Second quarter 2026
Filed Aug 6, 2026Curaleaf Reports Second Quarter 2026 Results: Continued Growth, Margin Strength, and Profitability
Second-quarter net revenue grew 10% year over year and 5% sequentially, led by reported growth in both domestic and international segments, while gross margin reached 50% and the Company reported net income from continuing operations of $12.5 million. Adjusted EBITDA margin declined 120 basis points year over year, and the Company reported $611.5 million of outstanding debt, net of unamortized debt discounts and deferred financing fees.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net revenueGAAP | $340.1 million | 5% | 10% |
| Gross profitGAAP | $169.9 million | – | – |
| Gross profit marginGAAP | 50% | – | increase of 70 basis points year-over-year |
| Net income attributable to Curaleaf Holdings, Inc. from continuing operationsGAAP | $12.5 million | – | – |
| Net income per share from continuing operationsGAAP | $0.05 | – | – |
| Adjusted gross profit from continuing operationsnon-GAAP | $170.8 million | – | – |
| Adjusted gross profit margin from continuing operationsnon-GAAP | 50.2% | – | an increase of 60 basis points |
| Adjusted EBITDAnon-GAAP | $70.1 million | – | – |
| Adjusted EBITDA marginnon-GAAP | 20.6% | – | a 120 basis point decrease year-over-year |
| Domestic retail revenueGAAP | $224,378 ($ thousands) | – | – |
| Domestic wholesale revenueGAAP | $64,046 ($ thousands) | – | – |
| Domestic management fee incomeGAAP | $271 ($ thousands) | – | – |
| International retail revenueGAAP | $16,353 ($ thousands) | – | – |
| International wholesale revenueGAAP | $31,947 ($ thousands) | – | – |
| International management fee incomeGAAP | $3,104 ($ thousands) | – | – |
| Basic weighted average shares outstandingGAAP | 263,067,698 | – | – |
| Six months net revenueGAAP | $664.3 million | – | 8% |
| Six months gross profitGAAP | $327.2 million | – | – |
| Six months gross marginGAAP | 49% | – | a decrease of 80 basis points year-over-year |
| Six months net income attributable to Curaleaf Holdings, Inc. from continuing operationsGAAP | $82.6 million | – | – |
| Six months net income per share from continuing operationsGAAP | $0.32 | – | – |
| Six months adjusted gross profit from continuing operationsnon-GAAP | $327,930 ($ thousands) | – | – |
| Six months adjusted gross profit margin from continuing operationsnon-GAAP | 49.4% | – | – |
| Six months adjusted EBITDAnon-GAAP | $133.5 million | – | – |
| Six months adjusted EBITDA marginnon-GAAP | 20.1% | – | a 100 basis point decrease year-over-year |
| Six months domestic retail revenueGAAP | $439,601 ($ thousands) | – | – |
| Six months domestic wholesale revenueGAAP | $125,562 ($ thousands) | – | – |
| Six months domestic management fee incomeGAAP | $519 ($ thousands) | – | – |
| Six months international retail revenueGAAP | $32,238 ($ thousands) | – | – |
| Six months international wholesale revenueGAAP | $60,233 ($ thousands) | – | – |
| Six months international management fee incomeGAAP | $6,177 ($ thousands) | – | – |
| Six months basic weighted average shares outstandingGAAP | 260,782,402 | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| DomesticThe Company reported that its domestic segment grew 7% compared to last year. | $288,695 ($ thousands) | – | 7% |
| InternationalThe Company reported that its international segment grew 26% compared to last year. | $51,404 ($ thousands) | – | 26% |
Capital returns
- Retired and repurchased a total of 1.01 million shares for a total value of $7.4 million during the six months ended June 30, 2026.
What drove it
- Second-quarter revenue growth was bolstered by domestic and international segments that grew 7% and 26%, respectively.
- Curaleaf expanded its Florida retail footprint to 73 with new dispensaries in Jacksonville Beach and Fernandina Beach, bringing the nationwide footprint of operated and managed dispensaries to 174.
- The Company launched Dark Heart, its ultra-premium flower brand, across 11 states.
- Curaleaf completed the buyout of the remaining 45% equity interest in Four20 Pharma, increasing ownership of Curaleaf International to 100%.
- After quarter end, Curaleaf opened its 74th and 75th Florida dispensaries in Edgewater and Boynton Beach, bringing the total operated and managed retail footprint to 176.
- Curaleaf Spain was the first company to receive approval for two cannabis medicines.
