Trulieve (TCNNF) 2025 results: $1.2B revenue, strong cash flow and tax overhang
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Trulieve Cannabis Corp. reported largely stable 2025 results, pairing flat revenue with strong profitability metrics and cash generation. Full-year revenue was $1.2 billion, with 94% from retail, and GAAP gross profit reached $711 million for a 60% gross margin.
The company posted a 2025 GAAP net loss attributable to common shareholders of $116 million, while adjusted net loss narrowed to $27 million. Adjusted EBITDA hit a record $427 million, or 36% of revenue. Cash flow from operations was a record $273 million, and free cash flow was $229 million, supporting year-end cash of $256 million.
In the fourth quarter, revenue was $293 million, GAAP gross profit $175 million with a 60% margin, GAAP net loss $43 million, and adjusted EBITDA $105 million (36% margin). The company redeemed $368 million of 2026 notes, repaid a $15.8 million mortgage, and issued $140 million of 2030 notes, ending 2025 with $232 million of debt at a 9.4% rate.
Operationally, Trulieve sold a record 50.1 million branded units, grew its rewards program to 915,000 members, and finished with 233–234 dispensaries and over four million square feet of cultivation and processing capacity. It received conditional approval for a dispensing license in Texas and continues to challenge U.S. tax treatment under Section 280E, with an $668 million uncertain tax position liability; management notes that without 280E, both Q4 and full-year 2025 net income would have been positive.
Positive
- None.
Negative
- None.
Insights
Trulieve delivered strong margins and cash flow on flat sales, but tax risk and net losses persist.
Trulieve kept 2025 revenue essentially flat at
Leverage has been reshaped rather than eliminated. The company redeemed
The most consequential overhang is tax-related. An uncertain tax position liability of
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________
FORM 8-K
___________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): February 26, 2026
___________________
(Exact Name of Registrant as specified in its charter)
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(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(Address of principal executive offices and zip code)
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(Registrant’s telephone number, including area code)
Not Applicable
(Registrant’s name or former address, if change since last report)
___________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
| N/A | N/A | N/A | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging Growth Company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards pursuant to Section 13(a) of the Exchange Act. o
Item 2.02 Results of Operations and Financial Condition.
On February 26, 2026, Trulieve Cannabis Corp. (the “Company”) announced via press release its results for the three months and year ended December 31, 2025. A copy of the Company’s press release is hereby furnished to the Commission and incorporated herein by reference as Exhibit 99.1.
Item 7.01 Regulation FD Disclosure.
The Company from time to time presents at various industry and other conferences and provides summary business information. A copy of the slide presentation that will be used by representatives of the Company in connection with such presentations (the “Corporate Presentation”) is attached to this Current Report on Form 8-K as Exhibit 99.2. The Corporate Presentation is current as of February 26, 2026, and the Company disclaims any obligation to correct or update this material in the future.
Item 9.01. Financial Statements and Exhibits.
(d)Exhibits
Exhibit No. | Description | |||||||
| 99.1* | Press release dated February 26, 2026 | |||||||
| 99.2* | Corporate Presentation dated February 26, 2026 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
*The information in the press release attached as Exhibit 99.1 and the corporate presentation attached as Exhibit 99.2 is intended to be furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such filing.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Trulieve Cannabis Corp. | ||||||||
| By: | /s/ Eric Powers | |||||||
| Name: | Eric Powers | |||||||
| Title: | Chief Legal Officer | |||||||
Date: February 26, 2026
Exhibit 99.1
Trulieve Reports Fourth Quarter and Full Year 2025 Results with
60% Gross Margin and Record Cash Flow Generation
•Full year revenue of $1.2 billion, with 60% gross margin | ||
•Record 2025 cash flow from operations of $273 million and free cash flow of $229 million* | ||
•Record 50.1 million branded product units sold in 2025, up 5% compared to last year | ||
Tallahassee, FL – February 26, 2026 – Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) (“Trulieve” or “the Company”), a leading and top-performing cannabis company in the U.S., today announced its results for the fourth quarter and full year ended December 31, 2025. Results are reported in U.S. dollars and in accordance with U.S. Generally Accepted Accounting Principles (GAAP), unless otherwise indicated. Numbers may not sum perfectly due to rounding.
2025 Full Year Financial and Operational Highlights*
•Revenue of $1.2 billion, with 94% of revenue from retail sales.
•Achieved gross margin of 60%, with GAAP gross profit of $711 million.
•Reported net loss attributable to common shareholders of $116 million. Adjusted net loss of $27 million* excludes non-recurring charges, asset impairments, disposals and discontinued operations.
•Achieved record adjusted EBITDA of $427 million*, or 36% of revenue, up $7 million or 2% from 2024.
•Generated record cash flow from operations of $273 million and free cash flow of $229 million*.
•Cash at year end totaled $256 million.
•Redeemed $368 million of senior secured notes due 2026 and repaid $15.8 million mortgage.
•Closed $140 million private placement of senior secured notes due 2030.
•Granted conditional approval for a Dispensing Organization license under the Texas Compassionate Use Program.
•Grew rewards program to 915,000 members as of December 31, 2025.
•Added 11 dispensaries in 2025, with 233 retail locations nationwide at year end.
*See “Non-GAAP Financial Measures” below for additional information and a reconciliation to GAAP for all Non-GAAP metrics.
Q4 2025 Financial and Operational Highlights*
•Revenue of $293 million, with 93% of revenue from retail sales.
•Achieved gross margin of 60%, with GAAP gross profit of $175 million.
•Reported net loss attributable to common shareholders of $43 million. Adjusted net loss of $3 million* excludes non-recurring charges, asset impairments, disposals and discontinued operations.
•Achieved adjusted EBITDA of $105 million*, or 36% of revenue.
•Generated cash flow from operations of $59 million and free cash flow of $56 million*.
