10-Q · August 6, 2025
Trulieve reported essentially flat Q2 revenue of $302,086,000 (Q2 2025 vs $303,442,000 Q2 2024) with slight gross profit expansion to $182,926,000. Operating income improved to $52,634,000 but the company recorded a…
Earnings analysis · 10-Q
TCNNF earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Trulieve Cannabis Corp. reported Q1 2026 results with revenues of $286.8 million, down 4% from Q1 2025’s $297.8 million, and a GAAP EPS of $0.02, marking a net income of $2.3 million, compared to a net loss of $33.8…
Read full summary
Trulieve Cannabis Corp. reported Q1 2026 results with revenues of $286.8 million, down 4% from Q1 2025’s $297.8 million, and a GAAP EPS of $0.02, marking a net income of $2.3 million, compared to a net loss of $33.8 million in the prior year. The company saw reduced operating and administrative expenses, while wholesale revenue saw an uptick, though retail revenue lagged behind due to price compression. Looking forward, operational stability is expected, bolstered by cash reserves exceeding $352 million.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.02
What stood out
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Revenue Decline Less Severe than Expected
Q1 2026 revenue was $286.8 million, a smaller drop of 4% from $297.8 million in Q1 2025.
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Positive Net Income Achieved
Net income for the quarter reached $2.3 million compared to a loss of $33.8 million in Q1 2025.
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Improved Operating Cash Flow
Operating cash flow increased to $55.7 million, rising from $51.1 million year-over-year.
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Decrease in Operating Expenses
Total expenses dropped by 10%, from $149.9 million in Q1 2025 to $134.4 million in Q1 2026.
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Wholesale Revenue Growth
Wholesale and other revenue increased by $5.8 million, partially offsetting the drop in retail revenues.
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Strong Liquidity Position
As of March 31, 2026, cash and cash equivalents were reported at $352.9 million.
What to watch
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Retail Revenue Decline
Retail revenue decreased by $16.8 million, attributed to ongoing price compression.
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High Tax Liabilities
Provision for income taxes decreased by $30.6 million due to previous IRC Section 280E impacts no longer being applicable.
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Regulatory Risks Remain
The adult-use cannabis market remains illegal federally, posing ongoing operational risks.
Management's outlook
Outlook deferred to earnings press release / call.
Earlier filings 3
10-Q · November 9, 2022
Trulieve reported strong top-line growth: Q3 revenue rose to $300,793,000 (Q3 2021: $224,092,000) and nine‑month revenue reached $937,612,000 (nine months 2021: $633,037,000). Despite revenue growth, margins and…
10-Q · May 13, 2021
Trulieve reported strong top-line growth in Q1: revenue rose to $193,823,000 from $96,057,000 in Q1 2020 (+~101.8%), driving operating income of $72,563,000 (vs $42,512,000). Cash generation improved materially with net…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.