Trulieve Cannabis Corp Financials
Trulieve Cannabis Corp (TRLV) reported $1.2B in revenue for fiscal year 2025, down 0.4% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 7 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).
Flat sales are now throwing off cash as lower reinvestment and leaner overhead turn the business into a deleveraging machine.
The key shift is that GAAP losses no longer describe the cash engine: FY2025 posted-$116M of net income but$273M of operating cash flow and$229M of free cash flow, as the operating business stayed profitable while tax and interest burdens sat below operating income. With revenue essentially flat versus FY2024, that improvement came more from overhead reduction and capex falling to$44M from$123M than from growth.
Operating improvement came from cost structure, not demand acceleration: gross margin held near
Near-term funding looks comfortable: a 4.4x current ratio and cash of
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Trulieve Cannabis Corp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Trulieve Cannabis Corp has an operating margin of 12.2%, meaning the company retains $12 of operating profit per $100 of revenue. This results in a moderate score of 42/100, indicating healthy but not exceptional operating efficiency. This is up from 8.2% the prior year.
Trulieve Cannabis Corp's revenue declined 0.4% year-over-year, from $1.2B to $1.2B. This contraction results in a growth score of 40/100.
Trulieve Cannabis Corp carries a low D/E ratio of 0.12, meaning only $0.12 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 94/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 4.43, Trulieve Cannabis Corp holds $4.43 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 88/100.
Trulieve Cannabis Corp converts 19.4% of revenue into free cash flow ($228.6M). This strong cash generation earns a score of 81/100.
Trulieve Cannabis Corp posts a -10.2% return on equity (ROE), meaning it loses $10 for every $100 of shareholders' equity. This results in a returns score of 32/100. This is up from -12.4% the prior year.
Trulieve Cannabis Corp scores 1.00, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($1.7B) relative to total liabilities ($1.6B). 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.
Trulieve Cannabis Corp passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
Trulieve Cannabis Corp reported a net loss of $116.4M while generating $272.8M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Trulieve Cannabis Corp earns $2.26 in operating income for every $1 of interest expense ($143.5M vs $63.5M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
Trulieve Cannabis Corp generated $1.2B in revenue in fiscal year 2025. This represents a decrease of 0.4% from the prior year.
Trulieve Cannabis Corp's EBITDA was $261.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 24.0% from the prior year.
Trulieve Cannabis Corp reported -$116.4M in net income in fiscal year 2025. This represents an increase of 25.0% from the prior year.
Trulieve Cannabis Corp earned -$0.58 per diluted share (EPS) in fiscal year 2025. This represents an increase of 26.6% from the prior year.
Cash & Balance Sheet
Trulieve Cannabis Corp generated $228.6M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 53.6% from the prior year.
Trulieve Cannabis Corp held $255.5M in cash against $136.7M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Trulieve Cannabis Corp's gross margin was 60.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.1 percentage points from the prior year.
Trulieve Cannabis Corp's operating margin was 12.2% in fiscal year 2025, reflecting core business profitability. This is up 3.9 percentage points from the prior year.
Trulieve Cannabis Corp's net profit margin was -9.8% in fiscal year 2025, showing the share of revenue converted to profit. This is up 3.2 percentage points from the prior year.
Trulieve Cannabis Corp's ROE was -10.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 2.2 percentage points from the prior year.
