Filing Flows › Trulieve Cannabis (TRLV) › Q2 2025
Trulieve Cannabis (TRLV) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 6, 2025
Trulieve Cannabis (TRLV) reported revenue of $302M for the second quarter 2025 (Q2 2025), -0.4% from a year earlier and +1% from the quarter before. Operating margin was 17.4%, net loss $16.1M (5.3% of revenue).
Trulieve Cannabis, Q2 2025: revenue $302M (-0.4% year over year), operating margin 17.4%, net loss $16.1M, operating cash flow $86.1M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $302M | +1% | -0.4% |
| Operating profit | $52.6M | +58% | — |
| Net earnings | −$16.1M | — | — |
| Operating cash flow | $86.1M | +68% | +21% |
| Free cash flow | $74.5M | — | +65% |
What changed
Revenue was $302.1M in Q2 2025, roughly flat year over year and up 1% from the previous quarter. Retail was the largest line at 94% of revenue. Retail lost $5.4M year over year (down 2%), 401% of the total change.
Gross margin was 60.6%, up 0.7 points from a year earlier. Operating profit was $52.6M, a 17.4% margin (up 1.0 points year over year). Operating expenses fell 1% while revenue was flat. The quarter ended with a net loss of $16.1M, narrower than the previous quarter's $33.8M loss. Minority interests bore $2.3M of it: to shareholders the quarter was a loss of $13.8M. Net interest and other expense of $14.0M was the main reason.
Operating cash flow was $86.1M (up 21% year over year). Non-cash charges added back $29.4M of depreciation and amortization and $6.8M of share-based compensation. Working capital and other items added $66.0M. After payments for property and equipment ($11.6M), free cash flow as the company reports it was $74.5M.
Questions
What was Trulieve Cannabis' revenue in the second quarter 2025?
Trulieve Cannabis (TRLV) reported revenue of $302M for the second quarter 2025 (Q2 2025), -0.4% from a year earlier and +1% from the quarter before.
Was Trulieve Cannabis profitable in the second quarter 2025?
Operating profit was $52.6M (17.4% of revenue) and net loss $16.1M.
Source: Trulieve Cannabis 10-Q on SEC EDGAR.