Trulieve Cannabis (TRUL) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue reached $288 million, with 94% from retail sales and a 59% gross margin, in line with guidance and seasonal trends.

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

• Net loss for Q3 was $27 million ($0.14 per share), or $0.07 per share excluding non-recurring items; adjusted net loss was $12 million.

• Cash at quarter-end was $458 million, with $77 million in operating cash flow and $64 million in free cash flow.

• Rewards program membership grew to 820,000, accounting for 77% of transactions in the quarter.

Financial highlights

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

• Retail revenue was $271 million, with traffic up 6% and over 12.5 million branded products sold, a 7% increase year-over-year.

• Gross profit for Q3 was $170 million, down 2% year-over-year.

• Operating expenses decreased 26% year-over-year to $128 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.

• Management expects continued strong cash generation and operational flexibility.

• Forward-looking statements emphasize growth opportunities and positioning for future expansion.