10-K · July 28, 2026
Tilray delivered 11% FY2026 revenue growth to $915.454 million, led by international cannabis, EMEA and distribution, while adjusted EBITDA rose to $61.139 million. The reported GAAP loss improved materially because the…
Earnings analysis · 10-Q
TLRY earnings analysis
Filed October 8, 2026 · Our reading of the company's report
The latest report
Tilray reported $257.1 million of revenue and EPS of $(0.02), with revenue missing the $266.4 million consensus estimate by 3.5% but EPS better than the $(0.15) estimate. Beverage growth and margin expansion helped…
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Tilray reported $257.1 million of revenue and EPS of $(0.02), with revenue missing the $266.4 million consensus estimate by 3.5% but EPS better than the $(0.15) estimate. Beverage growth and margin expansion helped offset continued cannabis revenue contraction, while the filing did not provide current-quarter gross margin, operating margin or free-cash-flow amounts in the available extract. The most material new concern is liquidity: the October 7, 2026 credit amendment waived covenant testing for the August 31, 2026 quarter and restricted revolver availability, although Fiscal 2027 adjusted EBITDA guidance of $68 million-$75 million was reaffirmed.
Reported figures
- Earnings per share
- $-0.02
- Segment
- Beverage: strong growth and margin expansion were noted, but no segment revenue amount was provided in the filing extract.
- Segment
- Cannabis: revenue continued to contract; no segment revenue amount was provided in the filing extract.
What stood out
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Revenue missed estimates and declined sequentially
Revenue was $257.1 million, $9.3 million below the $266.4 million consensus estimate, a 3.5% miss. Revenue was also below the prior reported quarter's $282 million, a decline of approximately 8.8%.
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EPS beat consensus, but losses remained
Reported EPS was $(0.02), materially better than the $(0.15) consensus estimate. The related earnings disclosure separately reported GAAP EPS of $(0.32), indicating a significant difference between the reported EPS measures.
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Beverage strength offset cannabis pressure
Beverage growth and gross-margin expansion were identified as positive drivers, while cannabis revenue continued to contract. The filing extract does not disclose current-quarter segment revenue or margin amounts.
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Acquisitions expanded the operating footprint
HelloMD represented approximately 0.03% of total assets and 0.03% of net revenues for the quarter ended August 31, 2026; acquired BrewDog UK I represented 11.2% of assets and 14.6% of net revenues.
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Disclosure controls remained effective
Management concluded that disclosure controls were effective as of August 31, 2026. It also stated that there were no changes in internal control over financial reporting that materially affected, or were reasonably likely to materially affect, controls during the period.
What to watch
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Restricted revolver access and covenant risk
On October 7, 2026, the company entered into a Seventh Amendment that waived covenant testing for the quarter ended August 31, 2026, revised future leverage, EBITDA and liquidity covenants, and limited borrowing availability until testing resumes. Future noncompliance could permit lenders to accelerate debt or exercise collateral remedies.
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Acquisition integration and control risk
The company excluded BrewDog UK I, BrewDog AUS, BrewDog US, BrewDog UK II, Lyphe and HelloMD from its internal-control assessment for the first fiscal year after acquisition. These acquired operations represented 11.2%, 1.0%, 1.5%, 0.1%, 0.2% and 0.03% of total assets, respectively.
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Regulatory and international-market exposure
The filing identifies continued dependence on regulatory approvals across multiple jurisdictions and specifically warns that changes in cannabis, hemp and other applicable laws, including in the United States, could materially adversely affect operations and strategy. The company also cites evolving international regulations and import/export restrictions as risks.
Management's outlook
Fiscal 2027 adjusted EBITDA guidance was reaffirmed at $68 million-$75 million in the related earnings disclosure; the 10-Q extract does not provide numeric EPS or revenue guidance.
Earlier filings 1
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.