Concerns
- Adjusted EBITDA margin of 20.6% was a 120 basis point decrease year-over-year.
- Six-month gross margin of 49% was a decrease of 80 basis points year-over-year.
- Six-month adjusted EBITDA margin of 20.1% was a 100 basis point decrease year-over-year.
- Outstanding debt was $611.5 million, net of unamortized debt discounts and deferred financing fees, compared with cash and cash equivalents of $107.0 million.
What to watch
- Whether the reported second consecutive quarter of domestic year-over-year growth continues.
- Progress from the Dark Heart launch across 11 states.
- The effect of full ownership of Curaleaf International following the Four20 Pharma buyout.
- Execution of facility upgrades, automation and selective retail expansion funded by $32.9 million of capital expenditures during the six months ended June 30, 2026.
- Development of Curaleaf Spain following approval for two cannabis medicines.
Balance sheet and cash flow
- Total cash and cash equivalents at quarter end totaled $107.0 million.
- As of June 30, 2026, the Company had $611.5 million of outstanding debt, net of unamortized debt discounts and deferred financing fees.
- During the six months ended June 30, 2026, Curaleaf invested $32.9 million in capital expenditures, focused on facility upgrades, automation and selective retail expansion in strategic markets.
Analysis
Curaleaf reported second-quarter net revenue of $340.1 million, up 10% compared to $310.6 million in Q2 2025 and up 5% compared to $324.2 million in the prior quarter. Management attributed growth to both operating segments, reporting 7% domestic growth and 26% international growth. Domestic revenue was $288,695 ($ thousands), while international revenue was $51,404 ($ thousands). Domestic retail revenue of $224,378 ($ thousands) remained the largest reported revenue component, and international wholesale revenue was $31,947 ($ thousands).
Profitability improved on reported gross profit measures. Gross profit was $169.9 million, compared with $153.1 million in the prior-year period, and gross profit margin was 50%, an increase of 70 basis points year over year. Adjusted gross profit from continuing operations was $170.8 million, compared with $154.1 million, while adjusted gross profit margin was 50.2%, compared with 49.6%. Net income attributable to Curaleaf Holdings, Inc. from continuing operations was $12.5 million, or $0.05 per share from continuing operations.
Adjusted EBITDA was $70.1 million and adjusted EBITDA margin was 20.6%. The margin was down 120 basis points year over year despite the reported gross-margin improvement. For the six months ended June 30, 2026, net revenue was $664.3 million, up 8% year over year, while gross margin was 49%, down 80 basis points. Six-month adjusted EBITDA was $133.5 million and its 20.1% margin was down 100 basis points year over year.
Capital allocation included retirement and repurchase of 1.01 million shares for a total value of $7.4 million during the six months ended June 30, 2026. The Company invested $32.9 million in capital expenditures focused on facility upgrades, automation and selective retail expansion. It ended the quarter with $107.0 million of cash and cash equivalents and $611.5 million of outstanding debt, net of unamortized debt discounts and deferred financing fees.
Operationally, Curaleaf expanded its Florida footprint to 73 dispensaries during the quarter and subsequently opened its 74th and 75th Florida locations, taking its operated and managed retail footprint to 176. The Company launched Dark Heart across 11 states and completed the purchase of the remaining 45% interest in Four20 Pharma, resulting in 100% ownership of Curaleaf International. No forward financial guidance was provided in the filing text.
Management, verbatim
Our second quarter results reinforce that our ‘Built for Growth’ strategy, a disciplined framework focused on customer centricity, brand building, and operational excellence is gaining traction across the business.
Boris Jordan, Chairman and CEO
Our U.S. business has clearly regained momentum. This was our second consecutive quarter of domestic year-over-year growth, and an important proof point that our reset is taking hold in a durable way.
Boris Jordan, Chairman and CEO
Not in the filing
stated, not guessed- Forward financial guidance
- Prior-outlook guidance comparison
- GAAP operating income or loss
- Non-GAAP operating income or loss
- Operating expenses
- Income tax rate
- Net cash provided by operating activities
- Free cash flow from operations value
- GAAP net income attributable to Curaleaf Holdings, Inc. from continuing operations prior-year and prior-quarter comparisons
- GAAP net income per share from continuing operations prior-year and prior-quarter comparisons
- Adjusted EBITDA prior-year and prior-quarter values
- Adjusted EBITDA year-over-year and sequential percentage changes
- Dividends
- Total net income including any discontinued operations
- Diluted weighted average shares outstanding
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.