TRUL · Trulieve Cannabis Corp. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $286.75M | - | $288.19M | $302.09M | $297.76M | - | $284.28M | $303.44M | $297.62M | - |
| Cost of Revenue | $116.67M | - | $118.33M | $119.16M | $114.54M | - | $111.01M | $121.79M | $123.82M | - |
| Gross Profit | $170.08M | - | $169.86M | $182.93M | $183.22M | - | $173.28M | $181.65M | $173.80M | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | $104.89M | - | $148.62M | $101.12M | $101.31M | - | $81.90M | $39.40M | $40.20M | - |
| Total Operating Expenses | $134.36M | - | $127.62M | $130.29M | $149.89M | - | $172.66M | $131.89M | $127.70M | - |
| D&A | $29.74M | - | $29.46M | $29.43M | $29.33M | - | $28.33M | $28.08M | $27.75M | - |
| Operating Income | $35.73M | - | $42.24M | $52.63M | $33.33M | - | $618.0K | $49.75M | $46.10M | - |
| Interest Expense | $13.32M | - | $16.09M | $16.39M | $14.67M | - | $17.46M | $15.45M | $14.67M | - |
| Income Tax | $21.86M | - | $53.04M | $54.72M | $52.46M | - | $47.38M | $47.20M | $55.44M | - |
| Net Income | $2.41M | - | ($26.84M) | ($13.78M) | ($32.87M) | - | ($61.60M) | ($11.98M) | ($24.52M) | - |
| EPS - Basic | - | - | - | - | ($0.16) | - | ($0.32) | ($0.04) | ($0.16) | - |
| EPS - Diluted | - | - | - | - | ($0.16) | - | ($0.32) | ($0.04) | ($0.16) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $352.88M | $255.53M | $449.20M | $392.58M | $328.45M | $238.80M | $237.67M | $355.18M | $320.31M | $201.37M |
| Accounts Receivable | $14.05M | $10.50M | $10.49M | $10.76M | $10.26M | $8.29M | $9.03M | $7.53M | $5.93M | $6.70M |
| Inventory | $242.32M | $242.30M | $243.29M | $241.46M | $239.28M | $231.37M | $220.92M | $207.63M | $209.40M | $213.12M |
| Accounts Payable | - | $26.78M | - | - | - | $20.23M | - | - | - | $28.25M |
| Current Assets | $652.96M | $562.72M | $756.45M | $711.38M | $649.38M | $604.56M | $603.01M | $631.08M | $585.27M | $477.35M |
| Total Assets | $2.78B | $2.70B | $2.94B | $2.92B | $2.89B | $2.87B | $2.87B | $2.86B | $2.82B | $2.73B |
| Current Liabilities | $124.16M | $126.94M | $124.13M | $123.84M | $136.67M | $138.49M | $136.69M | $123.80M | $117.19M | $114.85M |
| Long-term Debt | $195.64M | $136.74M | $366.12M | $365.68M | $365.25M | $364.84M | $364.42M | $364.00M | $363.61M | $363.21M |
| Total Liabilities | $1.63B | $1.55B | $1.76B | $1.71B | $1.67B | $1.62B | $1.57B | $1.49B | $1.43B | $1.32B |
| Stockholders' Equity | $1.15B | $1.14B | $1.19B | $1.21B | $1.22B | $1.25B | $1.30B | $1.37B | $1.38B | $1.41B |
| Retained Earnings | ($909.72M) | ($912.13M) | ($869.23M) | ($842.39M) | ($828.61M) | ($795.74M) | ($735.96M) | ($675.75M) | ($663.72M) | ($640.64M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $55.71M | - | - | - | $50.74M | - | - | - | $139.15M | - |
| Investing Cash Flow | ($13.19M) | - | - | - | $43.41M | - | - | - | ($18.96M) | - |
| Financing Cash Flow | $54.83M | - | - | - | ($4.50M) | - | - | - | ($1.55M) | - |
| CapEx | $20.80M | - | - | - | $16.88M | - | - | - | $15.55M | - |
| Free Cash Flow | $34.91M | - | - | - | $33.85M | - | - | - | $123.60M | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 59.3% | - | 58.9% | 60.6% | 61.5% | - | 61.0% | 59.9% | 58.4% | - |
| Operating margin | 12.5% | - | 14.7% | 17.4% | 11.2% | - | 0.2% | 16.4% | 15.5% | - |
| EBITDA margin | 22.8% | - | 24.9% | 27.2% | 21.0% | - | 10.2% | 25.6% | 24.8% | - |
