Trulieve Reports Q4 and FY 2025 Financial Results

TALLAHASSEE – Trulieve Cannabis Corp., the largest U.S. Cannabis retailer by store count, announced its full-year 2025 revenue of $1.2 billion, holding steady from the previous year as retail pricing pressures offset gains from new stores and wholesale expansion. The company, which operates 233 dispensaries across 11 states, achieved a 60% gross margin for the year, generating $711 million in GAAP gross profit.

In the fourth quarter, revenue came in at $293 million, down 3% from the same period in 2024 but up 2% sequentially, with 93% derived from retail sales. Trulieve posted a quarterly GAAP gross profit of $175 million, maintaining the 60% margin seen throughout the year. Net loss attributable to common shareholders widened to $116 million for the full year, compared with $27 million in adjusted net loss after excluding one-time items like asset impairments and discontinued operations. For the quarter, the net loss stood at $43 million.

Adjusted EBITDA reached a record $427 million for 2025, or 36% of revenue, marking a 2% increase year-over-year, driven by cost controls and operational efficiencies. Cash flow from operations hit $273 million, also a record, while free cash flow totaled $229 million, bolstering the balance sheet with $256 million in cash at year-end. These figures reflect Trulieve’s ability to generate substantial liquidity despite stagnant top-line growth, a common challenge in the sector where competition and consumer spending trends have squeezed prices.

Operationally, Trulieve sold 50.1 million branded product units in 2025, up 5% from 2024, supported by a 5% rise in customer traffic. Wholesale revenue grew 23% to $71 million, fueled by performance in Maryland and Pennsylvania. The company added 11 new locations during the year and secured conditional approval for a license in Texas under the Compassionate Use Program, signaling potential entry into a new market. Debt management included redeeming $368 million in senior notes due 2026 and issuing $200 million in new notes maturing in 2030, reducing near-term refinancing risks.

For the quarters ahead, Trulieve forecasts at least $250 million in operating cash flow, with plans to invest in retail upgrades, digital tools like a new Florida mobile app, and Texas operations. While flat revenue highlights persistent market headwinds, the firm’s cash position and margin stability provide a buffer for strategic moves, particularly if federal rescheduling advances and eases tax burdens under IRS Code 280E. As the Cannabis industry consolidates, Trulieve’s scale in key states like Florida, Arizona, and Pennsylvania could support long-term value, though execution on expansion will be key to sustaining momentum.