•Released a new mobile app serving Florida customers enabling patients to browse and reserve products, view promotions, and check rewards status through a seamless digital experience.
•Opened one dispensary in Findlay, Ohio.
*See “Non-GAAP Financial Measures” below for additional information and a reconciliation to GAAP for all Non-GAAP metrics.
Recent Developments
•Opened one dispensary in Fort Myers, Florida.
•Closed second tranche $60 million private placement of senior secured notes due 2030.
•Currently operate 234 retail dispensaries and over four million square feet of cultivation and processing capacity in the United States.
Management Commentary
“We finished the year strong, winning a conditional license in Texas and repositioning our debt,” said Kim Rivers, Trulieve CEO. “With rescheduling on the horizon, Trulieve is carrying the momentum into 2026, prioritizing expanded access, loyal customers, branded products and growth initiatives.”
Financial Highlights*
| Results of Operations | For the Three Months Ended | For the Full Year Ended | |||||||||||||||||||||||||||||||||||||||
| (Figures in millions except per share data) | December 31, 2025 | December 31, 2024 | % Better / (Worse) | September 30, 2025 | % Better / (Worse) | December 31, 2025 | December 31, 2024 | % Better / (Worse) | |||||||||||||||||||||||||||||||||
| Revenue | $ | 293 | $ | 301 | (3%) | $ | 288 | 2% | $ | 1,181 | $ | 1,186 | —% | ||||||||||||||||||||||||||||
| Gross profit | $ | 175 | $ | 187 | (6%) | $ | 170 | 3% | $ | 711 | $ | 716 | (1%) | ||||||||||||||||||||||||||||
| Gross margin % | 60% | 62% | 59% | 60% | 60% | ||||||||||||||||||||||||||||||||||||
| Operating expenses | $ | 160 | $ | 186 | 14% | $ | 128 | (25%) | $ | 568 | $ | 618 | 8% | ||||||||||||||||||||||||||||
| Operating expenses % | 55% | 62% | 44% | 48% | 52% | ||||||||||||||||||||||||||||||||||||
| Net loss** | $ | (43) | $ | (60) | 28% | $ | (27) | (60%) | $ | (116) | $ | (155) | 25% | ||||||||||||||||||||||||||||
| Net loss continuing operations | $ | (45) | $ | (60) | 26% | $ | (24) | (89%) | $ | (117) | $ | (155) | 25% | ||||||||||||||||||||||||||||
| Adjusted net (loss) income | $ | (3) | $ | 3 | NMF | $ | (12) | 75% | $ | (27) | $ | (19) | (41%) | ||||||||||||||||||||||||||||
| Basic and diluted shares outstanding | 192 | 190 | 191 | 191 | 190 | ||||||||||||||||||||||||||||||||||||
| EPS continuing operations | $ | (0.23) | $ | (0.26) | 12% | $ | (0.11) | (103%) | $ | (0.58) | $ | (0.79) | 26% | ||||||||||||||||||||||||||||
| Adjusted EPS | $ | (0.02) | $ | 0.02 | NMF | $ | (0.07) | 75% | $ | (0.14) | $ | (0.10) | (40%) | ||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 105 | $ | 111 | (6%) | $ | 103 | 2% | $ | 427 | $ | 420 | 2% | ||||||||||||||||||||||||||||
| Adjusted EBITDA Margin % | 36% | 37% | 36% | 36% | 35% | ||||||||||||||||||||||||||||||||||||
NMF - No Meaningful Figure
*See “Non-GAAP Financial Measures” below for additional information and a reconciliation to GAAP for all Non-GAAP metrics.
**Net loss attributable to common shareholders which excludes non-controlling interest.
Conference Call
The Company will host a conference call and live audio webcast on February 26, 2026, at 8:30 A.M. Eastern time, to discuss its fourth quarter and full year 2025 financial results. Interested parties can join the conference call by dialing in as directed below. Please dial in 15 minutes prior to the call.
| North American toll free: 1-844-824-3830 | Passcode: 9288786 | |||||||
| International: 1-412-542-4136 | Passcode: 9288786 | |||||||
A live audio webcast of the conference call will be available at:
Trulieve Fourth Quarter and Full Year 2025 Results Call
A powerpoint presentation and archived replay of the webcast will be available at:
https://investors.trulieve.com/events
The Company’s Form 10-K for the year ended December 31, 2025 will be available on the SEC’s website or at https://investors.trulieve.com/quarterly-results. The Company’s Management's Discussion and Analysis for the period and the accompanying financial statements and notes will be available under the Company’s profile on https://www.sedarplus.ca and on its website at https://investors.trulieve.com/quarterly-results. This news release is not in any way a substitute for reading those financial statements, including the notes to the financial statements.
Trulieve Cannabis Corp.
