Trulieve Reports Second Quarter 2026 Results

Trulieve Reports Second Quarter 2026 Results

PR Newswire

TALLAHASSEE, Fla., Aug. 7, 2026

Second quarter revenue of $271 million, with 60% gross margin Cash flow from operations of $109 million and free cash flow of $74 million* in first half of 2026First U.S. Cannabis Company listed on New York Stock Exchange under ticker "TRLV" TALLAHASSEE, Fla., Aug. 7, 2026 /PRNewswire/ -- Trulieve Cannabis Corp. (NYSE: TRLV) ("Trulieve" or "the Company"), a leading and top-performing medical cannabis company in the U.S., today announced its results for the quarter ended June 30, 2026. 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. Second quarter 2026 results include both Trulieve and Harvest operations until the deconsolidation of Harvest on June 3, 2026, and Trulieve medical only operations for the remainder of June.

Q2 2026 Financial and Operational Highlights*Revenue of $271 million, with 94% of revenue from retail sales.Achieved gross margin of 60%, with GAAP gross profit of $162 million.Reported net loss attributable to common shareholders of $406 million or $2.10 per share, includes $407 million impact from the Harvest deconsolidation and equity investment. Adjusted net income of $20 million* or $0.11 per share, excludes non-recurring charges, asset impairments, disposals, unconsolidated entity, deconsolidation transaction, and discontinued operations.Achieved adjusted EBITDA of $98 million*, or 36% of revenue.Generated cash flow from operations of $53 million and free cash flow of $32 million*.Cash at quarter end was $325 million.Filed applications to register state licensed medical marijuana operations with the Drug Enforcement Agency following federal rescheduling of medical marijuana to Schedule III.Completed deconsolidation of Harvest mixed medical and adult use state operations.Listed on the New York Stock Exchange under ticker TRLV.Announced share repurchase program up to the lesser of $50 million or 8,495,038 subordinate voting shares.Began shipment of medical cannabis products to licensed independent pharmacies in Georgia.Opened four dispensaries in Belleview, Boca Raton, Lutz, and Tallahassee, Florida.*See "Non-GAAP Financial Measures" below for additional information and a reconciliation to GAAP for Non-GAAP metrics.Recent DevelopmentsObtained shareholder and Board approval for the concurrent domestication of the Company to Delaware and continuance out of British Columbia.Commemorated Georgia medical cannabis program expansion on July 1 with new product launches and onsite activations across our dispensary network.Named to TIME's America's Best Companies 2026 List.Opened one dispensary in Marco Island, Florida.Currently operate 207 retail dispensaries and 3.5 million square feet of cultivation and processing capacity in the United States.Management Commentary "We made history this quarter as the first U.S. cannabis company to list on the New York Stock Exchange following rescheduling of medical marijuana," said Kim Rivers, Trulieve CEO. "With broader cannabis rescheduling and state program expansion in markets like Georgia and Texas on the horizon, Trulieve is well positioned to leverage its scale, financial strength, and branded products to drive future growth."Financial Highlights* Results of OperationsFor the Three Months EndedFor the Six Months Ended(Figures in millions except per share data) June 30, 2026†June 30, 2025% Better/ (Worse)March 31, 2026% Better/ (Worse)June 30, 2026†June 30, 2025% Better/ (Worse)Revenue$271$302(10 %)$287(6 %)$558$600(7 %)Gross profit$162$183(11 %)$170(5 %)$332$366(9 %)Gross margin %60 %61 %59 %60 %61 %Operating expenses$533$130NMF$134NMF$667$280(138 %)Operating expenses %197 %43 %47 %120 %47 %Net (loss) income**$(406)$(14)NMF$2NMF$(404)$(47)NMFNet (loss) income continuing operations$(405)$(16)NMF$3NMF$(402)$(48)NMFAdjusted net income (loss)$20$(8)NMF$201 %$41$(11)NMFDiluted shares outstanding193191198193191Diluted EPS continuing operations$(2.10)$(0.07)NMF$0.02NMF$(2.09)$(0.23)NMFAdjusted Diluted EPS$0.11$(0.04)NMF$0.104 %$0.21$(0.06)NMFAdjusted EBITDA$98$111(11 %)$100(2 %)$198$220(10 %)Adjusted EBITDA Margin %36 %37 %35 %36 %37 %NMF - No Meaningful Figure†Q2:26 reported results reflect the deconsolidation of Harvest on June 3, 2026. *See "Non-GAAP Financial Measures" below for additional information and a reconciliation to GAAP for Non-GAAP metrics.