Trulieve Cannabis (TRUL) Q4 2025 earnings summary

Executive summary

• Achieved full year 2025 revenue of $1.2 billion, with 94% from retail sales and a 60% gross margin, record units sold, and robust cash generation.

• Record adjusted EBITDA reached $427 million (36% margin), and cash flow from operations was $273 million.

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

• Added 11 dispensaries in 2025, ending the year with 233 retail locations and 915,000 rewards members.

• Won a conditional license in Texas, repositioned debt, and benefited from federal cannabis rescheduling to Schedule III.

Financial highlights

• Full year 2025 revenue was $1.2 billion; Q4 revenue was $293 million, up 2% sequentially but down 3% year-over-year.

• Gross margin held steady at 60% for both the full year and Q4; GAAP gross profit was $711 million.

• Adjusted EBITDA reached $427 million (36% margin); Q4 adjusted EBITDA was $105 million.

• Full year net loss was $160 million, compared to $155 million in 2024; Q4 net loss was $43 million ($0.22 per share), or $0.02 per share excluding non-recurring items.

• Operating cash flow for the year was $273 million, exceeding the $250 million target; year-end cash balance was $256 million after retiring over $380 million in debt.

Outlook and guidance

• Q1 2026 revenue expected to decline sequentially by low to mid-single digits due to seasonality; gross margin to remain broadly in line with recent performance.

• 2026 operating cash flow guidance of 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.

• Anticipates benefits from potential regulatory rescheduling and continued expansion.