Trulieve Cannabis (TRUL) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue reached $288 million, with 94% from retail sales and a gross margin of 59%.

• Adjusted EBITDA was $103 million (36% margin), up 7% year-over-year.

• Net loss attributable to common shareholders was $27 million; adjusted net loss was $12 million, excluding non-recurring items.

• Sold over 12.5 million branded products in Q3, a 7% increase year-over-year.

• Year-to-date cash flow from operations totaled $214 million, with free cash flow at $173 million.

Financial highlights

• Gross profit for Q3 was $170 million (58.9% margin), down 2% year-over-year due to price compression.

• SG&A expenses declined to $99 million (34% of revenue), with adjusted SG&A at 30% of revenue.

• Retail traffic and units sold increased by 6% and 7% year-over-year, respectively.

• Cash at quarter end was $458 million.

• Free cash flow for Q3 was $64 million; year-to-date free cash flow reached $173 million.

Outlook and guidance

• Q4 2025 revenue expected to increase by low single digits compared to Q3.

• Full-year gross margin anticipated to be comparable to 2024.

• Projecting at least $250 million in cash from operations for the full year.

• CapEx guidance raised to $45 million for the year, reflecting store relocations and cultivation upgrades.

• Management expects continued gross margin fluctuations due to product mix, inventory sell-through, and promotional activity.