Curaleaf Reports Q4 and FY 2025 Financial Results

NEW YORK – Curaleaf Holdings Inc. released its earnings for the fourth quarter and full year ended December 31, 2025, highlighting a return to top-line growth and steady margins in a tough domestic environment.

The company posted Q4 net revenue of $333.1 million, up 2% from $327.9 million in the same period of 2024 and 5% sequentially from the third quarter. International operations contributed $50.7 million, a 65% increase year-over-year, driven by expansion in Europe and other regions. Adjusted gross margin reached 49%, a slight improvement from 48.8% the prior year, as efficiency gains in cultivation offset price declines.

For the full year, net revenue totaled $1.27 billion, with international sales at $172.5 million, up 63% from 2024. Adjusted gross margin climbed to 50%, reflecting better operational controls. Adjusted EBITDA came in at $274.7 million, or 21.7% of revenue, while operating cash flow from continuing operations hit $152 million and free cash flow reached $89.3 million. The company ended the year with $101.6 million in cash and $548.7 million of outstanding debt.

Despite these figures, Curaleaf reported a net loss from continuing operations of $201.9 million for the year, or $0.26 per share, widened by investments and market pressures. In the fourth quarter, the adjusted net loss was $39.5 million, or $0.05 per share, better than analyst expectations of a $0.08 per share loss. Revenue also exceeded forecasts of about $329 million.

Boris Jordan, chairman and CEO, noted that the results demonstrate resilience amid “a persistently challenging pricing environment” in U.S. markets. He pointed to the completion of the “Return to Our Roots” plan, which involved streamlining operations, exiting underperforming areas like Missouri and the hemp division, and refinancing debt. A $500 million senior secured notes offering extended maturities and bolstered the balance sheet.

Analysts noted the beat on earnings and revenue as a positive signal, though shares of CURLF traded down modestly in after-hours following the announcement, reflecting broader sector volatility. Price compression continued to weigh on domestic sales, with management anticipating stabilization later in 2026 due to federal hemp restrictions taking effect in November.

Operationally, Curaleaf expanded its Florida footprint to 70 dispensaries by year-end and launched new products, including infused pre-rolls and premium flower strains. The firm also gained market share in vapes and overall portfolio rankings in key states. Internationally, the launch of a certified medical inhalation device in the UK and Germany supported growth.

Looking ahead, executives outlined a “Built for Growth” strategy focused on organic expansion, innovation, and selective acquisitions. They expect a typical seasonal dip in first-quarter revenue but see opportunities from regulatory changes and market maturation.

These outcomes underscore Curaleaf’s ability to generate cash while navigating challenges, positioning it for potential upside as the industry consolidates. Yet, sustained profitability will depend on easing price wars and favorable policy shifts.