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 strong 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; loss per share was $0.07, or $0.04 adjusted.

• Retail traffic and units sold increased 8% and 9% year-over-year, offset by pricing compression and loyalty point redemption; market share grew in Arizona and Florida, and branded product sales rose in Pennsylvania.

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

• Cash at quarter end was $401 million, with free cash flow of $75 million in Q2 and $108 million in the first half of 2025.

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.

• Retail revenue was $284 million, down 2% year-over-year but up 1% sequentially; wholesale revenue rose 27% year-over-year and 11% sequentially.

• Operating expenses were $130 million, flat year-over-year, representing 43% of revenue.

• Cash flow from operations in Q2 was $86 million; free cash flow was $75 million.

• Sold over 12.5 million branded products in Q2, a 9% increase year-over-year.

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.

• Management emphasized progress on the 2025 plan, focusing on customers, distribution, branded products, and reform.

• Company is positioned for accelerated growth and expansion through its hub strategy.