- Fourth quarter 2025 net revenue of $333 million
- Fourth quarter 2025 International revenue of $51 million,
- Fourth quarter 2025 gross profit margin of 49%
- Full year operating and free cash flow from continuing operations of
- $152 million and $89 million, respectively
STAMFORD, Conn., Feb. 26, 2026 /PRNewswire/ — Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) (“Curaleaf” or the “Company”), a leading international provider of consumer products in cannabis, today reported its financial and operating results for the fourth quarter and full year ended December 31, 2025. All financial information is reported in accordance with U.S. generally accepted accounting principles (“U.S. GAAP” or “GAAP”) and is provided in U.S. dollars unless otherwise indicated.
Boris Jordan, Chairman and CEO of Curaleaf, stated, “We closed 2025 with clear momentum, delivering fourth-quarter revenue of $333 million. Revenue increased 5% sequentially and 2% year over year, bolstered by a broad-based return to growth in nearly all of our domestic markets despite a persistently challenging pricing environment. Our international team closed out an impressive year with $51 million in fourth quarter revenue representing 10% sequential growth and 65% year over year revenue growth. Adjusted gross margin expanded to 49%, up 20 basis points from last year as the benefits from productivity gains in our cultivation facilities outweighed price compression. Adjusted EBITDA totaled $69 million, or 21% of sales, inclusive of a 120 basis point drag from international.
For the year, revenue reached $1.27 billion, with adjusted gross margin of 50% and adjusted EBITDA of $275 million, or 22% of revenue. We generated $152 million in operating cash flow and $89 million in free cash flow from continuing operations, while ending the year with $102 million of cash on the balance sheet. These results were delivered despite a third consecutive year of double-digit price compression, underscoring the strength, discipline, and resilience of our operating model and the success of our Return to Our Roots plan.”
Mr. Jordan continued, “With our $500 million debt offering and Return to Our Roots plan now complete, we have reset the foundation of our business, and are transitioning from stabilization to acceleration with our Built for Growth strategy. By leveraging the platform we have strengthened—improved cultivation economics, tighter merchandising discipline, brand-led innovation, and enhanced execution—we are positioned to drive sustainable organic growth augmented by opportunistic acquisitions.”
Fourth Quarter 2025 Financial Highlights
Net revenue of $333.1 million, a year-over-year increase of 2% compared to Q4 2024 net revenue of $327.9 million. Sequentially, net revenue increased 5% compared to Q3 2025 net revenue of $317.9 million
Gross profit of $161.8 million and gross profit margin of 49%, an increase of 60 basis points year-over-year
Adjusted gross profit¹ of $161.9 million and adjusted gross profit margin¹ of 49%, an increase of 20 basis points year-over-year
Net loss attributable to Curaleaf Holdings, Inc. from continuing operations of $49.3 million or net loss per share from continuing operations of $0.06
Adjusted net loss¹ from continuing operations of $39.5 million or adjusted net loss¹ per share from continuing operations of $0.05
Adjusted EBITDA¹ of $69.0 million and adjusted EBITDA margin¹ of 20.7%, a 250 basis point decrease year-over-year
Cash at quarter end totaled $101.6 million
Operating and free cash flow was $42 million and $25 million, respectively
Full Year 2025 Financial Highlights
Net revenue of $1,268.1 million
International revenue of $172.5 million, an increase of 63% compared to 2024 revenue of $105.6 million
Gross profit of $631.0 million and gross margin of 50%
Adjusted gross profit¹ of $632.5 million and adjusted gross profit margin¹ of 50%
Operating cash flow from continuing operations of $152.0 million and free cash flow from continuing operations of $89.3 million
Net loss from continuing operations of $201.9 million or net loss per share from continuing operations of $0.26
Adjusted net loss¹ from continuing operations of $175.9 million or adjusted net loss per share from continuing operations of $0.23
Adjusted EBITDA¹ of $274.7 million and adjusted EBITDA margin of 21.7%
¹Adjusted EBITDA, adjusted net income (loss), adjusted gross profit and free cash flow are non-GAAP financial measures, and adjusted EBITDA margin, adjusted net income (loss) per share and adjusted gross profit margin are non-GAAP financial ratios, in each case without a standardized definition under U.S. GAAP and which may not be comparable to similar measures used by other issuers. See “Non-GAAP Financial Performance Measures” below for definitions and more information regarding Curaleaf’s use of non-GAAP financial measures and non-GAAP financial ratios. See “Reconciliation of Non-GAAP financial measures” below for a reconciliation of each non-GAAP financial measure used in this press release from the most directly comparable U.S. GAAP financial measure.
