Trulieve Reports Q3 2026 Financial Results

TALLAHASSEE – Trulieve Cannabis Corp. reported third-quarter revenue of $230.2 million, down 20% from a year earlier and 15% from the second quarter. Net income attributable to common shareholders was $0.9 million, compared with a loss of $26.8 million in the same period of 2025. Sales came in below the $273.7 million analysts expected, while adjusted earnings of 9 cents per share topped the 3-cent estimate.

The revenue drop reflects a change in what Trulieve reports. The company deconsolidated its Harvest mixed medical and adult-use operations on June 3, so third-quarter results cover only its medical business, while earlier periods include Harvest. This limits year-over-year comparisons.

Profitability metrics improved on the smaller base. Gross margin reached 64%, up from 59% a year earlier, on gross profit of $148 million. Adjusted EBITDA, a non-GAAP measure, was $89.2 million, or 39% of revenue, down from $102.7 million but at a higher margin.

Cash generation stayed solid. Operating cash flow was $74.4 million and free cash flow was $45.4 million, bringing the nine-month free cash flow total to $119.8 million. Cash stood at $326.7 million on September 30. Trulieve also repaid $65 million in mortgage notes on its Jefferson County, Florida, cultivation site, well ahead of a 2028 maturity.

Federal policy shaped the quarter. Trulieve received final DEA registrations following the rescheduling of state-licensed medical Cannabis to Schedule III. CEO Kim Rivers credited rescheduling with DEA registration, removal of the 280E tax and the NYSE listing, and said the company is in the “early stages of an accelerated growth cycle.”

Growth efforts center on Georgia and Texas. Store traffic in Georgia rose sevenfold after the state expanded its medical program on July 1, and Trulieve launched Modern Flower and Roll One products there. The company also closed a perpetual, royalty-free license for the Alien Labs and Connected brands in Florida and Texas, partnered with Seed Junky to bring premium genetics to Pennsylvania. Its cash flow statement lists $40 million in intangible asset purchases for the quarter; the release does not tie the two together. Trulieve opened dispensaries in Marco Island, Florida, and Dunwoody, Georgia, and now operates 208 stores.

Taxes still weighed on the bottom line. The company booked a $26.3 million provision against $27 million in pre-tax income, and its balance sheet carries $625.4 million in uncertain tax position liabilities. Capital spending also rose to $29 million, from $16.6 million a year ago. Drawing on the company’s earnings call, the near-term guidance is cautious, anticipating lower full-year operating cash flow and higher capital spending.

Overall, the quarter is clean on cash and margin, and harder to judge on trend. A 64% gross margin on a medical-only base is a strong figure, and nearly $120 million in free cash flow over nine months gives Trulieve room to repay debt and fund expansion. The revenue line, however, stepped down for structural reasons, so future growth has to come from Georgia, Texas and the Florida base, not from consolidation. Tax is the line to track. Management says rescheduling removed 280E, and investors will look for the provision to shrink in coming quarters. Until then, Trulieve is profitable, with thin GAAP earnings and a healthy cash balance.