What is Curaleaf Hldgs's earnings per share (EPS)?

Curaleaf Hldgs (CURLF) reported diluted earnings per share of $-0.35 for fiscal year 2025. This represents a -9.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Curaleaf Hldgs Financials

CURLF

Source SEC Filings (10-K/10-Q) Data as of Dec 31, 2025 Currency USD FYE December

This page shows Curaleaf Hldgs (CURLF) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI CURLF FY2025 2026-04-22

Curaleaf converts operations into cash, but persistent accounting losses and shrinking equity still define the business.

From FY2023 through FY2025, free cash flow stayed positive while net losses persisted; in FY2025, free cash flow was $74.3M against net income of -$231.1M. That gap fits a business carrying large non-cash depreciation and amortization, $196.6M in FY2025, while equity erosion pushed debt-to-equity to 0.7x even with long-term debt only $512.9M.

The operating model shows better product-level economics than the bottom line implies: gross margin reached 49.8% in FY2025 even though revenue was below FY2023, yet operating margin was only 2.0%. With selling and administrative expense still at $428.4M, the constraint looks like overhead absorption rather than weak gross profit capture.

The balance sheet is improving in near-term liquidity but not yet in capital cushion. Cash ended FY2025 at $101.6M against long-term debt of $512.9M, so internally generated cash is helping, but years of losses have reduced equity enough that leverage now reflects a thinner book-value base as much as additional borrowing.

Financial Health Signals

Financial health score pending refresh

We are recalculating Curaleaf Hldgs's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Altman Z-Score Distress

0.46

Curaleaf Hldgs scores 0.46, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($2.4B) relative to total liabilities ($2.0B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

4/8

Curaleaf Hldgs passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Mixed

-0.60x

For every $1 of reported earnings, Curaleaf Hldgs generates $-0.60 in operating cash flow ($137.7M OCF vs -$231.1M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

0.5x

Curaleaf Hldgs earns $0.5 in operating income for every $1 of interest expense ($25.4M vs $53.5M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$1.3B

YoY-5.0%

Curaleaf Hldgs generated $1.3B in revenue in fiscal year 2025. This represents a decrease of 5.0% from the prior year.

EBITDA

$222.1M

YoY-13.3%

Curaleaf Hldgs's EBITDA was $222.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 13.3% from the prior year.

Net Income

-$231.1M

YoY-7.3%

Curaleaf Hldgs reported -$231.1M in net income in fiscal year 2025. This represents a decrease of 7.3% from the prior year.

EPS (Diluted)

$-0.35

YoY-9.4%

Curaleaf Hldgs earned $-0.35 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 9.4% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$74.3M

YoY+4.3%

Curaleaf Hldgs generated $74.3M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 4.3% from the prior year.

Cash & Debt

$101.6M

YoY-5.3%

Curaleaf Hldgs held $101.6M in cash against $512.9M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

49.8%

YoY+1.7pp

Curaleaf Hldgs's gross margin was 49.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.7 percentage points from the prior year.

Operating Margin

2.0%

YoY+0.2pp

Curaleaf Hldgs's operating margin was 2.0% in fiscal year 2025, reflecting core business profitability. This is up 0.2 percentage points from the prior year.

Net Margin

-18.2%

YoY-2.1pp

Curaleaf Hldgs's net profit margin was -18.2% in fiscal year 2025, showing the share of revenue converted to profit. This is down 2.1 percentage points from the prior year.

Return on Equity

-30.6%

YoY-5.5pp

Curaleaf Hldgs's ROE was -30.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 5.5 percentage points from the prior year.

Capital Allocation

R&D Spending

$805K

YoY-43.3%

Curaleaf Hldgs invested $805K in research and development in fiscal year 2025. This represents a decrease of 43.3% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$63.4M

YoY-31.4%

Curaleaf Hldgs invested $63.4M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 31.4% from the prior year.