Condensed Consolidated Balance Sheets (Unaudited)
(in millions, except for share data)
| December 31, 2025 | December 31, 2024 | ||||||||||
| ASSETS | |||||||||||
| Current Assets: | |||||||||||
| Cash and cash equivalents | $ | 255.5 | $ | 238.8 | |||||||
| Short-term investments | — | 60.4 | |||||||||
| Restricted cash | — | 0.9 | |||||||||
| Accounts receivable, net | 10.5 | 8.3 | |||||||||
| Inventories | 242.3 | 231.4 | |||||||||
| Income tax receivable | 8.5 | 10.0 | |||||||||
| Prepaid expenses | 18.3 | 23.0 | |||||||||
| Other current assets | 25.5 | 26.2 | |||||||||
| Notes receivable - current portion, net | 1.2 | 4.8 | |||||||||
| Assets associated with discontinued operations | 0.9 | 0.9 | |||||||||
| Total current assets | 562.7 | 604.6 | |||||||||
| Property and equipment, net | 670.4 | 716.1 | |||||||||
| Right of use assets - operating, net | 108.3 | 119.5 | |||||||||
| Right of use assets - finance, net | 60.0 | 64.4 | |||||||||
| Intangible assets, net | 798.4 | 859.5 | |||||||||
| Goodwill | 483.9 | 483.9 | |||||||||
| Notes receivable, net | 0.5 | 0.5 | |||||||||
| Other assets | 10.0 | 19.8 | |||||||||
| Long-term assets associated with discontinued operations | 1.9 | 2.0 | |||||||||
| TOTAL ASSETS | $ | 2,696.1 | $ | 2,870.3 | |||||||
| LIABILITIES | |||||||||||
| Current Liabilities: | |||||||||||
| Accounts payable and accrued liabilities | $ | 82.7 | $ | 94.0 | |||||||
| Deferred revenue | 9.6 | 8.0 | |||||||||
| Notes payable - current portion | 4.1 | 3.4 | |||||||||
| Operating lease liabilities - current portion | 13.0 | 12.1 | |||||||||
| Finance lease liabilities - current portion | 10.7 | 9.5 | |||||||||
| Construction finance liabilities - current portion | 2.4 | 1.9 | |||||||||
| Contingencies | 0.8 | 6.3 | |||||||||
| Liabilities associated with discontinued operations | 3.7 | 3.1 | |||||||||
| Total current liabilities | 126.9 | 138.5 | |||||||||
| Long-Term Liabilities: | |||||||||||
| Private placement notes, net | 136.7 | 364.8 | |||||||||
| Notes payable, net | 90.8 | 111.9 | |||||||||
| Operating lease liabilities | 107.9 | 117.5 | |||||||||
| Finance lease liabilities | 64.1 | 67.7 | |||||||||
| Construction finance liabilities | 133.8 | 135.5 | |||||||||
| Deferred tax liabilities | 178.0 | 196.5 | |||||||||
| Uncertain tax position liabilities | 668.4 | 445.2 | |||||||||
| Other long-term liabilities | 11.4 | 5.0 | |||||||||
| Long-term liabilities associated with discontinued operations | 34.9 | 38.6 | |||||||||
| TOTAL LIABILITIES | $ | 1,553.1 | $ | 1,621.2 | |||||||
| EQUITY | |||||||||||
Common stock, no par value; unlimited shares authorized. 192,307,145 and 191,005,940 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively. | $ | — | $ | — | |||||||
| Additional paid-in-capital | 2,073.4 | 2,057.0 | |||||||||
| Accumulated deficit | (912.1) | (795.7) | |||||||||
| Non-controlling interest | (18.2) | (12.3) | |||||||||
| TOTAL EQUITY | 1,143.0 | 1,249.0 | |||||||||
| TOTAL LIABILITIES AND EQUITY | $ | 2,696.1 | $ | 2,870.3 | |||||||
Trulieve Cannabis Corp.
Condensed Consolidated Statements of Operations (Unaudited)
(in millions, except for share data)
| Three Months Ended December 31, | Full Year Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Revenue | $ | 293.1 | $ | 301.1 | $ | 1,181.2 | $ | 1,186.5 | |||||||||||||||
| Cost of goods sold | 118.0 | 114.1 | 470.0 | 470.7 | |||||||||||||||||||
| Gross profit | 175.2 | 187.0 | 711.2 | 715.8 | |||||||||||||||||||
| Expenses: | |||||||||||||||||||||||
| Selling, general, and administrative | 126.3 | 157.9 | 445.2 | 510.4 | |||||||||||||||||||
| Depreciation and amortization | 29.4 | 28.6 | 117.6 | 112.8 | |||||||||||||||||||
| Impairment and other charges, net of (recoveries) | 4.1 | (0.9) | 4.8 | (5.3) | |||||||||||||||||||
| Total expenses | 159.9 | 185.7 | 567.7 | 618.0 | |||||||||||||||||||
| Income from operations | 15.3 | 1.3 | 143.5 | 97.8 | |||||||||||||||||||
| Other income (expense): | |||||||||||||||||||||||
| Interest expense, net | (14.7) | (14.6) | (63.5) | (62.2) | |||||||||||||||||||
| Interest income | 3.4 | 3.2 | 14.5 | 14.7 | |||||||||||||||||||
| Loss on debt extinguishments, net | (1.7) | — | (1.7) | — | |||||||||||||||||||
| Other income (expense), net | 0.6 | (2.8) | (1.4) | (7.6) | |||||||||||||||||||
| Total other expense, net | (12.4) | (14.2) | (52.0) | (55.1) | |||||||||||||||||||
| Income (loss) before provision for income taxes | 2.9 | (12.9) | 91.5 | 42.7 | |||||||||||||||||||
| Provision for income taxes | 47.9 | 47.6 | 208.1 | 197.6 | |||||||||||||||||||
| Net loss from continuing operations | (44.9) | (60.5) | (116.6) | (154.9) | |||||||||||||||||||
| Net income (loss) from discontinued operations, net of tax benefit (provision) of $232, $0, and $(209),and $4,101 respectively | 1.4 | (1.1) | (5.6) | (5.7) | |||||||||||||||||||
| Net loss | (43.6) | (61.6) | (122.2) | (160.6) | |||||||||||||||||||
| Less: net loss attributable to non-controlling interest from continuing operations | (0.7) | (1.8) | (5.9) | (5.5) | |||||||||||||||||||
| Net loss attributable to common shareholders | $ | (42.9) | $ | (59.8) | $ | (116.4) | $ | (155.1) | |||||||||||||||
| Earnings Per Share | |||||||||||||||||||||||
| Net loss per share - Continuing operations: | |||||||||||||||||||||||
| Basic and diluted | $ | (0.23) | $ | (0.26) | $ | (0.58) | $ | (0.79) | |||||||||||||||
| Net income (loss) per share - Discontinued operations: | |||||||||||||||||||||||
| Basic and diluted | $ | 0.01 | $ | (0.01) | $ | (0.03) | $ | (0.03) | |||||||||||||||
| Weighted average number of common shares used in computing net loss per share: | |||||||||||||||||||||||
| Basic and diluted | 191.7 | 190.0 | 191.3 | 190.0 | |||||||||||||||||||
Trulieve Cannabis Corp.