**Net (loss) income attributable to common shareholders which excludes non-controlling interest.Conference Call The Company will host a conference call and live audio webcast on August 7, 2026, at 8:30 A.M. Eastern time, to discuss its second quarter 2026 financial results. Interested parties can join the conference call by dialing in as directed below. Please dial in 15 minutes prior to the call.North American toll free: 1-844-824-3830Passcode: 9497090International: 1-412-542-4136Passcode: 9497090A live audio webcast of the conference call will be available at:Trulieve Second Quarter 2026 Results CallA powerpoint presentation and archived replay of the webcast will be available at:https://investors.trulieve.com/events The Company's Form 10-Q for the quarter ended June 30, 2026 will be available on the SEC's website or at https://investors.trulieve.com/quarterly-results. The Company's Management's Discussion and Analysis for the period and the accompanying financial statements and notes will be available under the Company's profile on https://www.sedarplus.ca and on its website at https://investors.trulieve.com/quarterly-results. This news release is not in any way a substitute for reading those financial statements, including the notes to the financial statements.Trulieve Cannabis Corp. Condensed Consolidated Balance Sheets (Unaudited)(in millions, except for share data) June 30,2026December 31,2025ASSETSCurrent Assets:Cash and cash equivalents$ 325.4$ 255.5Accounts receivable, net3.910.5Inventories186.9242.3Income tax receivable0.28.5Notes receivable - current portion, net0.11.2Prepaid expenses20.718.3Other current assets4.725.5Management services agreement receivable, related party22.9—Assets associated with discontinued operations—0.9Total current assets564.8562.7Property and equipment, net584.0670.4Right of use assets - operating, net86.1108.3Right of use assets - finance, net54.860.0Intangible assets, net300.4798.4Goodwill325.6483.9Notes receivable, net0.50.5Investment in Harvest152.5—Other assets8.710.0Long-term assets associated with discontinued operations—1.9TOTAL ASSETS$ 2,077.4$ 2,696.1LIABILITIESCurrent Liabilities:Accounts payable and accrued liabilities$ 61.5$ 82.7Deferred revenue7.09.6Notes payable - current portion4.24.1Operating lease liabilities - current portion11.313.0Finance lease liabilities - current portion10.110.7Construction finance liabilities - current portion0.62.4Contingencies0.30.8Liabilities associated with discontinued operations—3.7Total current liabilities95.1126.9Long-Term Liabilities:Notes payable, net89.490.8Private placement notes, net195.8136.7Operating lease liabilities85.8107.9Finance lease liabilities59.864.1Construction finance liabilities120.2133.8Deferred tax liabilities57.2178.0Uncertain tax position liabilities598.2668.4Other long-term liabilities10.011.4Long-term liabilities associated with discontinued operations—34.9TOTAL LIABILITIES$ 1,311.5$ 1,553.1EQUITYCommon shares, no par value; unlimited shares authorized. 192,382,935, and 192,307,145 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively.$ —$ —Additional paid-in-capital2,083.22,073.4Accumulated deficit(1,315.7)(912.1)Non-controlling interest(1.6)(18.2)TOTAL EQUITY765.91,143.0TOTAL LIABILITIES AND EQUITY$ 2,077.4$ 2,696.1Trulieve Cannabis Corp. Condensed Consolidated Statements of Operations (Unaudited)(in millions, except for share data)Three Months EndedJune 30,Six Months EndedJune 30,2026202520262025Revenue$ 271.0$ 302.1$ 557.7$ 599.8Cost of goods sold108.7119.2225.3233.7Gross profit162.3182.9332.4366.1Expenses:Selling, general, and administrative101.8101.1206.7219.9Depreciation and amortization25.729.455.558.8Loss (gain) on disposal or impairment of assets2.0(0.3)1.71.5Loss on deconsolidation transaction403.3—403.3—Total expenses532.8130.3667.2280.2(Loss) income from operations(370.5)52.6(334.8)86.0Other income (expense):Interest expense, net(12.8)(16.4)(26.1)(32.7)Interest