and units sold increased 8% and 9% year-over-year, offset by pricing compression; loyalty program members exceeded 725,000, accounting for 71% of transactions.

• Wholesale revenue grew 27% year-over-year, with expanded relationships in Maryland, Pennsylvania, and Ohio, and continued focus on branded products and customer experience.

• Advocacy for federal cannabis reform and social justice initiatives remains a priority, with active engagement in rescheduling, SAFER Banking, and state-level campaigns.

Financial highlights

• Gross profit was $183 million (61% margin), up 1% year-over-year; SG&A expenses were $101 million (33% of revenue), comparable to last year.

• Net loss was $14 million, compared to a $12 million loss last year; loss per share was $0.07 versus $0.05 last year.

• Adjusted EBITDA of $111 million (37% margin), up 2–3% year-over-year; adjusted net loss was $8 million.

• Operating cash flow was $86 million, with $401 million in cash and $478 million in debt at quarter end.

• Free cash flow was $75 million for the quarter; capital expenditures totaled $12 million.

Outlook and guidance

• Q3 2025 revenue expected to decline mid-single digits sequentially due to seasonality; full-year gross margin expected to remain around 60%.

• Full-year cash flow from operations projected at least $250 million, with capital expenditures up to $40 million.

• Guidance may be revised later in the year depending on macroeconomic conditions and reform progress.