Trulieve Cannabis Corp. (TRLV) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 23, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 7, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the TRLV SEC filings page.
Trulieve Cannabis Corp. (TRLV) reported $1.1B in revenue over the twelve months to Jun 30, 2026, down 3.9% from the prior twelve months. 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).
Cash-funded deleveraging is Trulieve’s dominant FY2025 mechanic, combining stable sales with tighter overhead control.
The gap between a net loss of-$116M and operating cash flow of$273M indicates that noncash charges and other accounting adjustments materially shape reported earnings. Free cash flow rose from$149M to$229M as capital spending fell, showing that improved cash generation came partly from reduced reinvestment rather than stronger sales.
The flat top line stayed near
Long-term debt fell from
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 40/100, 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 39/100.
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 93/100, 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 89/100.
Trulieve Cannabis Corp. converts 19.4% of revenue into free cash flow ($228.6M). This strong cash generation earns a score of 80/100.
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 31/100. This is up from -12.4% the prior year.
Trulieve Cannabis Corp. scores 1.26, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($2.4B) 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 $271.0M in revenue in Q2 2026. This represents a decrease of 10.3% from the same quarter a year earlier. Against the prior quarter it is down 5.5%.
Trulieve Cannabis Corp.'s EBITDA was -$344.8M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 520.2% from the same quarter a year earlier. Against the prior quarter it is down 626.7%.
Trulieve Cannabis Corp. reported -$406.1M in net income in Q2 2026. This represents a decrease of 2420.4% from the same quarter a year earlier. Against the prior quarter it is down 17886.3%.
Trulieve Cannabis Corp. earned -$2.10 per diluted share (EPS) in Q2 2026. This represents a decrease of 2900.0% from the same quarter a year earlier.
Cash & Balance Sheet
Trulieve Cannabis Corp. generated $32.1M in free cash flow in Q2 2026, representing cash available after capex. This represents a decrease of 51.4% from the same quarter a year earlier. Against the prior quarter it is down 23.9%.
Trulieve Cannabis Corp. held $325.4M in cash against $195.8M in long-term debt as of Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Trulieve Cannabis Corp.'s gross margin was 59.9% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is down 0.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.6 percentage points.
Trulieve Cannabis Corp.'s ROE was -53.0% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 51.7 percentage points from the same quarter a year earlier. Against the prior quarter it is down 53.2 percentage points.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Trulieve Cannabis Corp. invested $21.0M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 5.5% from the same quarter a year earlier. Against the prior quarter it is up 55.8%.
Not reported for Q2 2026.
Not reported for Q2 2026.
TRLV Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $271.0M-10.3% | $286.8M-3.7% | $293.1M-2.7% | $288.2M+1.4% | $302.1M-0.4% | $297.8M0.0% | $301.1M+4.9% | $284.3M+3.3% |
| Cost of Revenue | $108.7M-8.8% | $116.7M+1.9% | $118.0M+3.4% | $118.3M+6.6% | $119.2M-2.2% | $114.5M-7.5% | $114.1M-14.3% | $111.0M-16.1% |
| Gross Profit | $162.3M-11.3% | $170.1M-7.2% | $175.2M-6.3% | $169.9M-2.0% | $182.9M+0.7% | $183.2M+5.4% | $187.0M+21.6% | $173.3M+21.2% |
| SG&A Expenses | $101.8M+0.6% | $104.9M-11.7% | $126.3M-20.0% | $99.0M-33.4% | $101.1M-1.4% | $118.8M+17.2% | $157.9M-43.1% | $148.6M+331.4% |
| Operating Income | -$370.5M-804.0% | $35.7M+7.2% | $15.3M+1069.5% | $42.2M+6734.6% | $52.6M+5.8% | $33.3M-27.7% | $1.3M-95.5% | $618K-97.4% |
| EBITDA | -$344.8M-520.2% | $65.5M+4.5% | $44.7M+49.3% | $71.7M+147.6% | $82.1M+5.4% | $62.7M-15.2% | $30.0M-46.9% | $28.9M-42.4% |
| Interest Expense | $12.8M-22.2% | $13.3M-18.3% | $14.7M+0.4% | $16.1M-7.9% | $16.4M+6.1% | $16.3M+11.1% | $14.6M-29.2% | $17.5M-16.2% |
| Income Tax | $22.0M-59.9% | $21.9M-58.3% | $47.9M+0.7% | $53.0M+11.9% | $54.7M+15.9% | $52.5M-5.4% | $47.6M+4.7% | $47.4M+29.3% |
| Net Income | -$406.1M-2420.4% | $2.3M+106.8% | -$37.7M+33.8% | -$28.8M+53.3% | -$16.1M-34.4% | -$33.8M-37.7% | -$57.0M-111.6% | -$61.6M-138.4% |
| EPS (Basic) | -$2.10-2900.0% | $0.02+112.5% | -$0.23+14.8% | -$0.11+65.6% | -$0.07-75.0% | -$0.160.0% | -$0.27-42.1% | -$0.32-166.7% |
| EPS (Diluted) | -$2.10-2900.0% | $0.02 | -$0.23+14.8% | -$0.11+65.6% | -$0.07-75.0% | -$0.160.0% | -$0.27-42.1% | -$0.32-166.7% |
| Diluted Shares (Avg) | 193M+0.8% | 198M | N/A | 191M+0.6% | 191M+0.5% | 191M+0.9% | N/A | 190M+0.7% |
Not reported in any period shown, so not listed: R&D Expenses.
