Filing Flows › Trulieve Cannabis (TRLV) › How it makes money
How Trulieve Cannabis (TRLV) makes money
Trulieve Cannabis (TRLV) made $230M of revenue in the third quarter 2026 (Q3 2026), -20% from a year earlier. Retail brought in $219M (95%); Wholesale and other brought in $10.9M (5%). Of every dollar of revenue, 64¢ was left as gross profit, 18¢ was left as operating profit, 0¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Retail | $219M | 95.3% | -14% | -19% |
| Wholesale and other | $10.9M | 4.7% | -32% | -37% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $230M | 100.0% |
| Cost of revenue | $82.2M | 35.7% |
| Gross profit | $148M | 64.3% |
| Operating expenses | $106M | 45.8% |
| Operating profit | $42.5M | 18.5% |
| Income tax | $26.3M | 11.4% |
| Net earnings | $869K | 0.4% |
| Operating cash flow | $74.4M | 32.3% |
| Free cash flow | $45.4M | 19.7% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $230M | -20% |
| Q2 2026 | $271M | -10% |
| Q1 2026 | $287M | -4% |
| Q4 2025 | $293M | -3% |
| Q3 2025 | $288M | +1% |
| Q2 2025 | $302M | -0.4% |
| Q1 2025 | $298M | 0% |
From Trulieve Cannabis' 10-Q filed Nov 5, 2026 (on EDGAR).
Questions
How does Trulieve Cannabis make money?
Trulieve Cannabis (TRLV) made $230M of revenue in the third quarter 2026 (Q3 2026), -20% from a year earlier. Retail brought in $219M (95%); Wholesale and other brought in $10.9M (5%). Of every dollar of revenue, 64¢ was left as gross profit, 18¢ was left as operating profit, 0¢ was left as net earnings.
What is Trulieve Cannabis' biggest business?
Retail: $219M in the third quarter 2026, 95% of revenue, -19% from a year earlier.
What is Trulieve Cannabis' profit margin?
Net earnings were $869K, 0.4% of revenue, in the third quarter 2026; the operating margin was 18.5%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.