Filing Flows › Trulieve Cannabis (TRLV) › Q4 2025
Trulieve Cannabis (TRLV) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
Trulieve Cannabis (TRLV) reported revenue of $293M for the fourth quarter 2025 (Q4 2025), -3% from a year earlier and +2% from the quarter before. Operating margin was 5.2%, net loss $43.6M (14.9% of revenue).
Trulieve Cannabis, Q4 2025: revenue $293M (-3% year over year), operating margin 5.2%, net loss $43.6M, operating cash flow $59.2M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $293M | +2% | -3% |
| Operating profit | $15.3M | -64% | — |
| Net earnings | −$43.6M | — | — |
| Operating cash flow | $59.2M | -22% | +93% |
| Free cash flow | $55.8M | — | — |
What changed
Revenue was $293.1M in Q4 2025, down 3% year over year and up 2% from the previous quarter.
Gross margin was 59.8%, down 2.3 points from a year earlier. Operating profit was $15.3M, a 5.2% margin (up 4.8 points year over year). Operating expenses fell 14% while revenue fell 3%. The fastest-growing cost line was Other operating costs (+21%). The quarter ended with a net loss of $43.6M, wider than the previous quarter's $28.8M loss. Minority interests bore $698K of it: to shareholders the quarter was a loss of $42.9M.
Operating cash flow was $59.2M (up 93% year over year). Non-cash charges added back $29.4M of depreciation and amortization and $4.0M of share-based compensation. Working capital and other items added $69.4M. After payments for property and equipment ($3.4M), free cash flow as the company reports it was $55.8M.
Questions
What was Trulieve Cannabis' revenue in the fourth quarter 2025?
Trulieve Cannabis (TRLV) reported revenue of $293M for the fourth quarter 2025 (Q4 2025), -3% from a year earlier and +2% from the quarter before.
Was Trulieve Cannabis profitable in the fourth quarter 2025?
Operating profit was $15.3M (5.2% of revenue) and net loss $43.6M.
Source: Trulieve Cannabis 10-K on SEC EDGAR.