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Curaleaf Holdings (CURLF) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 3, 2026 · Curaleaf Holdings (CURLF) Q3 2026 earnings results →

Q3 2026 Revenue up 11% year over year to $353M · 9¢ of every $1 of revenue lost · operating margin 0.8%

Curaleaf Holdings made $353M in Q3 2026 (+11% Y/Y): Retail and wholesale revenues $349M, Management fee income $3.9M. Operating margin 0.8%, net loss $32.7M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 3, 2026.

Revenue$353M

Year over year+11%

Operating margin0.8%

Net earnings−$32.7M

Operating cash flow$21.1M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $352.6M in Q3 2026, up 11% year over year and up 4% from the previous quarter. Retail revenues was the largest line at 69% of revenue. Wholesale revenues added $18.3M year over year (up 21%), 53% of the total change. Management fee income declined 10%.

Gross margin was 48.3%, down 2.2 points from a year earlier. Operating profit was $2.9M, a 0.8% margin (down 1.3 points year over year). Operating profit fell $4.0M even though revenue rose $34.8M versus a year earlier, so costs grew faster than sales. Operating expenses grew 9% against revenue growth of 11%. The fastest-growing cost line was SG&A (+11%). The quarter ended with a net loss of $32.7M, after a profit of $12.5M the previous quarter. Net interest and other expense of $21.2M was the main reason.

Operating cash flow was $21.1M (down 56% year over year). Non-cash charges added back $51.5M of depreciation and amortization and $14.0M of share-based compensation. Working capital and other items used $11.8M. Capital expenditures of $17.1M left free cash flow of $4.0M.

Quarterly history

Quarter	Form	Filed	Revenue	Y/Y	Op. margin	Net earnings	Op. cash flow
Q3 2026	10-Q	Nov 3, 2026	$353M	+11%	0.8%	−$32.7M	$21.1M
Q2 2026	10-Q	Aug 6, 2026	$340M	+10%	1.2%	$12.5M	—

Charts

From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.

Latest (Q3 2026): Net income −$32.7M, Operating cash flow $21.1M.

+9.1% since FY2021: more shares outstanding (issuance, stock pay).

Cash $89.2M, short-term investments —, long-term debt $549M at 2025-12-31.

Medicinal Chemicals & Botanical Products; dot size is quarterly revenue; dashed lines are the industry's medians.