Capital Allocation
Trulieve Cannabis Corp invested $44.2M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 64.0% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
TRLV Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.1B | $1.2B-0.4% | $1.2B+5.1% | $1.1B-7.3% | $1.2B+30.7% | $931.9M+78.7% | $521.5M+106.3% | $252.8M |
| Cost of Revenue | $461.6M | $470.0M-0.2% | $470.7M-12.9% | $540.6M+2.2% | $529.1M+44.8% | $365.4M+170.4% | $135.1M+121.6% | $61.0M |
| Gross Profit | $677.4M | $711.2M-0.6% | $715.7M+21.6% | $588.6M-14.6% | $689.1M+21.6% | $566.6M+46.6% | $386.4M+101.4% | $191.8M |
| SG&A Expenses | $432.0M | $445.2M-12.8% | $510.5M+32.2% | $386.2M+127.9% | $169.5M+70.4% | $99.5M+175.8% | $36.1M+156.2% | $14.1M |
| Operating Income | -$277.3M | $143.5M+46.8% | $97.8M+144.1% | -$221.6M-541.8% | $50.2M-75.4% | $204.1M-6.5% | $218.3M+92.7% | $113.3M |
| Interest Expense | $56.8M | $63.5M+2.0% | $62.2M-23.8% | $81.6M+11.1% | $73.4M+152.1% | $29.1M+43.9% | $20.2M+123.6% | $9.1M |
| Income Tax | $144.8M | $208.1M+5.3% | $197.6M+30.5% | $151.4M-7.4% | $163.4M+12.1% | $145.7M+54.3% | $94.5M+86.7% | $50.6M |
| Net Income | -$470.3M | -$116.4M+25.0% | -$155.1M+70.6% | -$526.8M-114.1% | -$246.1M-1464.6% | $18.0M-71.4% | $63.0M+18.7% | $53.1M |
| EPS (Diluted) | — | -$0.58+26.6% | -$0.79+65.4% | -$2.28-140.0% | -$0.95 | $0.21-60.4% | $0.53+15.2% | $0.46 |
Not reported in any period shown, so not listed: R&D Expenses.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
TRLV Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Total Assets | $2.7B-6.1% | $2.9B+5.2% | $2.7B-19.7% | $3.4B-0.3% | $3.4B+321.2% | $809.8M | N/A |
| Current Assets | $562.7M-6.9% | $604.6M+26.6% | $477.3M-19.6% | $593.5M+13.2% | $524.4M+100.6% | $261.5M | N/A |
| Cash & Equivalents | $255.5M+7.0% | $238.8M+18.6% | $201.4M-2.8% | $207.2M-8.6% | $226.6M+54.5% | $146.7M+59.8% | $91.8M |
| Inventory | $242.3M+4.7% | $231.4M+8.6% | $213.1M-22.9% | $276.5M+30.3% | $212.2M+115.8% | $98.3M | N/A |
| Accounts Receivable | $10.5M+26.7% | $8.3M+23.6% | $6.7M+3.0% | $6.5M-26.5% | $8.9M+2774.7% | $308K | N/A |
| Goodwill | $483.9M0.0% | $483.9M0.0% | $483.9M-38.9% | $791.5M+3.4% | $765.4M+1039.3% | $67.2M+818.2% | $7.3M |
| Total Liabilities | $1.6B-4.2% | $1.6B+22.8% | $1.3B-10.3% | $1.5B+16.6% | $1.3B+249.2% | $361.9M | N/A |
| Current Liabilities | $126.9M-8.3% | $138.5M+20.6% | $114.8M-45.4% | $210.3M+24.5% | $168.9M+121.9% | $76.1M | N/A |
| Long-Term Debt | $136.7M-62.5% | $364.8M+0.4% | $363.2M-32.9% | $541.7M+17.0% | $462.9M | N/A | N/A |
| Total Equity | $1.1B-8.5% | $1.2B-11.3% | $1.4B-26.9% | $1.9B-10.2% | $2.1B+379.4% | $447.9M+237.1% | $132.9M |
| Retained Earnings | -$912.1M-14.6% | -$795.7M-24.2% | -$640.6M-462.7% | -$113.8M-182.7% | $137.7M+15.1% | $119.7M | N/A |
TRLV Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $244.4M | $272.8M+0.5% | $271.5M+34.5% | $201.8M+773.9% | $23.1M+79.1% | $12.9M-87.1% | $99.6M+422.4% | $19.1M |
| Capital Expenditures | $41.9M | $44.2M-64.0% | $122.6M+204.7% | $40.2M-75.6% | $164.7M-40.3% | $275.9M+176.1% | $99.9M+39.1% | $71.8M |
| Free Cash Flow | $202.6M | $228.6M+53.6% | $148.9M-7.9% | $161.6M+214.1% | -$141.7M+46.1% | -$263.0M-88156.4% | -$298K+99.4% | -$52.8M |
| Investing Cash Flow | -$108.9M | $13.5M+106.5% | -$206.6M-451.4% | -$37.5M+82.6% | -$215.1M+0.1% | -$215.2M-23.2% | -$174.7M-84.5% | -$94.7M |
| Financing Cash Flow | -$211.1M | -$270.5M-708.9% | -$33.4M+81.0% | -$175.6M-198.8% | $177.8M-38.5% | $289.2M+122.6% | $129.9M-9.1% | $143.0M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
TRLV Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 60.2%-0.1pp | 60.3%+8.2pp | 52.1%-4.4pp | 56.6%-4.2pp | 60.8%-13.3pp | 74.1%-1.8pp | 75.9% |
| Operating Margin | 12.2%+3.9pp | 8.2%+27.9pp | -19.6%-23.8pp | 4.1%-17.8pp | 21.9%-20.0pp | 41.9%-2.9pp | 44.8% |
| Net Margin | -9.8%+3.2pp | -13.1%+33.6pp | -46.7%-26.5pp | -20.2%-22.1pp | 1.9%-10.2pp | 12.1%-8.9pp | 21.0% |
| Return on Equity | -10.2%+2.2pp | -12.4%+25.0pp | -37.4%-24.6pp | -12.8%-13.6pp | 0.8%-13.2pp | 14.1%-25.9pp | 40.0% |
