Trulieve Cannabis (TRUL) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $230.2M, down 20% YoY after Harvest deconsolidation; medical-only revenue rose 4% YoY and QoQ versus medical-only comparison periods, led by Georgia and Pennsylvania.

• Gross margin was 64.3%; adjusted EBITDA was $89.2M, or 38.7% of revenue, and adjusted net income was $18.0M.

• State-licensed medical marijuana rescheduling was followed by final DEA registrations; management cited removal of the 280E burden for medical operations.

• Quarter-end cash was $326.7M; management expected existing cash to cover anticipated needs for at least 12 months.

Financial highlights

• Revenue was $230.2M versus $288.2M in Q3 2025; gross profit was $148.0M versus $169.9M.

• Continuing-operations net income was $0.8M; net income attributable to common shareholders was $0.9M versus a $26.8M loss YoY.

• Adjusted net income was $18.0M versus an adjusted net loss of $12.5M; adjusted EBITDA was $89.2M versus $102.7M.

• Q3 operating cash flow was $74.4M and free cash flow was $45.4M; SG&A was $87.8M and adjusted SG&A was $78.0M.

• Nine-month revenue was $787.9M versus $888.0M; results included a $403.3M loss on Harvest deconsolidation.

Outlook and guidance

• Q4 revenue is expected to rise low single digits QoQ; gross margin is expected near recent-quarter levels, with some holiday-promotion pressure.

• A Q4 net loss is anticipated from non-cash Harvest deconsolidation purchase accounting adjustments.

• FY2026 operating cash flow guidance is at least $225M; capex is expected to be up to $105M, versus $95M previously, for growth-market investments.

• Texas production capacity is completed and ready for inspection; production and retail scaling across 11 regions depend on final regulatory approval.