TRLV Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.1B-28.9% | $2.8B-3.7% | $2.7B-6.1% | $2.9B+2.3% | $2.9B+2.0% | $2.9B+2.4% | $2.9B+5.2% | $2.9B+3.6% |
| Current Assets | $564.8M-20.6% | $653.0M+0.6% | $562.7M-6.9% | $756.4M+25.4% | $711.4M+12.7% | $649.4M+11.0% | $604.6M+26.6% | $603.0M+23.9% |
| Cash & Equivalents | $325.4M-17.1% | $352.9M+7.4% | $255.5M+7.0% | $449.2M+89.0% | $392.6M+10.5% | $328.5M+2.5% | $238.8M+18.6% | $237.7M+23.7% |
| Short-Term Investments | $0 | $0 | $0-100.0% | $0-100.0% | $0 | $0 | $60.4M | $80.2M |
| Inventory | $186.9M-22.6% | $242.3M+1.3% | $242.3M+4.7% | $243.3M+10.1% | $241.5M+16.3% | $239.3M+14.3% | $231.4M+8.6% | $220.9M-3.9% |
| Accounts Receivable | $3.9M-63.4% | $14.1M+36.9% | $10.5M+26.7% | $10.5M+16.2% | $10.8M+42.8% | $10.3M+72.9% | $8.3M+23.6% | $9.0M+31.2% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $325.6M-32.7% | $483.9M0.0% | $483.9M0.0% | $483.9M0.0% | $483.9M0.0% | $483.9M0.0% | $483.9M0.0% | $483.9M0.0% |
| Total Liabilities | $1.3B-23.4% | $1.6B-2.2% | $1.6B-4.2% | $1.8B+12.1% | $1.7B+15.0% | $1.7B+16.8% | $1.6B+22.8% | $1.6B+17.3% |
| Current Liabilities | $95.1M-23.2% | $124.2M-9.2% | $126.9M-8.3% | $124.1M-9.2% | $123.8M0.0% | $136.7M+16.6% | $138.5M+20.6% | $136.7M-45.7% |
| Non-Current Liabilities | $1.2B-23.4% | $1.5B-1.5% | $1.4B-3.8% | $1.6B+14.1% | $1.6B+16.4% | $1.5B+16.9% | $1.5B+23.0% | $1.4B+32.0% |
| Long-Term Debt | $195.8M-46.5% | $195.6M-46.4% | $136.7M-62.5% | $366.1M+0.5% | $365.7M+0.5% | $365.3M+0.5% | $364.8M+0.4% | $364.4M+0.4% |
| Total Equity | $765.9M-36.7% | $1.1B-5.7% | $1.1B-8.5% | $1.2B-8.8% | $1.2B-11.7% | $1.2B-11.9% | $1.2B-11.3% | $1.3B-9.7% |
| Retained Earnings | -$1.3B-56.2% | -$909.7M-9.8% | -$912.1M-14.6% | -$869.2M-18.1% | -$842.4M-24.7% | -$828.6M-24.8% | -$795.7M-24.2% | -$736.0M-21.2% |
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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $53.1M-38.3% | $55.7M+9.0% | $59.2M+93.0% | $76.4M+151.8% | $86.1M+20.7% | $51.1M-63.3% | $30.7M-76.7% | $30.3M-67.5% |
| Depreciation & Amortization | $25.7M-12.6% | $29.7M+1.4% | $29.4M+2.7% | $29.5M+4.0% | $29.4M+4.8% | $29.3M+5.7% | $28.6M+5.3% | $28.3M+5.1% |
| Stock-Based Compensation | N/A | $4.1M+4.9% | N/A | N/A | N/A | $3.9M-23.5% | N/A | N/A |
| Capital Expenditures | $21.0M+5.5% | $13.5M-20.1% | $3.4M-92.0% | $4.0M-89.6% | $19.9M-24.2% | $16.9M+9.0% | $42.7M+362.2% | $38.1M+507.1% |
