Filing Flows › Trulieve Cannabis (TRLV) › Q1 2026
Trulieve Cannabis (TRLV) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 7, 2026
Trulieve Cannabis (TRLV) reported revenue of $287M for the first quarter 2026 (Q1 2026), -4% from a year earlier and -2% from the quarter before. Operating margin was 12.5%, net earnings $2.4M (0.8% of revenue).
Trulieve Cannabis, Q1 2026: revenue $287M (-4% year over year), operating margin 12.5%, net earnings $2.4M, operating cash flow $55.7M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $287M | -2% | -4% |
| Gross profit | $170M | -3% | -7% |
| Operating profit | $35.7M | +134% | +7% |
| Net earnings | $2.4M | — | — |
| Operating cash flow | $55.7M | -6% | +9% |
| Free cash flow | $42.2M | — | +39% |
What changed
Revenue was $286.8M in Q1 2026, down 4% year over year and down 2% from the previous quarter. Retail was the largest line at 92% of revenue. Retail lost $16.8M year over year (down 6%), 153% of the total change.
Gross margin was 59.3%, down 2.2 points from Q1 2025. Operating profit was $35.7M, a 12.5% margin (up 1.3 points year over year). Operating expenses fell 10% while revenue fell 4%. Net earnings were $2.4M. The effective tax rate was 90.5%.
Operating cash flow was $55.7M (up 9% year over year), 2440% of net income including minority interests. Non-cash charges added back $29.7M of depreciation and amortization and $4.1M of share-based compensation. Working capital and other items added $19.5M. After capital expenditures ($13.5M), free cash flow as the company reports it was $42.2M.
Questions
What was Trulieve Cannabis' revenue in the first quarter 2026?
Trulieve Cannabis (TRLV) reported revenue of $287M for the first quarter 2026 (Q1 2026), -4% from a year earlier and -2% from the quarter before.
Was Trulieve Cannabis profitable in the first quarter 2026?
Operating profit was $35.7M (12.5% of revenue) and net earnings $2.4M.
Source: Trulieve Cannabis 10-Q on SEC EDGAR.