Trulieve reports 2025 Q4 and full-year results with 60% gross margin and record cash flow generation

• Full year revenue of $1.2 billion with a gross margin of 60%
• 2025 record cash flow from operations of $273 million and free cash flow of $229 million*
• A record 50.1 million branded products sold in 2025, up 5% from last year

TALLAHASSEE, Fla., Feb. 26, 2026 /PRNewswire/ — Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) (“Trulieve” or “The Company”), the leading and top performing cannabis company in the United States, today announced its results for the fourth quarter and full year ended December 31, 2025. Numbers may not add up perfectly due to rounding.

2025 Full Year Financial and Operating Highlights*

• Revenue is $1.2 billion with 94% of revenue coming from retail.
• Achieved 60% gross margin, with GAAP gross profit of $711 million.
• A net loss attributable to common stockholders of $116 million was reported. 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*.
• The cash amount at the end of the year was 256 million dollars.
• Repaid $368 million of senior secured notes and repaid $15.8 million of mortgages in 2026.
• Private placement of $140 million of senior secured notes due 2030.
• Conditional approval granted for a Distributorship license under the Texas Compassionate Use Program.
• Grown the rewards program to 915,000 members as of December 31, 2025.
• 11 dispensaries were added in 2025, with 233 retail locations nationwide at the end of the year.

_{*See “Non-GAAP Financial Measures” below for additional information and reconciliations to GAAP for all non-GAAP measures.}

Q4 2025 Financial and Operating Highlights*

• Revenue was $293 million, with 93% of revenue coming from retail.
• Achieved 60% gross margin, with GAAP gross profit of $175 million.
• A net loss attributable to common stockholders of $43 million was reported. 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.
• Cash flow from operations of $59 million and free cash flow of $56 million*.
• A new mobile app serving Florida customers has been released, enabling patients to browse and reserve products, view promotions and check reward status in a seamless digital experience.
• Opened one dispensary in Findlay, Ohio.

_{*See “Non-GAAP Financial Measures” below for additional information and reconciliations to GAAP for all non-GAAP measures.}

Recent developments

• Opened one dispensary in Fort Myers, Florida.
• Closed second tranche of $60 million private placement of senior secured notes due 2030.
• There are currently 234 retail dispensaries and more than four million square feet of processing 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 Trulieve CEO Kim Rivers. “With a re-planning on the horizon, Trulieve is driving its momentum through 2026, prioritizing expanded reach, loyal customers, branded products and growth initiatives.”

Original press release

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