TCNNF earnings analysis
What we found in TCNNF's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
- Positive Net Income Achieved
- Net income for the quarter reached $2.3 million compared to a loss of $33.8 million in Q1 2025.
- Improved Operating Cash Flow
- Operating cash flow increased to $55.7 million, rising from $51.1 million year-over-year.
- Decrease in Operating Expenses
- Total expenses dropped by 10%, from $149.9 million in Q1 2025 to $134.4 million in Q1 2026.
- Wholesale Revenue Growth
- Wholesale and other revenue increased by $5.8 million, partially offsetting the drop in retail revenues.
- Strong Liquidity Position
- As of March 31, 2026, cash and cash equivalents were reported at $352.9 million.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Retail Revenue Decline
- Retail revenue decreased by $16.8 million, attributed to ongoing price compression.
- High Tax Liabilities
- Provision for income taxes decreased by $30.6 million due to previous IRC Section 280E impacts no longer being applicable.
- Regulatory Risks Remain
- The adult-use cannabis market remains illegal federally, posing ongoing operational risks.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.02
- Gross margin
- 59.3%
- Operating margin
- 12.5%
- Segment
- Wholesale and Other: Increase by $5.8 million
- Segment
- Retail: Decrease by $16.8 million
What they said about what is next.
Outlook deferred to earnings press release / call.
The filing reads better than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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