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in millions)
| Three Months Ended December 31, | Full Year Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Cash flows from operating activities | |||||||||||||||||||||||
| Net loss | $ | (43.6) | $ | (61.6) | $ | (122.2) | $ | (160.6) | |||||||||||||||
| Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||||||||||||||
| Depreciation and amortization | 29.4 | 28.6 | 117.6 | 112.8 | |||||||||||||||||||
| Depreciation included in cost of goods sold | 14.2 | 13.5 | 55.8 | 53.6 | |||||||||||||||||||
| Impairment and other charges, net of (recoveries) | 2.4 | (0.9) | 4.8 | (5.3) | |||||||||||||||||||
| Loss on debt extinguishments, net | 1.7 | — | 1.7 | — | |||||||||||||||||||
| Gain from disposal of discontinued operations | (0.8) | — | (0.8) | — | |||||||||||||||||||
| Share-based compensation | 4.0 | 4.6 | 20.5 | 20.2 | |||||||||||||||||||
| Deferred income taxes | (3.9) | (7.7) | (18.6) | (10.4) | |||||||||||||||||||
| Other non-cash changes | 4.2 | 4.1 | 20.1 | 18.2 | |||||||||||||||||||
| Changes in operating assets and liabilities: | |||||||||||||||||||||||
| Inventories | 1.0 | (10.5) | (10.9) | (18.7) | |||||||||||||||||||
| Accounts receivable | (0.3) | 1.5 | (3.7) | 0.7 | |||||||||||||||||||
| Other assets | 2.4 | (2.1) | 5.8 | (9.1) | |||||||||||||||||||
| Accounts payable and accrued liabilities | 0.3 | 2.6 | (11.3) | 7.2 | |||||||||||||||||||
| Income tax receivable / payable | (1.1) | (4.2) | 1.6 | (8.5) | |||||||||||||||||||
| Other liabilities | (2.7) | (0.5) | (16.4) | (1.6) | |||||||||||||||||||
| Uncertain tax position liabilities | 52.1 | 61.1 | 223.2 | 264.9 | |||||||||||||||||||
| Proceeds received from insurance for operating expenses | — | 2.1 | 5.7 | 8.0 | |||||||||||||||||||
| Net cash provided by operating activities | 59.2 | 30.7 | 272.8 | 271.5 | |||||||||||||||||||
| Cash flows from investing activities | |||||||||||||||||||||||
| Purchases of property and equipment | (3.4) | (42.7) | (44.2) | (122.6) | |||||||||||||||||||
| Purchases of internal use software | (3.7) | (6.8) | (16.3) | (25.1) | |||||||||||||||||||
| Purchases of short-term investments | — | — | — | (80.0) | |||||||||||||||||||
| Maturities of short-term investments | — | 20.0 | 60.0 | 20.0 | |||||||||||||||||||
| Other purchases and payments | — | — | (0.1) | (7.6) | |||||||||||||||||||
| Other proceeds | 1.2 | 6.3 | 14.1 | 8.7 | |||||||||||||||||||
| Net cash (used in) provided by investing activities | (5.9) | (23.2) | 13.5 | (206.6) | |||||||||||||||||||
| Cash flows from financing activities | |||||||||||||||||||||||
| Proceeds from private placement notes | 140.0 | — | 140.0 | 3.0 | |||||||||||||||||||
| Payments on long-term borrowings | (385.9) | (1.8) | (393.3) | (8.1) | |||||||||||||||||||
| Payments for debt issuance costs | (3.3) | — | (3.3) | 0.2 | |||||||||||||||||||
| Payments for taxes related to net share settlement of equity awards | (4.4) | (2.5) | (4.8) | (14.8) | |||||||||||||||||||
| Other payments and distributions | (1.9) | (2.1) | (9.0) | (13.8) | |||||||||||||||||||
| Net cash used in financing activities | (255.4) | (6.4) | (270.5) | (33.4) | |||||||||||||||||||
| Net (decrease) increase in cash, cash equivalents, and restricted cash | (202.1) | 1.1 | 15.8 | 31.4 | |||||||||||||||||||
| Cash, cash equivalents, and restricted cash, beginning of period | 457.6 | 238.6 | 239.7 | 208.0 | |||||||||||||||||||
| Cash and cash equivalents of discontinued operations, beginning of period | — | — | — | 0.3 | |||||||||||||||||||
| Less: cash and cash equivalents of discontinued operations, end of period | — | — | — | — | |||||||||||||||||||
| Cash, cash equivalents, and restricted cash, end of period | $ | 255.5 | $ | 239.7 | $ | 255.5 | $ | 239.7 | |||||||||||||||
The condensed consolidated statements of cash flows include continuing operations and discontinued operations for the periods presented.
Non-GAAP Financial Measures (Unaudited)
In addition to our results determined in accordance with GAAP, we supplement our results with non-GAAP financial measures, including EBITDA, adjusted EBITDA, EBITDA margin, adjusted EBITDA margin, adjusted net (loss) income, adjusted net (loss) income per diluted share, and free cash flow.
The Company calculates EBITDA as net income (loss) before net interest expense, interest income, income tax expense, depreciation and amortization; adjusted EBITDA as net income (loss) before net interest expense, interest income, income tax expense, depreciation and amortization and also excludes certain extraordinary items; EBITDA margin as EBITDA as % of revenue; adjusted EBITDA margin as adjusted EBITDA as % of revenue; adjusted net income (loss) as net income (loss) less certain extraordinary items; adjusted EPS as adjusted net income (loss) divided by basic and diluted shares outstanding; and free cash flow as cash flow from operations less capital expenditures.