CURLF Income Statement

Metric	FY25	FY24	FY23	FY22	FY21
Revenue	$1.3B-5.0%	$1.3B-0.9%	$1.3B+5.6%	$1.3B+6.6%	$1.2B
Cost of Revenue	$637.1M-8.1%	$693.5M-5.3%	$732.2M+12.8%	$649.0M+3.6%	$626.2M
Gross Profit	$631.0M-1.5%	$640.8M+4.3%	$614.4M-1.9%	$626.4M+9.9%	$569.8M
R&D Expenses	$805K-43.3%	$1.4M	N/A	N/A	N/A
SG&A Expenses	$428.4M+2.4%	$418.5M+0.9%	$414.8M-1.2%	$419.9M+8.6%	$386.6M
Operating Income	$25.4M+2.9%	$24.7M-42.3%	$42.9M-34.0%	$65.0M+11.0%	$58.6M
Interest Expense	$53.5M+0.6%	$53.2M-1.0%	$53.7M	N/A	N/A
Income Tax	$123.7M+25.9%	$98.3M-14.3%	$114.6M-35.9%	$178.8M+17.3%	$152.4M
Net Income	-$231.1M-7.3%	-$215.4M+23.4%	-$281.2M+24.0%	-$370.1M-79.7%	-$205.9M
EPS (Diluted)	$-0.35-9.4%	$-0.32+17.9%	$-0.39+25.0%	$-0.52-79.3%	$-0.29

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21
Revenue	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A

CURLF Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21
Total Assets	$2.8B-3.5%	$2.9B-4.7%	$3.1B-9.3%	$3.4B+10.0%	$3.1B
Current Assets	$448.6M+3.3%	$434.4M+3.8%	$418.6M-35.8%	$652.4M-10.2%	$726.6M
Cash & Equivalents	$101.6M-5.3%	$107.2M+16.8%	$91.8M-43.7%	$163.2M-45.5%	$299.3M
Inventory	$225.0M+3.7%	$216.9M+0.5%	$215.9M-8.0%	$234.8M-5.4%	$248.1M
Accounts Receivable	$73.9M+15.4%	$64.0M+6.7%	$60.0M+32.8%	$45.2M-25.2%	$60.4M
Goodwill	$635.1M+1.0%	$628.9M+0.4%	$626.6M+0.2%	$625.1M+9.4%	$571.7M
Total Liabilities	$2.0B+2.5%	$2.0B+1.6%	$1.9B-4.4%	$2.0B+39.8%	$1.4B
Current Liabilities	$294.3M-24.1%	$387.9M-21.5%	$494.0M-0.6%	$496.9M+57.1%	$316.2M
Long-Term Debt	$512.9M+9.9%	$466.9M-14.8%	$548.3M-3.9%	$570.8M+24.6%	$457.9M
Total Equity	$756.4M-12.2%	$861.2M-18.0%	$1.1B-17.9%	$1.3B-17.2%	$1.5B
Retained Earnings	-$1.6B-17.0%	-$1.4B-18.9%	-$1.1B-32.7%	-$859.6M-75.6%	-$489.5M

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21
Total Assets	$2.8B-3.5%	$2.9B-4.7%	$3.1B-9.3%	$3.4B+10.0%	$3.1B
Current Assets	$448.6M+3.3%	$434.4M+3.8%	$418.6M-35.8%	$652.4M-10.2%	$726.6M
Cash & Equivalents	$101.6M-5.3%	$107.2M+16.8%	$91.8M-43.7%	$163.2M-45.5%	$299.3M
Inventory	$225.0M+3.7%	$216.9M+0.5%	$215.9M-8.0%	$234.8M-5.4%	$248.1M
Accounts Receivable	$73.9M+15.4%	$64.0M+6.7%	$60.0M+32.8%	$45.2M-25.2%	$60.4M
Goodwill	$635.1M+1.0%	$628.9M+0.4%	$626.6M+0.2%	$625.1M+9.4%	$571.7M
Total Liabilities	$2.0B+2.5%	$2.0B+1.6%	$1.9B-4.4%	$2.0B+39.8%	$1.4B
Current Liabilities	$294.3M-24.1%	$387.9M-21.5%	$494.0M-0.6%	$496.9M+57.1%	$316.2M
Long-Term Debt	$512.9M+9.9%	$466.9M-14.8%	$548.3M-3.9%	$570.8M+24.6%	$457.9M
Total Equity	$756.4M-12.2%	$861.2M-18.0%	$1.1B-17.9%	$1.3B-17.2%	$1.5B
Retained Earnings	-$1.6B-17.0%	-$1.4B-18.9%	-$1.1B-32.7%	-$859.6M-75.6%	-$489.5M

CURLF Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21
Operating Cash Flow	$137.7M-15.8%	$163.6M+117.4%	$75.3M+62.2%	$46.4M+179.6%	-$58.3M
Capital Expenditures	$63.4M-31.4%	$92.4M+41.2%	$65.4M-51.4%	$134.6M-21.7%	$172.0M
Free Cash Flow	$74.3M+4.3%	$71.2M+625.3%	$9.8M+111.1%	-$88.2M+61.7%	-$230.2M
Investing Cash Flow	-$70.3M+25.0%	-$93.8M-19.2%	-$78.7M+64.2%	-$219.9M-34.1%	-$164.0M
Financing Cash Flow	-$73.5M-35.5%	-$54.2M+19.1%	-$67.0M-260.4%	$41.8M-90.7%	$449.1M
Dividends Paid	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A