income3.13.65.76.7Equity in net loss of Harvest(3.3)—(3.3)—Other income (expense), net0.1(1.0)0.2(0.7)Total other expense, net(12.9)(13.7)(23.4)(26.7)(Loss) income before provision for income taxes(383.4)38.9(358.2)59.2Provision for income taxes22.054.743.8107.2Net loss from continuing operations(405.4)(15.8)(402.0)(48.0)Net loss from discontinued operations, net of tax benefit (provision) of $237, $(441), $597, and $(441) respectively, attributable to common shareholders(0.7)(0.3)(1.8)(1.9)Net loss(406.1)(16.1)(403.8)(49.9)Less: net loss attributable to non-controlling interest from continuing operations(0.1)(2.3)(0.2)(3.2)Net loss attributable to common shareholders$ (406.0)$ (13.8)$ (403.6)$ (46.7)Earnings Per Share Net loss per share - Continuing operations:Basic and diluted$ (2.10)$ (0.07)$ (2.09)$ (0.23)Net loss per share - Discontinued operations:Basic and diluted$ (0.00)$ (0.00)$ (0.01)$ (0.01)Weighted average number of common shares used in computing net loss per share:Basic and diluted192.7191.2192.6191.2Trulieve Cannabis Corp. Condensed Consolidated Statements of Cash Flows (Unaudited)(in millions)Three Months EndedJune 30,Six Months EndedJune 30,2026202520262025Cash flows from operating activitiesNet loss$ (406.1)$ (16.1)$ (403.8)$ (49.9)Adjustments to reconcile net loss to net cash provided by operating activities:Depreciation and amortization25.729.455.558.8Depreciation included in cost of goods sold13.413.727.427.6Loss on deconsolidation transaction403.3—403.3—Equity in net loss of Harvest3.3—3.3—Impairment and disposal of long-lived assets, net of recoveries2.0(2.0)1.7(0.2)Gain from disposal of discontinued operations————Share-based compensation6.96.811.110.7Deferred income taxes(10.8)(5.3)(19.1)(9.9)Other non-cash changes3.57.36.712.3Changes in operating assets and liabilities:Inventories6.0(2.2)6.0(10.1)Accounts receivable1.1(0.8)(2.7)(3.4)Other assets(28.4)7.0(30.7)(1.0)Accounts payable and accrued liabilities5.4(11.6)(3.4)(11.8)Income tax receivable / payable(0.6)1.31.12.7Uncertain tax position liabilities32.958.761.0114.4Other liabilities(4.6)(6.0)(8.5)(8.7)Proceeds received from insurance for operating expenses—5.7—5.7Net cash provided by operating activities53.186.1108.8137.2Cash flows from investing activitiesCapital expenditures(21.0)(16.0)(34.5)(36.8)Maturities of short-term investments———60.0Cash disposed in deconsolidation transaction(58.4)—(58.4)—Other proceeds4.57.44.811.4Other purchases and payments———(0.2)Net cash (used in) provided by investing activities(74.9)(8.6)(88.0)34.4Cash flows from financing activitiesProceeds from long-term borrowings——60.7—Payments on long-term borrowings(1.7)(3.6)(3.7)(5.5)Payments for debt issuance costs——(1.3)—Other payments and distributions(2.8)(2.2)(5.4)(4.6)Payments for taxes related to net share settlement of equity awards(1.3)(0.1)(1.3)(0.3)Net cash provided by (used in) financing activities(5.7)(5.8)49.1(10.3)Net increase in cash and cash equivalents, and restricted cash(27.5)71.669.9161.3Cash, cash equivalents, and restricted cash, beginning of period352.9329.4255.5239.7Cash, cash equivalents, and restricted cash, end of period$ 325.4$ 401.0$ 325.4$ 401.0The condensed consolidated statements of cash flows include continuing operations and discontinued operations for the periods presented.Non-GAAP Financial Measures (Unaudited)In addition to our results determined in accordance with GAAP, we supplement our results with non-GAAP financial measures, including EBITDA, adjusted EBITDA, EBITDA margin, adjusted EBITDA margin, adjusted net income (loss), adjusted net income (loss) per diluted share, and free cash flow.The Company calculates EBITDA as net income (loss) before net interest expense, interest income, income tax expense, depreciation and amortization; adjusted EBITDA as net income (loss) before net interest expense, interest income, income tax expense, depreciation and amortization and also excludes certain extraordinary items; EBITDA margin as EBITDA as % of revenue; adjusted EBITDA margin as adjusted EBITDA as % of revenue; adjusted net income (loss) as net income (loss) less certain extraordinary items; adjusted EPS as adjusted