Trulieve Cannabis Corp. (TRLV) Balance Sheet
TRLV balance sheet, 2025
December 31, 2025 · U.S. dollars$2.70B assets = $1.55B liabilities + $1.14B equity
Both columns are drawn to the same scale: what TRLV owns equals what it owes plus shareholders’ equity. Hover a block for its value.
TRLV financial health
Descriptive bands, not a rating. Fiscal 2025.
TRLV balance sheet trends, 2022–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $3.40B2022 | $2.70B2025 | −7.4%/yr | |
| Total liabilities | $1.47B2022 | $1.55B2025 | +1.8%/yr | |
| Shareholders’ equity | $1.93B2022 | $1.16B2025 | −15.6%/yr | |
| Cash & short-term investments | $207.2M2022 | $255.5M2025 | +7.2%/yr | |
| Total debt | $635.9M2022 | $563.6M2025 | −3.9%/yr | |
| Net cash (debt) | −$428.7M2022 | −$308.1M2025 | +$120.6M | |
| Working capital | $383.2M2022 | $435.8M2025 | +$52.5M | |
| Book value per share | $10.382022 | $6.072025 | −16.4%/yr | |
| Current ratio | 2.822022 | 4.432025 | +1.61 | |
| Debt / equity | 0.332022 | 0.492025 | +0.16 | |
| Shares outstanding | 186.0M2022 | 191.3M2025 | +0.9%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TRLV assets
TRLV liabilities and equity
TRLV debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
TRLV balance sheet
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Assets | ||||
| Cash & short-term investments | $255.5M | $299.2M | $201.4M | $207.2M |
| Cash & equivalents | $255.5M | $238.8M | $201.4M | $207.2M |
| Short-term investments | $0 | $60.4M | $0 | — |
| Receivables | $20.2M | $8.3M | $6.7M | $6.5M |
| Inventory | $242.3M | $231.4M | $213.1M | $276.5M |
| Other current assets | $44.7M | $65.7M | $56.2M | $103.3M |
| Total current assets | $562.7M | $604.6M | $477.3M | $593.5M |
| Property, plant & equipment (net) | $838.7M | $900.0M | $830.8M | $912.7M |
| Goodwill & intangible assets | $1.28B | $1.34B | $1.40B | $1.78B |
| Long-term investments | $0 | $0 | $0 | $0 |
| Other non-current assets | $12.4M | $22.3M | $19.8M | $117.9M |
| Total assets | $2.70B | $2.87B | $2.73B | $3.40B |
| Liabilities | ||||
| Accounts payable | $26.8M | $20.2M | $28.2M | $15.9M |
| Short-term debt | $30.2M | — | — | — |
| Deferred revenue | $9.6M | — | — | — |
| Total current liabilities | $126.9M | $138.5M | $114.8M | $210.3M |
| Long-term debt | $227.6M | $476.8M | $479.1M | $635.9M |
| Lease obligations | $332.0M | $344.3M | $309.7M | $326.7M |
| Other long-term liabilities | $1.20B | $1.01B | $726.5M | $626.5M |
| Total liabilities | $1.55B | $1.62B | $1.32B | $1.47B |
| Shareholders' equity | ||||
| Retained earnings (deficit) | −$912.1M | −$795.7M | −$640.6M | −$113.8M |
| Minority interest | −$18.2M | −$12.3M | −$5.9M | −$3.5M |
| Total shareholders' equity | $1.16B | $1.26B | $1.41B | $1.93B |
| Key figures | ||||
| Total debt | $563.6M | $476.8M | $479.1M | $635.9M |
| Net cash (debt) | −$308.1M | −$177.6M | −$277.7M | −$428.7M |
| Working capital | $435.8M | $466.1M | $362.5M | $383.2M |
| Tangible book value | −$121.0M | −$82.1M | $13.4M | $154.9M |
| Book value per share | $6.07 | $6.60 | $7.60 | $10.38 |
| Shares outstanding | 191.3M | 191.0M | 186.2M | 186.0M |
| Current ratio | 4.43 | 4.37 | 4.16 | 2.82 |
| Quick ratio | 2.17 | 2.22 | 1.81 | 1.02 |
| Debt / equity | 0.49 | 0.38 | 0.34 | 0.33 |
| Equity / assets | 43.1% | 43.9% | 51.8% | 56.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Cash & short-term investments | $325.4M | $352.9M | $255.5M | $449.2M | $392.6M | $328.5M |
| Cash & equivalents | $325.4M | $352.9M | $255.5M | $449.2M | $392.6M | $328.5M |
| Short-term investments | — | — | $0 | $0 | $0 | $0 |
| Receivables | $27.1M | $22.1M | $20.2M | $19.4M | $21.2M | $10.3M |
| Inventory | $186.9M | $242.3M | $242.3M | $243.3M | $241.5M | $239.3M |
| Other current assets | $25.4M | $35.6M | $44.7M | $44.5M | $56.2M | $71.4M |
| Total current assets | $564.8M | $653.0M | $562.7M | $756.4M | $711.4M | $649.4M |
