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Tilray Brands vs Trulieve Cannabis: TLRY and TRLV compared
Tilray Brands is the larger company: $257M of revenue in its latest quarter (Q1 FY27) against $230M for Trulieve Cannabis (Q3 2026). Tilray Brands is growing faster (+23% against -20% a year earlier). Trulieve Cannabis is more profitable, with an operating margin of 18.5% against -9.4%.
Where the money goes: TLRY and TRLV
Tilray Brands (TLRY) · Q1 FY27
Tilray Brands, Q1 FY27: revenue $257M (+23% year over year), operating margin -9.4%, net loss $40.0M, operating cash flow −$16.5M. The chart follows the revenue to costs, profit and cash.
Trulieve Cannabis (TRLV) · Q3 2026
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.
| Tilray Brands (TLRY) | Trulieve Cannabis (TRLV) | |
|---|---|---|
| Latest quarter | Q1 FY27 | Q3 2026 |
| Revenue | $257M | $230M |
| Revenue growth, Y/Y | +23% | -20% |
| Gross margin | — | 64.3% |
| Operating margin | -9.4% | 18.5% |
| Net earnings | −$40.0M | $869K |
| Net margin | -15.6% | 0.4% |
| Operating cash flow | −$16.5M | $74.4M |
| Free cash flow | — | $45.4M |
Where the revenue comes from
Tilray Brands
- Beverage Alcohol Business: $101M (39%)
- Distribution Business: $84.3M (33%)
- Cannabis Segment: $56.1M (22%)
- Wellness Business: $15.3M (6%)
Trulieve Cannabis
- Retail: $219M (95%)
- Wholesale and other: $10.9M (5%)
Questions
Which is bigger, Tilray Brands or Trulieve Cannabis?
Tilray Brands is the larger company: $257M of revenue in its latest quarter (Q1 FY27) against $230M for Trulieve Cannabis (Q3 2026).
Is Tilray Brands or Trulieve Cannabis growing faster?
Tilray Brands is growing faster (+23% against -20% a year earlier).
Which is more profitable, Tilray Brands or Trulieve Cannabis?
Trulieve Cannabis is more profitable, with an operating margin of 18.5% against -9.4%.
More: Tilray Brands earnings · how Tilray Brands makes money · Trulieve Cannabis earnings · how Trulieve Cannabis makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 8, 2026; 10-Q filed Nov 5, 2026). Fiscal quarters can end on different dates. Not investment advice.