net income (loss) divided by diluted shares outstanding; and free cash flow as cash flow from operations less capital expenditures.Our management uses these non-GAAP financial measures in conjunction with GAAP financial measures to evaluate our operating results and financial performance. We believe these measures are useful to investors as they are widely used measures of performance and can facilitate comparison to other companies. These non-GAAP financial measures are not, and should not be considered as, measures of liquidity. These non-GAAP financial measures have limitations as analytical tools in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP. Because of these limitations, these non-GAAP financial measures should be considered along with GAAP financial performance measures. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures. A reconciliation of the non-GAAP financial measures to such GAAP measures can be found below. These non-GAAP financial measures should be considered supplemental to, and not a substitute for, our reported financial results prepared in accordance with GAAP.Reconciliation of Non-GAAP EBITDA and Adjusted EBITDA (Unaudited)The following table presents a reconciliation of GAAP net (loss) income attributable to common shareholders to non-GAAP EBITDA and Adjusted EBITDA for each of the periods presented:(Amounts expressed in millions of United States dollars) Three Months EndedFor the Six Months EndedJune 30, 2026June 30, 2025March 31, 2026June 30,2026June 30, 2025Net (loss) income attributable to common shareholders$(406.0)$(13.8)$2.4$(403.6)$(46.7)Add (deduct) impact of:Interest expense, net$12.8$16.4$13.3$26.1$32.7Interest income$(3.1)$(3.6)$(2.7)$(5.7)$(6.7)Provision for income taxes$22.0$54.7$21.9$43.8$107.2Depreciation and amortization$25.7$29.4$29.7$55.5$58.8Depreciation included in cost of goods sold$13.4$13.7$14.0$27.4$27.6EBITDA (Non-GAAP)$(335.2)$96.8$78.6$(256.5)$172.8EBITDA Margin (Non-GAAP)NMF32 %27 %NMF29 %Loss (gain) on disposal or impairment of assets$2.0$(0.3)$(0.3)$1.7$1.5Campaign and political contributions$4.7$4.4$9.5$14.3$27.4Acquisition, transaction, and other non-recurring costs$12.3$1.6$7.4$19.8$4.7Share-based compensation$6.9$6.8$4.1$11.1$10.7Other (income) expense, net$(0.1)$1.0$(0.1)$(0.2)$0.7Equity in net loss of Harvest$3.3$—$—$3.3$—Loss on deconsolidation transaction$403.3$—$—$403.3$—Discontinued operations, net of tax, attributable to common shareholders$0.7$0.3$1.1$1.8$1.9Adjusted EBITDA (Non-GAAP)$98.0$110.6$100.4$198.4$219.8Adjusted EBITDA Margin (Non-GAAP)36 %37 %35 %36 %37 %NMF – No Meaningful FigureReconciliation of Non-GAAP Adjusted Net Income (Loss) (Unaudited)The following table presents a reconciliation of GAAP net (loss) income attributable to common shareholders to non-GAAP adjusted net income (loss), for each of the periods presented:For the Three Months EndedFor the Six Months Ended(Amounts expressed in millions of United States dollars) June 30, 2026June 30, 2025March 31, 2026June 30, 2026June 30, 2025Net (loss) income attributable to common shareholders$(406.0)$(13.8)$2.4$(403.6)$(46.7)Net loss from discontinued operations, net of tax, attributable to common shareholders$0.7$0.3$1.1$1.8$1.9Net (loss) income from continuing operations available to common shareholders$(405.3)$(13.5)$3.5$(401.8)$(44.7)Add (deduct) impact of:Loss (gain) on disposal or impairment of assets$2.0$(0.3)$(0.3)$1.7$1.5Campaign and political contributions$4.7$4.4$9.5$14.3$27.4Acquisition, transaction, and other non-recurring costs$12.3$1.6$7.4$19.8$4.7Equity in net loss of Harvest$3.3$—$—$3.3$—Loss on deconsolidation transaction$403.3$—$—$403.3$—Adjusted net income (loss) (Non-GAAP)$20.4$(7.7)$20.2$40.6$(11.1)Reconciliation of Non-GAAP Adjusted Net Income (Loss) Per Diluted Share (Unaudited)The following table presents a reconciliation of GAAP net (loss) income attributable to common shareholders per share to non-GAAP adjusted net income (loss) per diluted share, for each of the periods presented:For the Three Months EndedFor the Six Months Ended(Amounts expressed are per share except for shares which are in millions)June 30, 2026June 30, 2025March 31, 2026June 