Trulieve Cannabis (TRUL) Q4 2025 earnings summary

Executive summary

• Full year 2025 revenue reached $1.2 billion, with 94% from retail sales and a 60% gross margin; fourth quarter revenue was $293 million, up 2% sequentially.

• Record adjusted EBITDA for the year was $427 million (36% margin), and cash flow from operations was $273 million, exceeding targets.

• Net loss attributable to common shareholders was $116 million for the year, with an adjusted net loss of $27 million after excluding non-recurring items.

• Added 11 dispensaries in 2025, ending the year with 233 retail locations nationwide.

• Strategic priorities for 2026 include expanding access, growing the customer base, elevating branded products, and investing in growth initiatives.

Financial highlights

• Retail revenue for 2025 totaled $1.1 billion, with traffic and units up 5% year-over-year; wholesale revenue hit a record $71 million, up 23% year-over-year.

• Gross margin held steady at 60% for both the full year and fourth quarter, reflecting operational efficiencies.

• Adjusted EBITDA reached $427 million for the year (36% margin), up 2% from 2024.

• Free cash flow for 2025 was $229 million, and cash at year-end totaled $256 million; debt stood at $232 million.

• Net loss for the year was $160 million, compared to $155 million in 2024; fourth quarter net loss was $43 million ($0.22 per share), or $0.02 per share excluding non-recurring items.

Outlook and guidance

• First quarter 2026 revenue expected to decline sequentially by low to mid-single digits due to seasonality.

• Full year 2026 operating cash flow projected at least $250 million; capital expenditures up to $85 million.

• Plans to open at least five new stores, complete five relocations, and refresh at least 45 stores in 2026.

• Management highlighted momentum into 2026, focusing on expanded access, customer loyalty, branded products, and growth initiatives.