Trulieve Reports Fourth Quarter and Full Year 2025 Results with 60% Gross Margin and Record Cash Flow Generation
- Full year revenue of $1.2 billion, with 60% gross margin
- Record 2025 cash flow from operations of $273 million and free cash flow of $229 million*
- Record 50.1 million branded product units sold in 2025, up 5% compared to last year
TALLAHASSEE, Fla., Feb. 26, 2026 /PRNewswire/ — Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) (“Trulieve” or “the Company”), a leading and top-performing cannabis company in the U.S., today announced its results for the fourth quarter and full year ended December 31, 2025. Results are reported in U.S. dollars and in accordance with U.S. Generally Accepted Accounting Principles (GAAP), unless otherwise indicated. Numbers may not sum perfectly due to rounding.
2025 Full Year Financial and Operational Highlights*
- Revenue of $1.2 billion, with 94% of revenue from retail sales.
- Achieved gross margin of 60%, with GAAP gross profit of $711 million.
- Reported net loss attributable to common shareholders of $116 million. Adjusted net loss of $27 million* excludes non-recurring charges, asset impairments, disposals and discontinued operations.
- Achieved record adjusted EBITDA of $427 million*, or 36% of revenue, up $7 million or 2% from 2024.
- Generated record cash flow from operations of $273 million and free cash flow of $229 million*.
- Cash at year end totaled $256 million.
- Redeemed $368 million of senior secured notes due 2026 and repaid $15.8 million mortgage.
- Closed $140 million private placement of senior secured notes due 2030.
- Granted conditional approval for a Dispensing Organization license under the Texas Compassionate Use Program.
- Grew rewards program to 915,000 members as of December 31, 2025.
- Added 11 dispensaries in 2025, with 233 retail locations nationwide at year end.
*See “Non-GAAP Financial Measures” below for additional information and a reconciliation to GAAP for all Non-GAAP metrics.
Q4 2025 Financial and Operational Highlights*
- Revenue of $293 million, with 93% of revenue from retail sales.
- Achieved gross margin of 60%, with GAAP gross profit of $175 million.
- Reported net loss attributable to common shareholders of $43 million. Adjusted net loss of $3 million* excludes non-recurring charges, asset impairments, disposals and discontinued operations.
- Achieved adjusted EBITDA of $105 million*, or 36% of revenue.
- Generated cash flow from operations of $59 million and free cash flow of $56 million*.
- Released a new mobile app serving Florida customers enabling patients to browse and reserve products, view promotions, and check rewards status through a seamless digital experience.
- Opened one dispensary in Findlay, Ohio.
*See “Non-GAAP Financial Measures” below for additional information and a reconciliation to GAAP for all Non-GAAP metrics.
Recent Developments
- Opened one dispensary in Fort Myers, Florida.
- Closed second tranche $60 million private placement of senior secured notes due 2030.
- Currently operate 234 retail dispensaries and over four million square feet of cultivation and processing capacity in the United States.
Management Commentary
“We finished the year strong, winning a conditional license in Texas and repositioning our debt,” said Kim Rivers, Trulieve CEO. “With rescheduling on the horizon, Trulieve is carrying the momentum into 2026, prioritizing expanded access, loyal customers, branded products and growth initiatives.”
