Filing Flows › Trulieve Cannabis (TRLV) › Q3 2026
Trulieve Cannabis (TRLV) Q3 2026 earnings results (third quarter 2026)
10-Q filed Nov 5, 2026
Trulieve Cannabis (TRLV) reported revenue of $230M for the third quarter 2026 (Q3 2026), -20% from a year earlier and -15% from the quarter before. Operating margin was 18.5%, net earnings $869K (0.4% of revenue).
Trulieve Cannabis, Q3 2026: revenue $230M (-20% year over year), operating margin 18.5%, net earnings $869K, operating cash flow $74.4M. The chart follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $230M | -15% | -20% |
| Gross profit | $148M | -9% | -13% |
| Operating profit | $42.5M | — | +0.6% |
| Net earnings | $869K | — | — |
| Operating cash flow | $74.4M | +40% | -3% |
| Free cash flow | $45.4M | — | -24% |
What changed
Revenue was $230.2M in Q3 2026, down 20% year over year and down 15% from the previous quarter. Retail was the largest line at 95% of revenue. Retail lost $51.5M year over year (down 19%), 89% of the total change.
Gross margin was 64.3%, up 5.4 points from Q3 2025. Operating profit was $42.5M, a 18.5% margin (up 3.8 points year over year). Operating expenses fell 17% while revenue fell 20%. Net earnings were $869K. The effective tax rate was 97.1%.
Operating cash flow was $74.4M (down 3% year over year), 9615% of net income including minority interests. Non-cash charges added back $17.7M of depreciation and amortization and $5.9M of share-based compensation. Working capital and other items added $50.0M. After capital expenditures ($29.0M), free cash flow as the company reports it was $45.4M.
Questions
What was Trulieve Cannabis' revenue in the third quarter 2026?
Trulieve Cannabis (TRLV) reported revenue of $230M for the third quarter 2026 (Q3 2026), -20% from a year earlier and -15% from the quarter before.
Was Trulieve Cannabis profitable in the third quarter 2026?
Operating profit was $42.5M (18.5% of revenue) and net earnings $869K.
Source: Trulieve Cannabis 10-Q on SEC EDGAR.