Filing Flows › Trulieve Cannabis (TRLV) › Q3 2026 › vs Q3 2025
Trulieve Cannabis (TRLV) Q3 2026 vs Q3 2025 (year over year)
Trulieve Cannabis's revenue fell $58.0M (-20%) from $288M in Q3 2025 to $230M in Q3 2026. The biggest changes: Retail −$51.5M (-19%); Wholesale and other −$6.5M (-37%). Gross margin 64.3% against 58.9% (+5.4 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Gross margin | 64.3% | 58.9% | +5.4 pts |
| Operating margin | 18.5% | 14.7% | +3.8 pts |
| Net margin | 0.4% | -9.3% | +9.7 pts |
| Free cash flow margin | 19.7% | 20.7% | -1.0 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Retail | $219M | $271M | −$51.5M | -19% |
| Wholesale and other | $10.9M | $17.4M | −$6.5M | -37% |
| Revenue | $230M | $288M | −$58.0M | -20% |
| Gross profit | $148M | $170M | −$21.8M | -13% |
| Cost of revenue | $82.2M | $118M | −$36.1M | -31% |
| Operating profit | $42.5M | $42.2M | $249K | +0.6% |
| Operating expenses | $106M | $128M | −$22.1M | -17% |
| Pre-tax earnings | $27.0M | $24.3M | $2.8M | +11% |
| Other expense, net | $15.5M | $18.0M | −$2.5M | -14% |
| SG&A | $87.8M | $99.0M | −$11.2M | -11% |
| Other operating costs | $17.7M | $28.6M | −$10.9M | -38% |
| Loss borne by minority interests | $95K | $1.9M | −$1.9M | -95% |
| Net earnings | $869K | −$26.8M | $27.7M | — |
| Income tax | $26.3M | $53.0M | −$26.8M | -51% |
| Depreciation & amortization | $17.7M | $29.5M | −$11.7M | -40% |
| Share-based compensation | $5.9M | $5.8M | $115K | +2% |
| Working capital & other | $49.9M | $68.0M | −$18.0M | -27% |
| Operating cash flow | $74.4M | $76.4M | −$2.0M | -3% |
| Free cash flow (company-reported) | $45.4M | $59.8M | −$14.4M | -24% |
| Capital expenditures | $29.0M | $16.6M | $12.4M | +75% |
Questions
How much did Trulieve Cannabis's revenue grow year over year in Q3 2026?
Trulieve Cannabis's revenue fell $58.0M (-20%) from $288M in Q3 2025 to $230M in Q3 2026.
What drove Trulieve Cannabis's revenue change in Q3 2026?
Retail −$51.5M (-19%); Wholesale and other −$6.5M (-37%).