Trulieve Reports Third Quarter 2026 Results
Trulieve Cannabis Corp. (TRLV) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Trulieve Reports Third Quarter 2026 Results • Third quarter revenue of $230 million, with 64% gross margin • Cash flow from operations of $183 million and free cash flow of $120 million* in first nine months of 2026 • Received final DEA registrations pursuant to fina
How this was made
The 30-second read
Why it matters
The earnings beat and regulatory clearance are likely to drive short‑term buying, while the modest net income may temper enthusiasm.
Market read
First‑report earnings with positive financial metrics and a regulatory win provide a clear trading catalyst for TRLV.
What to watch
Potential regulatory risk if DEA registration faces future challenges; high leverage from recent mortgage repayment.
Third quarter revenue of $230 million, with 64% gross margin
Third-quarter gross margin expanded to 64% and the company generated $74.4 million of operating cash flow and $45.4 million of free cash flow, but revenue declined versus both 2025 and the prior quarter and nine-month GAAP results included a $402.7 million net loss attributable to common shareholders.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q3 2026 revenueGAAP | $230.2M | (15%) | (20%) |
| Nine months 2026 revenueGAAP | $787.9M | – | (11%) |
| Q3 2026 gross profitGAAP | $148M | (9%) | (13%) |
| Nine months 2026 gross profitGAAP | $480.4M | – | (10%) |
| Q3 2026 gross marginGAAP | 64% | – | – |
| Nine months 2026 gross marginGAAP | 61% | – | – |
| Q3 2026 selling, general, and administrative expenseGAAP | $87.8 | – | – |
| Nine months 2026 selling, general, and administrative expenseGAAP | $294.5M | – | – |
| Q3 2026 depreciation and amortization expenseGAAP | $17.7 | – | – |
| Nine months 2026 depreciation and amortization expenseGAAP | $73.2 | – | – |
| Q3 2026 total operating expensesGAAP | $105.5M | 80% | 17% |
| Nine months 2026 total operating expensesGAAP | $772.7M | – | (89%) |
| Q3 2026 income from operationsGAAP | $42.5 | – | – |
| Nine months 2026 loss from operationsGAAP | −$292.3M | – | – |
| Q3 2026 net income attributable to common shareholdersGAAP | $0.9 | NMF | NMF |
| Nine months 2026 net loss attributable to common shareholdersGAAP | −$402.7M | – | NMF |
| Q3 2026 net income from continuing operationsGAAP | $0.8 | NMF | NMF |
| Nine months 2026 net loss from continuing operationsGAAP | −$401.2M | – | NMF |
| Q3 2026 diluted EPS continuing operationsGAAP | $0.00 | NMF | NMF |
| Nine months 2026 diluted EPS continuing operationsGAAP | $(2.08) | – | NMF |
| Q3 2026 adjusted net incomenon-GAAP | $18.0 | (12%) | NMF |
| Nine months 2026 adjusted net incomenon-GAAP | $58.6 | – | NMF |
| Q3 2026 adjusted diluted EPSnon-GAAP | $0.09 | (15%) | NMF |
| Nine months 2026 adjusted diluted EPSnon-GAAP | $0.30 | – | NMF |
| Q3 2026 adjusted EBITDAnon-GAAP | $89.2 | (9%) | (13%) |
| Nine months 2026 adjusted EBITDAnon-GAAP | $287.6M | – | (11%) |
| Q3 2026 adjusted EBITDA marginnon-GAAP | 39% | – | – |
| Nine months 2026 adjusted EBITDA marginnon-GAAP | 36% | – | – |
| Q3 2026 cash flow from operating activitiesGAAP | $74.4M | – | – |
| Nine months 2026 cash flow from operating activitiesGAAP | $183.3M | – | – |
| Q3 2026 capital expendituresGAAP | −$29M | – | – |
| Nine months 2026 capital expendituresGAAP | $(63.5) | – | – |
| Q3 2026 free cash flownon-GAAP | $45.4 | – | – |
| Nine months 2026 free cash flownon-GAAP | $119.8M | – | – |
| Cash and cash equivalents as of September 30, 2026GAAP | $326.7M | – | – |
| Notes payable, current portion, as of September 30, 2026GAAP | $4.2 | – | – |
| Notes payable, net, as of September 30, 2026GAAP | $88.7 | – | – |
| Private placement notes, net, as of September 30, 2026GAAP | $196M | – | – |
Amounts quoted below without a unit are in millions, as in the filing’s tables. Per-share figures are as printed.
Capital returns
- Repaid $65 million mortgage notes payable ahead of maturity in 2028 secured by cultivation site in Jefferson County, Florida.
What drove it
- 95% of Q3 revenue was from retail sales.
- The company reported a seven-fold increase in traffic in Georgia following the medical cannabis program expansion on July 1 and launches of Modern Flower and Roll One.
- The company closed a perpetual royalty free license for Alien Labs and Connected branded cannabis products in Florida and Texas.
- The company opened dispensaries in Marco Island, Florida, and Dunwoody, Georgia.