| Property, plant & equipment (net) | $724.9M | $852.0M | $838.7M | $865.6M | $881.1M | $891.6M |
| Goodwill & intangible assets | $626.1M | $1.26B | $1.28B | $1.30B | $1.32B | $1.33B |
| Long-term investments | $152.5M | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $9.2M | $12.4M | $12.4M | $20.3M | $13.0M | $14.0M |
| Total assets | $2.08B | $2.78B | $2.70B | $2.94B | $2.92B | $2.89B |
| Liabilities | ||||||
| Accounts payable | $61.5M | $78.9M | $26.8M | $81.3M | $79.0M | $91.1M |
| Short-term debt | $26.2M | $31.2M | $30.2M | $29.2M | $28.7M | — |
| Deferred revenue | $7.0M | $10.0M | $9.6M | $8.9M | $8.4M | — |
| Total current liabilities | $95.1M | $124.2M | $126.9M | $124.1M | $123.8M | $136.7M |
| Long-term debt | $285.2M | $285.7M | $227.6M | $473.8M | $474.2M | $476.4M |
| Lease obligations | $287.9M | $338.8M | $332.0M | $335.5M | $345.8M | $343.9M |
| Other long-term liabilities | $931.3M | $1.22B | $1.20B | $1.16B | $1.11B | $1.06B |
| Total liabilities | $1.31B | $1.63B | $1.55B | $1.76B | $1.71B | $1.67B |
| Shareholders' equity | ||||||
| Retained earnings (deficit) | −$1.32B | −$909.7M | −$912.1M | −$869.2M | −$842.4M | −$828.6M |
| Minority interest | −$1.6M | −$18.4M | −$18.2M | −$17.5M | −$15.6M | — |
| Total shareholders' equity | $767.5M | $1.17B | $1.16B | $1.20B | $1.23B | $1.23B |
| Key figures | ||||||
| Total debt | $577.3M | $628.7M | $563.6M | $813.1M | $823.7M | $476.4M |
| Net cash (debt) | −$251.8M | −$275.8M | −$308.1M | −$363.9M | −$431.1M | −$147.9M |
| Working capital | $469.8M | $528.8M | $435.8M | $632.3M | $587.5M | $512.7M |
| Tangible book value | $141.4M | −$96.9M | −$121.0M | −$95.4M | −$91.2M | −$100.6M |
| Book value per share | $3.98 | $5.90 | $6.06 | $6.30 | $6.41 | $6.45 |
| Shares outstanding | 192.7M | 197.8M | 191.7M | 191.2M | 191.2M | 191.1M |
| Current ratio | 5.94 | 5.26 | 4.43 | 6.09 | 5.74 | 4.75 |
| Quick ratio | 3.71 | 3.02 | 2.17 | 3.78 | 3.34 | 2.48 |
| Debt / equity | 0.75 | 0.54 | 0.49 | 0.68 | 0.67 | 0.39 |
| Equity / assets | 36.9% | 42.0% | 43.1% | 40.9% | 41.9% | 42.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed December 31, 2025); data from EODHD.
TRLV financial position
At the end of fiscal 2025 (December 31, 2025), Trulieve Cannabis had total assets of $2.7 billion (down 6.1% from a year earlier), total liabilities of $1.6 billion and shareholders' equity of $1.2 billion. It held $255.5 million in cash and short-term investments against $563.6 million of debt, net debt of $308.1 million. Its current ratio was 4.43. In the latest quarter (ended June 30, 2026) total assets were $2.1 billion and equity $767.5 million.
Related: TRLV income statement, TRLV cash flow statement, TRLV key metrics. See the TRLV stock overview for the latest quote and news.
TRLV balance sheet FAQ
What are Trulieve Cannabis's total assets?
Trulieve Cannabis reported total assets of $2.7 billion at the end of fiscal 2025 (December 31, 2025), compared with $2.9 billion a year earlier.
How much debt does Trulieve Cannabis have?
Trulieve Cannabis had $563.6 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.49.
How much cash does Trulieve Cannabis have?
Trulieve Cannabis held $255.5 million in cash and short-term investments at the end of fiscal 2025; with $563.6 million of debt that is net debt of $308.1 million.
What is Trulieve Cannabis's book value?
Trulieve Cannabis's shareholders' equity (book value) was $1.2 billion at the end of fiscal 2025, or $6.07 per share.
What is Trulieve Cannabis's current ratio?
Trulieve Cannabis had current assets of $562.7 million and current liabilities of $126.9 million, a current ratio of 4.43 (it can cover its short-term obligations).
How much goodwill does Trulieve Cannabis have?
Trulieve Cannabis carried $1.3 billion of goodwill and intangible assets, 47.6% of total assets, at the end of fiscal 2025.