CURLF Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21
Gross Margin	49.8%+1.7pp	48.0%+2.4pp	45.6%-3.5pp	49.1%+1.5pp	47.6%
Operating Margin	2.0%+0.2pp	1.8%-1.3pp	3.2%-1.9pp	5.1%+0.2pp	4.9%
Net Margin	-18.2%-2.1pp	-16.2%+4.7pp	-20.9%+8.1pp	-29.0%-11.8pp	-17.2%
Return on Equity	-30.6%-5.5pp	-25.0%+1.8pp	-26.8%+2.2pp	-28.9%-15.6pp	-13.3%
Return on Assets	-8.1%-0.8pp	-7.3%+1.8pp	-9.1%+1.8pp	-10.8%-4.2pp	-6.6%
Current Ratio	1.52+0.4	1.12+0.3	0.85-0.5	1.31-1.0	2.30
Debt-to-Equity	0.68+0.1	0.54+0.0	0.52+0.1	0.45+0.1	0.30
FCF Margin	5.9%+0.5pp	5.3%+4.6pp	0.7%+7.6pp	-6.9%+12.3pp	-19.3%

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21
Gross Margin	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A
Current Ratio	1.52+0.4	1.12+0.3	0.85-0.5	1.31-1.0	2.30
Debt-to-Equity	0.68+0.1	0.54+0.0	0.52+0.1	0.45+0.1	0.30
FCF Margin	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Curaleaf Hldgs's annual revenue?

Curaleaf Hldgs (CURLF) reported $1.3B in total revenue for fiscal year 2025. This represents a -5.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Curaleaf Hldgs's revenue growing?

Curaleaf Hldgs (CURLF) revenue declined by 5% year-over-year, from $1.3B to $1.3B in fiscal year 2025.

Is Curaleaf Hldgs profitable?

No, Curaleaf Hldgs (CURLF) reported a net income of -$231.1M in fiscal year 2025, with a net profit margin of -18.2%.

What is Curaleaf Hldgs's EBITDA?

Curaleaf Hldgs (CURLF) had EBITDA of $222.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Curaleaf Hldgs have?

As of fiscal year 2025, Curaleaf Hldgs (CURLF) had $101.6M in cash and equivalents against $512.9M in long-term debt.

What is Curaleaf Hldgs's gross margin?

Curaleaf Hldgs (CURLF) had a gross margin of 49.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Curaleaf Hldgs's operating margin?

Curaleaf Hldgs (CURLF) had an operating margin of 2.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Curaleaf Hldgs's net profit margin?

Curaleaf Hldgs (CURLF) had a net profit margin of -18.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Curaleaf Hldgs's return on equity (ROE)?

Curaleaf Hldgs (CURLF) has a return on equity of -30.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Curaleaf Hldgs's free cash flow?

Curaleaf Hldgs (CURLF) generated $74.3M in free cash flow during fiscal year 2025. This represents a 4.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Curaleaf Hldgs's operating cash flow?

Curaleaf Hldgs (CURLF) generated $137.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Curaleaf Hldgs's total assets?

Curaleaf Hldgs (CURLF) had $2.8B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Curaleaf Hldgs's capital expenditures?

Curaleaf Hldgs (CURLF) invested $63.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Curaleaf Hldgs spend on research and development?

Curaleaf Hldgs (CURLF) invested $805K in research and development during fiscal year 2025.

What is Curaleaf Hldgs's current ratio?

Curaleaf Hldgs (CURLF) had a current ratio of 1.52 as of fiscal year 2025, which is generally considered healthy.

What is Curaleaf Hldgs's debt-to-equity ratio?

Curaleaf Hldgs (CURLF) had a debt-to-equity ratio of 0.68 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Curaleaf Hldgs's return on assets (ROA)?

Curaleaf Hldgs (CURLF) had a return on assets of -8.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Curaleaf Hldgs's Altman Z-Score?

Curaleaf Hldgs (CURLF) has an Altman Z-Score of 0.46, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Curaleaf Hldgs's Piotroski F-Score?

Curaleaf Hldgs (CURLF) has a Piotroski F-Score of 4 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Curaleaf Hldgs's earnings high quality?

Curaleaf Hldgs (CURLF) has an earnings quality ratio of -0.60x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Curaleaf Hldgs cover its interest payments?

Curaleaf Hldgs (CURLF) has an interest coverage ratio of 0.5x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.