Our management uses these non-GAAP financial measures in conjunction with GAAP financial measures to evaluate our operating results and financial performance. We believe these measures are useful to investors as they are widely used measures of performance and can facilitate comparison to other companies. These non-GAAP financial measures are not, and should not be considered as, measures of liquidity. These non-GAAP financial measures have limitations as analytical tools in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP. Because of these limitations, these non-GAAP financial measures should be considered along with GAAP financial performance measures. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures. A reconciliation of the non-GAAP financial measures to such GAAP measures can be found below. These non-GAAP financial measures should be considered supplemental to, and not a substitute for, our reported financial results prepared in accordance with GAAP.
Reconciliation of Non-GAAP EBITDA and Adjusted EBITDA (Unaudited)
The following table presents a reconciliation of GAAP net loss attributable to common shareholders to non-GAAP EBITDA and Adjusted EBITDA for each of the periods presented:
(Amounts expressed in millions of United States dollars) | Three Months Ended | For the Full Year Ended | ||||||||||||||||||||||||||||||
| December 31, 2025 | December 31, 2024 | September 30, 2025 | December 31, 2025 | December 31, 2024 | ||||||||||||||||||||||||||||
| Net loss attributable to common shareholders | $ | (42.9) | $ | (59.8) | $ | (26.8) | $ | (116.4) | $ | (155.1) | ||||||||||||||||||||||
| Add (deduct) impact of: | ||||||||||||||||||||||||||||||||
| Interest expense, net | $ | 14.7 | $ | 14.6 | $ | 16.1 | $ | 63.5 | $ | 62.2 | ||||||||||||||||||||||
| Interest income | $ | (3.4) | $ | (3.2) | $ | (4.4) | $ | (14.5) | $ | (14.7) | ||||||||||||||||||||||
| Provision for income taxes | $ | 47.9 | $ | 47.6 | $ | 53.0 | $ | 208.1 | $ | 197.6 | ||||||||||||||||||||||
| Depreciation and amortization | $ | 29.4 | $ | 28.6 | $ | 29.5 | $ | 117.6 | $ | 112.8 | ||||||||||||||||||||||
| Depreciation included in cost of goods sold | $ | 14.2 | $ | 13.5 | $ | 13.9 | $ | 55.8 | $ | 53.6 | ||||||||||||||||||||||
| EBITDA (Non-GAAP) | $ | 59.9 | $ | 41.3 | $ | 81.3 | $ | 314.1 | $ | 256.4 | ||||||||||||||||||||||
| EBITDA Margin (Non-GAAP) | 20% | 14% | 28% | 27% | 22% | |||||||||||||||||||||||||||
| Impairment and other charges, net of (recoveries) | $ | 4.1 | $ | (0.9) | $ | (0.9) | $ | 4.8 | $ | (5.3) | ||||||||||||||||||||||
| Campaign and political contributions | $ | 32.4 | $ | 54.8 | $ | 6.3 | $ | 66.1 | $ | 117.5 | ||||||||||||||||||||||
| Acquisition, transaction, and other non-recurring costs | $ | 4.7 | $ | 7.6 | $ | 3.8 | $ | 13.2 | $ | 18.2 | ||||||||||||||||||||||
| Share-based compensation | $ | 4.0 | $ | 4.6 | $ | 5.8 | $ | 20.5 | $ | 20.2 | ||||||||||||||||||||||
| Loss on debt extinguishments, net | $ | 1.7 | $ | — | $ | — | $ | 1.7 | $ | — | ||||||||||||||||||||||
| Other (income) expense, net | $ | (0.6) | $ | 2.8 | $ | 1.2 | $ | 1.4 | $ | 7.6 | ||||||||||||||||||||||
| Discontinued operations, net of tax, attributable to common shareholders | $ | (1.4) | $ | 1.1 | $ | 5.0 | $ | 5.6 | $ | 5.7 | ||||||||||||||||||||||
| Adjusted EBITDA (Non-GAAP) | $ | 104.8 | $ | 111.4 | $ | 102.7 | $ | 427.3 | $ | 420.2 | ||||||||||||||||||||||
| Adjusted EBITDA Margin (Non-GAAP) | 36% | 37% | 36% | 36% | 35% | |||||||||||||||||||||||||||
Reconciliation of Non-GAAP Adjusted Net (Loss) Income (Unaudited)
The following table presents a reconciliation of GAAP net loss attributable to common shareholders to non-GAAP adjusted net (loss) income, for each of the periods presented:
| For the Three Months Ended | For the Full Year Ended | |||||||||||||||||||||||||||||||
| (Amounts expressed in millions of United States dollars) | December 31, 2025 | December 31, 2024 | September 30, 2025 | December 31, 2025 | December 31, 2024 | |||||||||||||||||||||||||||
| Net loss attributable to common shareholders | $ | (42.9) | $ | (59.8) | $ | (26.8) | $ | (116.4) | $ | (155.1) | ||||||||||||||||||||||
| Net (income) loss from discontinued operations, net of tax, attributable to common shareholders | $ | (1.4) | $ | 1.1 | $ | 5.0 | $ | 5.6 | $ | 5.7 | ||||||||||||||||||||||
| Adjustment of formerly redeemable non-controlling interest to maximum redemption value | $ | — | $ | 9.0 | $ | — | $ | — | $ | — | ||||||||||||||||||||||
| Net loss from continuing operations available to common shareholders | $ | (44.3) | $ | (49.7) | $ | (21.8) | $ | (110.8) | $ | (149.4) | ||||||||||||||||||||||
| Add (deduct) impact of: | ||||||||||||||||||||||||||||||||
| Adjustment of formerly redeemable non-controlling interest to maximum redemption value | $ | — | $ | (9.0) | $ | — | $ | — | $ | — | ||||||||||||||||||||||
| Impairment and other charges, net of (recoveries) | $ | 4.1 | $ | (0.9) | $ | (0.9) | $ | 4.8 | $ | (5.3) | ||||||||||||||||||||||
| Campaign and political contributions | $ | 32.4 | $ | 54.8 | $ | 6.3 | $ | 66.1 | $ | 117.5 | ||||||||||||||||||||||
| Acquisition, transaction, and other non-recurring costs | $ | 4.7 | $ | 7.6 | $ | 3.8 | $ | 13.2 | $ | 18.2 | ||||||||||||||||||||||
