Filing Flows › Trulieve Cannabis (TRLV) › Q3 2026 › vs Q2 2026
Trulieve Cannabis (TRLV) Q3 2026 vs Q2 2026 (quarter over quarter)
Trulieve Cannabis's revenue fell $40.7M (-15%) from $271M in Q2 2026 to $230M in Q3 2026. The biggest changes: Retail −$35.6M (-14%); Wholesale and other −$5.1M (-32%). Gross margin 64.3% against 59.9% (+4.4 pts).
Trulieve Cannabis, Q3 2026: revenue $230M (-20% year over year), operating margin 18.5%, net earnings $869K, operating cash flow $74.4M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Gross margin | 64.3% | 59.9% | +4.4 pts |
| Operating margin | 18.5% | -136.7% | +155.2 pts |
| Net margin | 0.4% | -149.8% | +150.2 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Retail | $219M | $255M | −$35.6M | -14% |
| Wholesale and other | $10.9M | $16.0M | −$5.1M | -32% |
| Revenue | $230M | $271M | −$40.7M | -15% |
| Gross profit | $148M | $162M | −$14.3M | -9% |
| Cost of revenue | $82.2M | $109M | −$26.5M | -24% |
| Operating profit | $42.5M | −$371M | $413M | — |
| Operating expenses | $106M | $533M | −$427M | -80% |
| Pre-tax earnings | $27.0M | −$383M | $410M | — |
| Other expense, net | $15.5M | $12.9M | $2.6M | +20% |
| SG&A | $87.8M | $102M | −$13.9M | -14% |
| Other operating costs | $17.7M | $431M | −$413M | -96% |
| Loss borne by minority interests | $95K | $87K | $8K | +9% |
| Net earnings | $869K | −$406M | $407M | — |
| Income tax | $26.3M | $22.0M | $4.3M | +20% |
| Depreciation & amortization | $17.7M | $25.7M | −$8.0M | -31% |
| Share-based compensation | $5.9M | $6.9M | −$1.0M | -15% |
| Working capital & other | $49.9M | $426M | −$377M | -88% |
| Operating cash flow | $74.4M | $53.1M | $21.3M | +40% |
Questions
How much did Trulieve Cannabis's revenue grow quarter over quarter in Q3 2026?
Trulieve Cannabis's revenue fell $40.7M (-15%) from $271M in Q2 2026 to $230M in Q3 2026.
What drove Trulieve Cannabis's revenue change in Q3 2026?
Retail −$35.6M (-14%); Wholesale and other −$5.1M (-32%).