| Net margin | 0.8% | - | -9.3% | -4.6% | -11.0% | - | -21.7% | -3.9% | -8.2% | - |
| Free cash flow margin | 12.2% | - | - | - | 11.4% | - | - | - | 41.5% | - |
| FCF / Net income | 14.51 | - | - | - | -1.03 | - | - | - | -5.04 | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | 36.6% | - | 51.6% | 33.5% | 34.0% | - | 28.8% | 13.0% | 13.5% | - |
| Effective tax rate | 90.1% | - | 202.4% | 133.7% | 267.8% | - | - | 134.0% | 179.3% | - |
| Return on assets | 0.1% | - | -0.9% | -0.5% | -1.1% | - | -2.1% | -0.4% | -0.9% | - |
| Return on equity | 0.2% | - | -2.3% | -1.1% | -2.7% | - | -4.7% | -0.9% | -1.8% | - |
| Return on invested capital | 1.3% | - | 1.4% | 1.7% | 1.1% | - | 0.0% | 1.4% | 1.3% | - |
| Liquidity | ||||||||||
| Current ratio | 5.26 | 4.43 | 6.09 | 5.74 | 4.75 | 4.37 | 4.41 | 5.10 | 4.99 | 4.16 |
| Quick ratio | 3.31 | 2.52 | 4.13 | 3.79 | 3.00 | 2.69 | 2.80 | 3.42 | 3.21 | 2.30 |
| Cash ratio | 2.84 | 2.01 | 3.62 | 3.17 | 2.40 | 1.72 | 1.74 | 2.87 | 2.73 | 1.75 |
| Leverage | ||||||||||
| Debt / Equity | 0.17 | 0.12 | 0.31 | 0.30 | 0.30 | 0.29 | 0.28 | 0.27 | 0.26 | 0.26 |
| Debt / Assets | 0.07 | 0.05 | 0.12 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 |
| Debt / EBITDA | 2.99 | - | 5.11 | 4.46 | 5.83 | - | 12.59 | 4.68 | 4.92 | - |
| Interest coverage | 2.7x | - | 2.6x | 3.2x | 2.3x | - | 0.0x | 3.2x | 3.1x | - |
| Equity multiplier | 2.42 | 2.36 | 2.48 | 2.42 | 2.37 | 2.30 | 2.21 | 2.09 | 2.04 | 1.94 |
| Liabilities / Assets | 0.59 | 0.58 | 0.60 | 0.59 | 0.58 | 0.56 | 0.54 | 0.52 | 0.51 | 0.48 |
| Efficiency | ||||||||||
| Asset turnover | 0.10 | - | 0.10 | 0.10 | 0.10 | - | 0.10 | 0.11 | 0.11 | - |
| Inventory turnover | 0.48 | - | 0.49 | 0.49 | 0.48 | - | 0.50 | 0.59 | 0.59 | - |
| Days sales outstanding | 18d | - | 13d | 13d | 13d | - | 12d | 9d | 7d | - |
| Days inventory outstanding | 758d | - | 750d | 740d | 763d | - | 726d | 622d | 617d | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | 0.0x | - | 0.0x | 0.0x | 0.0x | - | 0.0x | 0.0x | 0.0x | - |
| P / S | 0.0x | - | 0.0x | 0.0x | 0.0x | - | 0.0x | 0.0x | 0.0x | - |
| EV / EBITDA | -2.4x | - | -1.2x | -0.3x | 0.6x | - | 4.4x | 0.1x | 0.6x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | -3.7% | - | 1.4% | -0.4% | 0.0% | - | 3.3% | 7.7% | 3.0% | - |
| Revenue CAGR (3y) | -0.3% | - | -1.4% | -1.9% | -2.2% | - | 27.8% | 12.1% | 45.8% | - |
| Revenue CAGR (5y) | 24.5% | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | -7.2% | - | -2.0% | 0.7% | 5.4% | - | 21.2% | 28.3% | 15.9% | - |
| Operating income growth (YoY) | 7.2% | - | 6734.6% | 5.8% | -27.7% | - | -97.4% | - | - | - |
| Net income growth (YoY) | - | - | 56.4% | -15.0% | -34.1% | - | -138.4% | 97.1% | 62.6% | - |
| EPS growth (YoY) | - | - | - | - | 0.0% | - | -166.7% | 97.8% | 52.9% | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | 3.1% | - | - | - | -72.6% | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | -5.7% | -8.5% | -8.8% | -11.8% | -11.9% | -11.3% | -9.7% | -6.2% | -25.9% | -26.9% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Product / service
$1.18B totalRetail$1.11B · 94.0%
Wholesale And Other$70.74M · 6.0%
Peer comparison
Same SIC group: Medicinal Chemicals & Botanical Products
Comparing Trulieve Cannabis Corp. against the 5 most active filers in the same SIC group.