| Adjusted net (loss) income (Non-GAAP) | $ | (3.1) | $ | 2.9 | $ | (12.5) | $ | (26.7) | $ | (19.0) | ||||||||||||||||||||||
Reconciliation of Non-GAAP Adjusted Net (Loss) Income Per Diluted Share (Unaudited)
The following table presents a reconciliation of GAAP net loss attributable to common shareholders per share to non-GAAP adjusted net (loss) income per diluted share, for each of the periods presented:
| For the Three Months Ended | For the Full Year Ended | |||||||||||||||||||||||||||||||
| (Amounts expressed are per share except for shares which are in millions) | December 31, 2025 | December 31, 2024 | September 30, 2025 | December 31, 2025 | December 31, 2024 | |||||||||||||||||||||||||||
| Net loss attributable to common shareholders | $ | (0.22) | $ | (0.31) | $ | (0.14) | $ | (0.61) | $ | (0.82) | ||||||||||||||||||||||
| Net (income) loss from discontinued operations, net of tax, attributable to common shareholders | $ | (0.01) | $ | 0.01 | $ | 0.03 | $ | 0.03 | $ | 0.03 | ||||||||||||||||||||||
| Adjustment of formerly redeemable non-controlling interest to maximum redemption value | $ | — | $ | 0.05 | $ | — | $ | — | $ | — | ||||||||||||||||||||||
| Net loss from continuing operations available to common shareholders | $ | (0.23) | $ | (0.26) | $ | (0.11) | $ | (0.58) | $ | (0.79) | ||||||||||||||||||||||
| Add (deduct) impact of: | ||||||||||||||||||||||||||||||||
| Adjustment of formerly redeemable non-controlling interest to maximum redemption value | $ | — | $ | (0.05) | $ | — | $ | — | $ | — | ||||||||||||||||||||||
| Impairment and other charges, net of (recoveries) | $ | 0.02 | $ | (0.00) | $ | (0.00) | $ | 0.03 | $ | (0.03) | ||||||||||||||||||||||
| Campaign and political contributions | $ | 0.17 | $ | 0.29 | $ | 0.03 | $ | 0.35 | $ | 0.62 | ||||||||||||||||||||||
| Acquisition, transaction, and other non-recurring costs | $ | 0.02 | $ | 0.04 | $ | 0.02 | $ | 0.07 | $ | 0.10 | ||||||||||||||||||||||
| Adjusted net (loss) income (Non-GAAP) | $ | (0.02) | $ | 0.02 | $ | (0.07) | $ | (0.14) | $ | (0.10) | ||||||||||||||||||||||
| Basic and diluted shares outstanding | 191.7 | 190.0 | 191.3 | 191.3 | 190.0 | |||||||||||||||||||||||||||
Reconciliation of Non-GAAP Free Cash Flow (Unaudited)
The following table presents a reconciliation of GAAP cash flow from operating activities to non-GAAP free cash flow, for each of the periods presented:
| For the Three Months Ended | For the Full Year Ended | |||||||||||||||||||||||||||||||
| (Amounts expressed in millions of United States dollars) | December 31, 2025 | December 31, 2024 | September 30, 2025 | December 31, 2025 | December 31, 2024 | |||||||||||||||||||||||||||
| Cash flow from operating activities | $ | 59.2 | $ | 30.7 | $ | 76.8 | $ | 272.8 | $ | 271.5 | ||||||||||||||||||||||
| Payments for property and equipment | $ | (3.4) | $ | (42.7) | $ | (12.3) | $ | (44.2) | $ | (122.6) | ||||||||||||||||||||||
| Free cash flow (Non-GAAP) | $ | 55.8 | $ | (12.0) | $ | 64.4 | $ | 228.6 | $ | 148.9 | ||||||||||||||||||||||
Forward-Looking Statements
This news release includes forward-looking information and statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation (collectively herein referred to as “forward-looking statements”). These forward-looking statements relate to the Company’s expectations or forecasts of business, operations, financial performance, cash flows, prospects, and other plans, intentions, expectations, estimates, and beliefs and include statements regarding the Company’s 2026 objectives, growth opportunities, and positioning for the future. Words such as “expects”, “continue”, “will”, “anticipates” and “intends” or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on the Company’s current projections and expectations about future events and financial trends that management believes might affect its financial condition, results of operations, business strategy and financial needs, and on certain assumptions and analysis made by the Company in light of the experience and perception of historical trends, current conditions and expected future developments and other factors management believes are appropriate. Forward-looking statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking statements herein, including, without limitation, the risks discussed under the heading “Risk Factors” in our most recent Annual Report on Form 10-K and in our periodic reports subsequently filed with the United States Securities and Exchange Commission and in the Company’s filings on https://www.sedarplus.ca. Although the Company believes that any forward-looking statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such statements, there can be no assurance that any such forward-looking statements will prove to be accurate, and accordingly readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward-looking statements. Any forward-looking statements herein are made as of the date hereof and, except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward-looking statements herein, whether as a result of new information, future events or results, or otherwise.