- The company received final DEA registrations for state licensed medical marijuana dispensaries under the federal regulatory framework for qualified medical marijuana businesses.
Concerns
- Q3 revenue was $230.2 versus $288.2 in the prior-year quarter and $271 in Q2 2026.
- Nine-month net loss attributable to common shareholders was $(402.7), including a $403.3 loss on deconsolidation transaction.
- Q3 adjusted EBITDA was $89.2, compared with $102.7 in the prior-year quarter and $98.0 in Q2 2026.
- Nine-month free cash flow was $119.8, compared with $160.2 in the prior-year period.
- Third-quarter 2026 results include only Trulieve medical operations, while prior periods include consolidated results including Harvest mixed medical and adult use operations.
What to watch
- Revenue contribution from Georgia following the July 1 medical cannabis program expansion.
- Growth expansion opportunities in Georgia and Texas cited by management.
- The operating and cash-flow effects of the deconsolidation of Harvest mixed medical and adult use operations on June 3, 2026.
- The company's 208 retail dispensaries and 3.5 million square feet of cultivation and processing capacity in the United States.
- Execution of the Alien Labs and Connected license in Florida and Texas.
Balance sheet and cash flow
- Cash and cash equivalents were $326.7 as of September 30, 2026, compared with $255.5 as of December 31, 2025.
- Total assets were $2,118.2 as of September 30, 2026, compared with $2,696.1 as of December 31, 2025.
- Total liabilities were $1,346.7 as of September 30, 2026, compared with $1,553.1 as of December 31, 2025.
- Total equity was $771.5 as of September 30, 2026, compared with $1,143.0 as of December 31, 2025.
- Nine-month net cash provided by operating activities was $183.3; capital expenditures were $(63.5); free cash flow was $119.8.
- Nine-month investing cash flow was $(156.8), including $(58.4) of cash disposed in the deconsolidation transaction and $(40.0) for purchase of intangible assets.
Analysis
Trulieve reported Q3 2026 revenue of $230.2, down from $288.2 in the prior-year quarter and from $271 in Q2 2026. The company stated that 95% of revenue came from retail sales. Comparability is materially affected because Q3 2026 includes only Trulieve medical operations, whereas prior periods included consolidated results including Harvest mixed medical and adult use operations.
Profitability improved at the gross-profit level. Q3 gross profit was $148.0 and gross margin was 64%, compared with $169.9 and 59% in the prior-year quarter and $162 and 60% in Q2 2026. Income from operations was $42.5, compared with $42.2 a year earlier. GAAP net income attributable to common shareholders was $0.9, while adjusted net income was $18.0 and adjusted diluted EPS was $0.09.
Cash generation remained positive but trailed the comparable quarter. Operating cash flow was $74.4, compared with $76.4 a year earlier, and free cash flow was $45.4, compared with $59.8. The company spent $(29.0) on capital expenditures during the quarter. Cash and cash equivalents were $326.7 at September 30, 2026, and the company repaid $65 million of mortgage notes payable ahead of their 2028 maturity.
Nine-month results reflect the June 3 deconsolidation of Harvest. Revenue was $787.9, gross profit was $480.4, and adjusted EBITDA was $287.6. GAAP net loss attributable to common shareholders was $(402.7), with the reconciliation showing a $403.3 loss on the deconsolidation transaction. Management highlighted a seven-fold increase in Georgia traffic after the July 1 program expansion, new Georgia and Florida dispensaries, and expansion opportunities in Georgia and Texas. The release did not provide financial guidance.
Management, verbatim
State licensed medical marijuana rescheduling unlocked major milestones including DEA registration, removal of 280E tax, and uplisting to the NYSE. Third quarter results demonstrate the strength of our medical cannabis platform underscored by revenue, margins, and cash generation. With meaningful growth expansion opportunities in Georgia and Texas, we are in the early stages of an accelerated growth cycle.
Kim Rivers, Trulieve CEO
Not in the filing
stated, not guessed- Forward financial guidance was not provided.
- Previous-release outlook was not provided.
- Reportable segment revenue and segment-level financial results were not provided.
- Dividend and share-repurchase activity were not provided.
- GAAP effective tax rate was not provided.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Trulieve (NYSE: TRLV) filed a Form 8‑K reporting its Q3 2026 results, including revenue, margins, cash flow, DEA registration, and expansion activities.
Ticker impact
Q3 2026 earnings release with $230M revenue, positive cash flow and DEA registration news.
likely upward pressure as investors price in strong margins and DEA registration.
First‑report earnings with better‑than‑expected gross margin (64%) and free cash flow, plus DEA registration removing 280E tax, typically lift the stock.
Market effects
Strong results may boost sentiment in the U.S. medical cannabis sector.
Florida and Georgia market expansions could attract regional investors.
Limited to U.S. cannabis investors; no broad macro effect.
Counterpoint
If guidance is modest and growth is already priced in, the stock may face profit‑taking.
Key entities
- CompanyTrulieve Cannabis Corp.
US‑listed medical cannabis operator reporting Q3 2026 results.
- ExecutiveKim Rivers
CEO of Trulieve, quoted on regulatory milestones.