| Free Cash Flow | $32.1M-51.4% | $42.2M+23.3% | $55.8M+564.1% | $72.4M+1030.8% | $66.2M+47.0% | $34.2M-72.3% | -$12.0M-109.8% | -$7.8M-108.9% |
| Investing Cash Flow | -$74.9M-767.2% | -$13.2M-130.7% | -$5.9M+74.6% | -$15.0M+88.6% | -$8.6M+73.8% | $43.0M+326.9% | -$23.2M-223.7% | -$131.5M-2535.2% |
| Financing Cash Flow | -$5.7M+1.6% | $54.8M+1318.9% | -$255.4M-3917.5% | -$4.8M+70.8% | -$5.8M+36.4% | -$4.5M-189.6% | -$6.4M+94.5% | -$16.4M+68.1% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TRLV Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 59.9%-0.7pp | 59.3%-2.2pp | 59.8%-2.3pp | 58.9%-2.0pp | 60.6%+0.7pp | 61.5%+3.1pp | 62.1%+8.5pp | 61.0%+9.0pp |
| Operating Margin | -136.8% | 12.5%+1.3pp | 5.2%+4.8pp | 14.7%+14.4pp | 17.4%+1.0pp | 11.2%-4.3pp | 0.4%-9.7pp | 0.2%-8.3pp |
| Net Margin | -149.9% | 0.8%+12.1pp | -12.9%+6.1pp | -10.0%+11.7pp | -5.3%-1.4pp | -11.3%-3.1pp | -18.9%-9.5pp | -21.7%-12.3pp |
| Return on Equity | -53.0%-51.7pp | 0.2%+3.0pp | -3.3%+1.3pp | -2.4%+2.3pp | -1.3%-0.5pp | -2.8%-1.0pp | -4.6%-2.7pp | -4.7%-2.9pp |
| Return on Assets | -19.6%-19.0pp | 0.1%+1.3pp | -1.4%+0.6pp | -1.0%+1.2pp | -0.5%-0.1pp | -1.2%-0.3pp | -2.0%-1.0pp | -2.1%-1.2pp |
| Current Ratio | 5.94+0.2x | 5.26+0.5x | 4.43+0.1x | 6.09+1.7x | 5.74+0.6x | 4.75-0.2x | 4.37+0.2x | 4.41+2.5x |
| Debt-to-Equity | 0.260.0x | 0.17-0.1x | 0.12-0.2x | 0.310.0x | 0.300.0x | 0.300.0x | 0.290.0x | 0.280.0x |
| Asset Turnover | 0.130.0x | 0.100.0x | 0.110.0x | 0.100.0x | 0.100.0x | 0.100.0x | 0.100.0x | 0.100.0x |
| FCF Margin | 11.9%-10.0pp | 14.7%+3.2pp | 19.0%+23.0pp | 25.1%+27.9pp | 21.9%+7.1pp | 11.5%-30.0pp | -4.0%-46.6pp | -2.7%-34.4pp |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin.
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 P/E ratio?
Trulieve Cannabis Corp. (TRLV) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $2.4B as of Sep 23, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Trulieve Cannabis Corp.'s price-to-sales ratio?
Trulieve Cannabis Corp. (TRLV) trades at 2.1x sales, its market capitalization divided by revenue of $1.1B revenue, trailing 12 months to June 30, 2026. The market capitalization is $2.4B as of Sep 23, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Trulieve Cannabis Corp.'s Altman Z-Score?
Trulieve Cannabis Corp. (TRLV) has an Altman Z-Score of 1.26, 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 62 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.