About Trulieve
Trulieve is an industry leading, vertically integrated cannabis company and multi-state operator in the U.S., with leading market positions in Arizona, Florida, and Pennsylvania. Trulieve is poised for accelerated growth and expansion, building scale in retail and distribution in new and existing markets through its hub strategy. By providing innovative, high-quality products across its brand portfolio, Trulieve delivers optimal customer experiences and increases access to cannabis, helping patients and customers to live without limits. Trulieve is listed on the CSE under the symbol TRUL and trades on the OTCQX market under the symbol TCNNF. For more information, please visit Trulieve.com.
Facebook: @Trulieve
Instagram: @Trulieve
X: @Trulieve
Investor and Media Contact
Christine Hersey, Chief Corporate Affairs & Strategy Officer
+1 (424) 202-0210
Christine.Hersey@Trulieve.com
Fourth Quarter/Full Year 2025 Earnings Presentation February 2026 CSE: TRUL OTCQX: TCNNF
www.trulieve.com 2 Forward-Looking Statements Unless the context otherwise requires, the terms “Company,” “Trulieve,” “we,” “us” and “our” in this presentation refer to Trulieve Cannabis Corp. and its subsidiaries. This presentation includes forward-looking information and statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation (collectively herein referred to as “forward-looking statements”). These forward-looking statements relate to the Company’s expectations or forecasts of business, operations, financial performance, cash flows, prospects, and other plans, intentions, expectations, estimates, and beliefs and include statements regarding the Company’s 2026 objectives, growth opportunities, and positioning for the future. Words such as “expects”, “continue”, “will”, “anticipates” and “intends” or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on the Company’s current projections and expectations about future events and financial trends that management believes might affect its financial condition, results of operations, business strategy and financial needs, and on certain assumptions and analysis made by the Company in light of the experience and perception of historical trends, current conditions and expected future developments and other factors management believes are appropriate. Forward-looking statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking statements herein, including, without limitation, the risks discussed under the heading “Risk Factors” in our most recent Annual Report on Form 10-K and in our periodic reports subsequently filed with the United States Securities and Exchange Commission and in the Company’s filings on https://www.sedarplus.ca/landingpage/. Although the Company believes that any forward-looking statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such statements, there can be no assurance that any such forward-looking statements will prove to be accurate, and accordingly, readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward- looking statements. Any forward-looking statements herein are made as of the date hereof and, except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward-looking statements herein, whether as a result of new information, future events or results, or otherwise. PLEASE NOTE: MARIJUANA IS ILLEGAL UNDER U.S. FEDERAL LAW, INCLUDING ITS CONSUMPTION, POSSESSION, CULTIVATION, DISTRIBUTION, MANUFACTURING, DISPENSING, AND POSSESSION WITH INTENT TO DISTRIBUTE. Forward-looking statements made in this document are made only as of the date of their initial publication, and the Company undertakes no obligation to publicly update any of these forward-looking statements as actual events unfold.
www.trulieve.com 3 Management’s Use of Non-GAAP Financial Measures In addition to our results determined in accordance with GAAP, we supplement our results with non-GAAP financial measures, including adjusted SG&A, adjusted SG&A as % revenue, adjusted net income (loss), adjusted net income (loss) per diluted share, EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin, and free cash flow. The Company calculates adjusted SG&A as SG&A less extraordinary expenses; adjusted SG&A margin as % of revenue; adjusted net income (loss) as net income (loss) less certain extraordinary items; adjusted net income (loss) per diluted share as adjusted net income (loss) divided by basic and diluted shares outstanding; EBITDA as net income (loss) before net interest expense, interest income, income tax expense, depreciation and amortization; EBITDA margin as EBITDA as % of revenue; adjusted EBITDA as net income (loss) before net interest expense, interest income, income tax expense, depreciation and amortization and also excludes certain extraordinary items; adjusted EBITDA margin as adjusted EBITDA as % of revenue; free cash flow as cash flow from operations less capital expenditures. Our management uses these non-GAAP financial measures in conjunction with GAAP financial measures to evaluate our operating results and financial performance. We believe these measures are useful to investors as they are widely used measures of performance and can facilitate comparison to other companies. These non-GAAP financial measures are not and should not be considered as measures of liquidity. These non-GAAP financial measures have limitations as analytical tools in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP. Because of these limitations, these non-GAAP financial measures should be considered along with GAAP financial performance measures. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures. A reconciliation of the non-GAAP financial measures to such GAAP measures can be found at the end of this presentation on the slides captioned “Reconciliation of Non-GAAP Financial Measures”. These non-GAAP financial measures should be considered supplemental to, and not a substitute for, our reported financial results prepared in accordance with GAAP.
www.trulieve.com 4 Agenda • Full Year and Fourth Quarter 2025 Financial Highlights • Full Year and Fourth Quarter 2025 Operational Highlights • Revenue Highlights • Recent Developments • 2026 Focus Areas • Financial Targets • Financial Highlights • Tax Position • Reconciliation of Non-GAAP Financial Measures • Brands
www.trulieve.com 5 Full Year 2025 Financial Highlights* • Revenue $1.2 billion, with 94% of revenue from retail sales • GAAP gross profit of $711 million and 60% gross margin • Net loss attributable to common shareholders of $116 million • Adjusted net loss of $27 million excludes non-recurring charges, asset impairments, disposals and discontinued operations • Record adjusted EBITDA of $427 million, or 36% of revenue, up 2% year over year • Record cash flow from operations of $273 million and free cash flow of $229 million * Adjusted net (loss) income, adjusted EBITDA and free cash flow are non-GAAP financial measures. See slides 15-17 for reconciliation to GAAP for all non-GAAP financial measures. Numbers may not sum perfectly due to rounding.
