Trulieve Cannabis Corp. (TRLV) Income Statement
TRLV 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsTRLV revenue and net income
Where TRLV's revenue goes
2025Each bar shows an amount and its share of revenue. TRLV kept −9.9% of revenue as net income.
TRLV profit margins
TRLV growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −0.4% | −1.0% | — | — |
| Gross profit | −0.6% | +1.1% | — | — |
| Operating income | +60.4% | +5.7% | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
TRLV quarterly EPS vs estimates
Trulieve Cannabis beat the analyst EPS estimate in 6 of the last 6 quarters. Next report: November 5, 2026 (estimate $0.09).
TRLV income statement
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Revenue | $1.18B | $1.19B | $1.13B | $1.22B |
| Cost of revenue | $470.0M | $470.7M | $540.6M | $529.1M |
| Gross profit | $711.2M | $715.7M | $588.6M | $689.1M |
| Sales, general & admin | $445.2M | $510.5M | $386.2M | $447.0M |
| Total operating expenses | $562.8M | $1.09B | $1.04B | $1.09B |
| Operating income | $148.3M | $92.5M | $92.6M | $125.7M |
| Interest income | $14.5M | $14.7M | $6.2M | $1.6M |
| Interest expense | $63.5M | $62.2M | $81.6M | $73.4M |
| Income before taxes | $91.5M | $42.7M | −$284.5M | −$19.2M |
| Income taxes | $208.1M | — | — | — |
| Net income | −$116.4M | −$155.1M | −$526.8M | −$246.1M |
| EBITDA | $328.3M | $271.3M | −$32.3M | $239.8M |
| EPS (diluted) | −$0.15 | −$0.50 | −$0.45 | −$0.39 |
| Gross margin | 60.2% | 60.3% | 52.1% | 56.6% |
| Operating margin | 12.6% | 7.8% | 8.2% | 10.3% |
| Net margin | −9.9% | −13.1% | −46.7% | −20.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | |
|---|---|---|---|---|---|---|
| Revenue | $271.0M | $286.8M | $293.1M | $288.2M | $302.1M | $297.8M |
| Cost of revenue | $108.7M | $116.7M | $118.0M | $118.3M | $119.2M | $114.5M |
| Gross profit | $162.3M | $170.1M | $175.2M | $169.9M | $182.9M | $183.2M |
| Sales, general & admin | $101.8M | $104.9M | $126.3M | $99.0M | $101.1M | $118.8M |
| Total operating expenses | $532.8M | $134.6M | $155.7M | $128.5M | $130.5M | $262.6M |
| Operating income | −$370.5M | $35.4M | $19.4M | $41.4M | $52.4M | $35.1M |
| Interest income | $3.1M | $2.7M | $3.4M | $4.4M | $3.6M | $3.1M |
| Interest expense | $12.8M | $13.3M | $14.7M | $16.1M | $16.4M | $16.3M |
| Income before taxes | −$383.4M | $25.2M | $2.9M | $29.3M | $38.9M | $20.3M |
| Income taxes | $22.0M | $21.9M | $47.9M | $53.0M | $54.7M | — |
| Net income | −$406.1M | $2.4M | −$42.9M | −$26.8M | −$13.8M | −$32.9M |
| EBITDA | −$331.5M | $82.3M | $61.3M | $88.8M | $98.4M | — |
| EPS (diluted) | $0.11 | $0.10 | −$0.02 | −$0.07 | −$0.04 | −$0.02 |
| Gross margin | 59.9% | 59.3% | 59.8% | 58.9% | 60.6% | 61.5% |
| Operating margin | −136.7% | 12.4% | 6.6% | 14.4% | 17.3% | 11.8% |
| Net margin | −149.9% | 0.8% | −14.6% | −9.3% | −4.6% | −11.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in TRLV's financial statements (latest annual report filed December 31, 2025); data from EODHD. Sales, general & administrative expenses include sales and marketing.
TRLV financial results
In fiscal year 2025 (ended December 31, 2025), Trulieve Cannabis reported revenue of $1.2 billion, down 0.4% from the year before. It had a net loss of $116.4 million, a net profit margin of −9.9%. Diluted earnings per share came to −$0.15.
See the TRLV stock overview for the latest quote and news, or the TRLV chart for price history and technical indicators.
TRLV income statement FAQ
What is Trulieve Cannabis's annual revenue?
Trulieve Cannabis reported total revenue of $1.2 billion for fiscal year 2025, which ended on December 31, 2025. That was down 0.4% from $1.2 billion the previous year.
Is Trulieve Cannabis profitable?
No. Trulieve Cannabis reported a net loss of $116.4 million in fiscal 2025, a net profit margin of −9.9%; its operating margin was 12.6%.
What is Trulieve Cannabis's gross margin?
Trulieve Cannabis's gross margin was 60.2% in fiscal 2025: for every $100 of revenue, Trulieve Cannabis kept $60 after the direct cost of its products and services.
What are Trulieve Cannabis's earnings per share?
Trulieve Cannabis earned $-0.15 per diluted share in fiscal 2025, compared with $-0.50 a year earlier.
When will Trulieve Cannabis report its next earnings?
Trulieve Cannabis is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 before the market opens.
When does Trulieve Cannabis's fiscal year end?
Trulieve Cannabis's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on December 31, 2025.