30, 2026June 30, 2025Net (loss) income attributable to common shareholders$(2.11)$(0.07)$0.01$(2.10)$(0.24)Net loss from discontinued operations, net of tax, attributable to common shareholders$0.00$0.00$0.01$0.01$0.01Net (loss) income from continuing operations available to common shareholders$(2.10)$(0.07)$0.02$(2.09)$(0.23)Add (deduct) impact of:Loss (gain) on disposal or impairment of assets$0.01$(0.00)$(0.00)$0.01$0.01Campaign and political contributions$0.02$0.02$0.05$0.07$0.14Acquisition, transaction, and other non-recurring costs$0.06$0.01$0.04$0.10$0.02Equity in net loss of Harvest$0.02$—$—$0.02$—Loss on deconsolidation transaction$2.09$—$—$2.09$—Adjusted net income (loss) (Non-GAAP)$0.11$(0.04)$0.10$0.21$(0.06)Diluted shares outstanding192.7191.2197.8192.6191.2Reconciliation of Non-GAAP Free Cash Flow (Unaudited)The following table presents a reconciliation of GAAP cash flow from operating activities to non-GAAP free cash flow, for each of the periods presented:For the Three Months EndedFor the Six Months Ended(Amounts expressed in millions of United States dollars)June 30, 2026June 30, 2025March 31, 2026June 30, 2026June 30, 2025Cash flow from operating activities$53.1$86.1$55.7$108.8$137.2Capital expenditures$(21.0)$(16.0)$(13.5)$(34.5)$(36.8)Free cash flow (Non-GAAP)$32.1$70.1$42.2$74.4$100.4Forward-Looking StatementsThis news release includes forward-looking information and statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation (collectively herein referred to as "forward-looking statements"). These forward-looking statements relate to the Company's expectations or forecasts of business, operations, financial performance, cash flows, prospects, and other plans, intentions, expectations, estimates, and beliefs and include statements regarding broader cannabis rescheduling and state program expansion. Words such as "expects", "continue", "will", "anticipates" and "intends" or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on the Company's current projections and expectations about future events and financial trends that management believes might affect its financial condition, results of operations, business strategy and financial needs, and on certain assumptions and analysis made by the Company in light of the experience and perception of historical trends, current conditions and expected future developments and other factors management believes are appropriate. Forward-looking statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking statements herein, including, without limitation, the risks discussed under the heading "Risk Factors" in our most recent Annual Report on Form 10-K and in our periodic reports subsequently filed with the United States Securities and Exchange Commission and in the Company's filings on https://www.sedarplus.ca. Although the Company believes that any forward-looking statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such statements, there can be no assurance that any such forward-looking statements will prove to be accurate, and accordingly readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward-looking statements. Any forward-looking statements herein are made as of the date hereof and, except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward-looking statements herein, whether as a result of new information, future events or results, or otherwise.About Trulieve Trulieve is an industry leading, vertically integrated cannabis company and multi-state operator in the U.S., with established medical marijuana operations in Florida, Georgia, Pennsylvania, and West Virginia. Driven by a core mission to expand access to cannabis, Trulieve serves customers with innovative, high-quality branded products and exceptional experiences. With scaled operations in attractive markets and targeted expansion through its hub strategy, Trulieve is poised for accelerated growth. Trulieve is listed on the NYSE under the symbol TRLV. For more information, please visit Trulieve.com.Facebook: @TrulieveInstagram: @TrulieveX: @TrulieveInvestor and Media Contact Christine Hersey, Chief Corporate Affairs & Strategy Officer+1 (424) 202-0210Christine.Hersey@Trulieve.com