| Return on Assets | -4.3%+1.1pp | -5.4%+13.9pp | -19.3%-12.1pp | -7.2%-7.8pp | 0.5%-7.2pp | 7.8% | N/A |
| Current Ratio | 4.43+0.1x | 4.37+0.2x | 4.16+1.3x | 2.82-0.3x | 3.10-0.3x | 3.43 | N/A |
| Debt-to-Equity | 0.12-0.2x | 0.290.0x | 0.260.0x | 0.28+0.1x | 0.22-0.6x | 0.81 | N/A |
| FCF Margin | 19.4%+6.8pp | 12.6%-1.8pp | 14.3%+25.9pp | -11.6%+16.6pp | -28.2%-28.2pp | -0.1%+20.8pp | -20.9% |
Where Trulieve Cannabis Corp Ranks
Frequently Asked Questions
What is Trulieve Cannabis Corp's annual revenue?
Trulieve Cannabis Corp (TRLV) reported $1.2B in total revenue for fiscal year 2025. This represents a -0.4% 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 Trulieve Cannabis Corp's revenue growing?
Trulieve Cannabis Corp (TRLV) revenue declined by 0.4% year-over-year, from $1.2B to $1.2B in fiscal year 2025.
Is Trulieve Cannabis Corp profitable?
No, Trulieve Cannabis Corp (TRLV) reported a net income of -$116.4M in fiscal year 2025, with a net profit margin of -9.8%.
What is Trulieve Cannabis Corp's EBITDA?
Trulieve Cannabis Corp (TRLV) had EBITDA of $261.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Trulieve Cannabis Corp have?
As of fiscal year 2025, Trulieve Cannabis Corp (TRLV) had $255.5M in cash and equivalents against $136.7M in long-term debt.
What is Trulieve Cannabis Corp's gross margin?
Trulieve Cannabis Corp (TRLV) had a gross margin of 60.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Trulieve Cannabis Corp's operating margin?
Trulieve Cannabis Corp (TRLV) had an operating margin of 12.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Trulieve Cannabis Corp's net profit margin?
Trulieve Cannabis Corp (TRLV) had a net profit margin of -9.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Trulieve Cannabis Corp's return on equity (ROE)?
Trulieve Cannabis Corp (TRLV) has a return on equity of -10.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Trulieve Cannabis Corp's free cash flow?
Trulieve Cannabis Corp (TRLV) generated $228.6M in free cash flow during fiscal year 2025. This represents a 53.6% 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 Trulieve Cannabis Corp's operating cash flow?
Trulieve Cannabis Corp (TRLV) generated $272.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Trulieve Cannabis Corp's total assets?
Trulieve Cannabis Corp (TRLV) had $2.7B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Trulieve Cannabis Corp's capital expenditures?
Trulieve Cannabis Corp (TRLV) invested $44.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Trulieve Cannabis Corp's current ratio?
Trulieve Cannabis Corp (TRLV) had a current ratio of 4.43 as of fiscal year 2025, which is generally considered healthy.
What is Trulieve Cannabis Corp's debt-to-equity ratio?
Trulieve Cannabis Corp (TRLV) had a debt-to-equity ratio of 0.12 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Trulieve Cannabis Corp's return on assets (ROA)?
Trulieve Cannabis Corp (TRLV) had a return on assets of -4.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Trulieve Cannabis Corp's Altman Z-Score?
Trulieve Cannabis Corp (TRLV) has an Altman Z-Score of 1.00, 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 Trulieve Cannabis Corp's Piotroski F-Score?
Trulieve Cannabis Corp (TRLV) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. 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 Trulieve Cannabis Corp's earnings high quality?
Trulieve Cannabis Corp (TRLV) reported a net loss of $116.4M while generating $272.8M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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 Trulieve Cannabis Corp cover its interest payments?
Trulieve Cannabis Corp (TRLV) has an interest coverage ratio of 2.26x, meaning it can adequately 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.
How financially healthy is Trulieve Cannabis Corp?
Trulieve Cannabis Corp (TRLV) scores 63 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.