Filing Flows › Trulieve Cannabis (TRLV) › Q3 2025
Trulieve Cannabis (TRLV) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 5, 2025
Trulieve Cannabis (TRLV) reported revenue of $288M for the third quarter 2025 (Q3 2025), +1% from a year earlier and -5% from the quarter before. Operating margin was 14.7%, net loss $28.8M (10.0% of revenue).
Trulieve Cannabis, Q3 2025: revenue $288M (+1% year over year), operating margin 14.7%, net loss $28.8M, operating cash flow $76.4M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $288M | -5% | +1% |
| Operating profit | $42.2M | -20% | — |
| Net earnings | −$28.8M | — | — |
| Operating cash flow | $76.4M | -11% | +152% |
| Free cash flow | $64.1M | — | — |
What changed
Revenue was $288.2M in Q3 2025, up 1% year over year and down 5% from the previous quarter. Retail was the largest line at 94% of revenue. Wholesale and other added $2.4M year over year (up 16%), 60% of the total change.
Gross margin was 58.9%, down 2.0 points from a year earlier. Operating profit was $42.2M, a 14.7% margin (up 14.4 points year over year). Of the extra revenue versus a year earlier, 1066% reached operating profit, above the 0% margin then. Operating expenses fell 26% while revenue rose 1%. The fastest-growing cost line was Other operating costs (+19%). The quarter ended with a net loss of $28.8M, wider than the previous quarter's $16.1M loss. Minority interests bore $1.9M of it: to shareholders the quarter was a loss of $26.8M. Net interest and other expense of $18.0M was the main reason.
Operating cash flow was $76.4M (up 152% year over year). Non-cash charges added back $29.5M of depreciation and amortization and $5.8M of share-based compensation. Working capital and other items added $69.9M. After payments for property and equipment ($12.3M), free cash flow as the company reports it was $64.1M.
Questions
What was Trulieve Cannabis' revenue in the third quarter 2025?
Trulieve Cannabis (TRLV) reported revenue of $288M for the third quarter 2025 (Q3 2025), +1% from a year earlier and -5% from the quarter before.
Was Trulieve Cannabis profitable in the third quarter 2025?
Operating profit was $42.2M (14.7% of revenue) and net loss $28.8M.
Source: Trulieve Cannabis 10-Q on SEC EDGAR.