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Trulieve Cannabis (TRLV) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Trulieve Cannabis (TRLV) Q3 2026 earnings results →
Q3 2026 Revenue down 20% year over year to $230M · 0¢ of every $1 of revenue kept as net profit · operating margin 18.5%
Trulieve Cannabis made $230M in Q3 2026 (-20% Y/Y): Retail $219M, Wholesale and other $10.9M. Operating margin 18.5%, net earnings $869K. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
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 $230.2M in Q3 2026, down 20% year over year and down 15% from the previous quarter. Retail was the largest line at 95% of revenue. Retail lost $51.5M year over year (down 19%), 89% of the total change.
Gross margin was 64.3%, up 5.4 points from Q3 2025. Operating profit was $42.5M, a 18.5% margin (up 3.8 points year over year). Operating expenses fell 17% while revenue fell 20%. Net earnings were $869K. The effective tax rate was 97.1%.
Operating cash flow was $74.4M (down 3% year over year), 9615% of net income including minority interests. Non-cash charges added back $17.7M of depreciation and amortization and $5.9M of share-based compensation. Working capital and other items added $50.0M. After capital expenditures ($29.0M), free cash flow as the company reports it was $45.4M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $230M | -20% | 18.5% | $869K | $74.4M |
| Q2 2026 | 10-Q | Aug 7, 2026 | $271M | -10% | -136.7% | −$406M | $53.1M |
| Q1 2026 | 10-Q | May 7, 2026 | $287M | -4% | 12.5% | $2.4M | $55.7M |
| Q4 2025 | 10-K | Feb 26, 2026 | $293M | -3% | 5.2% | −$43.6M | $59.2M |
| Q3 2025 | 10-Q | Nov 5, 2025 | $288M | +1% | 14.7% | −$28.8M | $76.4M |
| Q2 2025 | 10-Q | Aug 6, 2025 | $302M | -0.4% | 17.4% | −$16.1M | $86.1M |
| Q1 2025 | 10-Q | May 7, 2025 | $298M | 0% | 11.2% | −$33.8M | $51.1M |
Charts
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🔄Rotation against the market and its industry (RRG)interactive
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⚖️Fair value by methodinteractive
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📈Investments: gains and what it boughtinteractive
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About Trulieve Cannabis
Trulieve Cannabis Corp. is a reporting issuer in the United States and Canada. The Company’s Subordinate Voting Shares (as hereinafter defined) are listed for trading on the Canadian Securities Exchange (“CSE”) under the symbol “TRUL” and are also traded in the United States on the OTCQX Best Market (“OTCQX”) under the symbol “TCNNF”. The Company qualifies as a well‑known seasoned issuer ("WKSI") under National Instrument 44‑102 ("NI 44-102") and is eligible to file a WKSI base shelf prospectus in Canada. The Company is a well‑known seasoned issuer, an eligible issuer, and is not an investment fund, as defined under NI 44‑102.
In its own words, from its 10-K, filed Feb 26, 2026.
Trulieve Cannabis against its Medicinal Chemicals & Botanical Products peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -20% against the peers' median +7%. Operating margin: 18.5% against the peers' median 4.2%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| TRLV Trulieve Cannabis | Q3 2026 | $230M | -20% | 18.5% |
| CURLF Curaleaf Holdings | Q3 2026 | $353M | +11% | 0.8% |
| TLRY Tilray Brands | Q1 FY27 | $257M | +23% | -9.4% |
| USNA Usana Health Sciences | Q2 2026 | $223M | -5% | -9.0% |
| AAWH Ascend Wellness Holdings | Q2 2026 | $126M | -0.9% | 4.2% |
| CRON Cronos Group | Q3 2026 | $83.9M | +72% | 10.8% |
| CGC Canopy Growth | Q2 FY27 | $71.1M | +20% | -23.1% |
| JUSH Jushi Holdings | Q3 2026 | $70.5M | +7% | 5.0% |
| BTMD biote | Q3 2026 | $43.3M | -10% | 5.7% |
Source: Trulieve Cannabis 10-Q on SEC EDGAR · CIK 1754195 · Medicinal Chemicals & Botanical Products
Guidance and outlook
13F: who owns TRLV and who is buying
More on TRLV
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results