www.trulieve.com 6 Fourth Quarter 2025 Financial Highlights* • Revenue $293 million, with 93% of revenue from retail sales • GAAP gross profit of $175 million and 60% gross margin • Net loss attributable to common shareholders of $43 million • Adjusted net loss of $3 million excludes non-recurring charges, asset impairments, disposals and discontinued operations • Adjusted EBITDA of $105 million, or 36% of revenue • Cash flow from operations of $59 million and free cash flow of $56 million * Adjusted net (loss) income, adjusted EBITDA and free cash flow are non-GAAP financial measures. See slides 15-17 for reconciliation to GAAP for all non-GAAP financial measures. Numbers may not sum perfectly due to rounding.
www.trulieve.com 7 Full Year and Fourth Quarter 2025 Operational Highlights* • Redeemed $368 million of senior secured notes due 2026 • Repaid $15.8 million mortgage due 2032 • Closed $140 million private placement of senior secured notes due 2030 at 10.5% interest rate • Granted conditional approval for a Dispensing Organization license under the Texas Compassionate Use Program • Released a new mobile app serving Florida customers enabling patients to browse and reserve products, view promotions, and check rewards status through a seamless digital experience • Added 11 dispensaries in 2025, with 233 retail locations nationwide at year end
www.trulieve.com 8 Revenue Highlights • Retail revenue $1.1 billion in 2025 • Traffic and units up 5% each year over year • Record wholesale revenue $71 million in 2025 • Increased 23% year over year • Sold over 50 million branded products in 2025 • Modern Flower and Roll One accounted for almost half • Customer retention 70% companywide and 78% medical only in the fourth quarter • Grew rewards program to 915,000 members as of December 31, 2025 • Exited year with 30% of retail locations outside of the state of Florida and 85% of dispensaries serving only medical patients
www.trulieve.com 9 Recent Developments • Closed second tranche $60 million private placement of senior secured notes due 2030 at 10.5% interest rate • Opened one dispensary in Fort Myers, Florida • Currently operate 234 retail dispensaries and over 4 million square feet of cultivation and processing capacity in the United States
www.trulieve.com 10 2026 Focus Areas Expand Access to Cannabis • Support federal reform including Rescheduling, SAFER Banking, and uplisting • Support state expansion including Florida, Georgia, Pennsylvania, and Texas Grow Loyal Customer Base • Attract and Retain Customers • Deliver Exceptional Customer Experiences • Build and Reinforce Brand Loyalty Elevate Branded Product Portfolio • Manage Portfolio of Internal and Partner Brands • Launch New and Innovative Products Invest in Growth Initiatives • Expand Retail, Production, and Distribution Network • Invest in Technology and Infrastructure
www.trulieve.com 11 Financial Targets Financial Targets: • Anticipate first quarter revenue will be down low to mid single-digits compared to the fourth quarter • 2026 cash flow from operations of at least $250 million expected • 2026 capital expenditures up to $85 million expected (including internal use software) Financial Position as of December 31, 2025: • $256 million in cash • $232 million of debt at 9.4% interest
www.trulieve.com 12 Financial Highlights* *Adjusted SG&A, adjusted SG&A as % revenue, adjusted net (loss) income, adjusted net (loss) income per diluted share, adjusted EBITDA, and adjusted EBITDA margin are Non-GAAP financial measures. See slides 15-17 for reconciliation to GAAP for all non-GAAP financial measures. **Includes discontinued operations. INCOME STATEMENT HIGHLIGHTS (USD millions, except per share data) Q4:25 Q3:25 Q2:25 Q1:25 Q4.24 Q3:24 Q2:24 Q1:24 Q4:23 2025 2024 2023 Revenue 293.1 288.2 302.1 297.8 301.1 284.3 303.4 297.6 287.0 1,181.2 1,186.5 1,129.2 Gross profit 175.2 169.9 182.9 183.2 187.0 173.3 181.6 173.8 153.9 711.2 715.7 588.6 Gross margin 59.8 % 58.9 % 60.6 % 61.5 % 62.1 % 61.0 % 59.9 % 58.4 % 53.6 % 60.2 % 60.3 % 52.1 % SG&A 126.3 99.0 101.1 118.8 157.9 148.6 102.6 101.3 96.3 445.2 510.5 386.2 SG&A as % revenue 43.1 % 34.4 % 33.5 % 39.9 % 52.4 % 52.3 % 33.8 % 34.0 % 33.6 % 37.7 % 43.0 % 34.2 % Adjusted SG&A 88.6 86.9 91.2 91.4 93.3 96.1 93.0 86.6 83.7 358.1 368.9 336.1 Adjusted SG&A as % revenue 30.2 % 30.2 % 30.2 % 30.7 % 31.0 % 33.8 % 30.6 % 29.1 % 29.2 % 30.3 % 31.1 % 29.8 % Depreciation and amortization 29.4 29.5 29.4 29.3 28.6 28.3 28.1 27.8 27.2 117.6 112.8 109.8 Net (loss) income** (42.9) (26.8) (13.8) (32.9) (59.8) (60.2) (12.0) (23.1) (33.4) (116.4) (155.1) (526.8) Net (loss) income continuing operations (44.9) (23.7) (15.8) (32.1) (60.5) (60.2) (10.7) (23.5) (36.6) (116.6) (154.9) (435.9) Adjusted net (loss) income (3.1) (12.5) (7.7) (3.4) 2.9 (11.9) 0.2 (10.2) (22.8) (26.7) (19.0) (69.8) Net (loss) income per diluted share** (0.22) (0.14) (0.07) (0.17) (0.27) (0.33) (0.05) (0.17) (0.18) (0.61) (0.82) (2.79) Net (loss) income continuing operations per diluted share** (0.23) (0.11) (0.07) (0.16) (0.26) (0.32) (0.04) (0.16) (0.19) (0.58) (0.79) (2.28) Adjusted net (loss) income per diluted share** (0.02) (0.07) (0.04) (0.02) 0.02 (0.06) 0.00 (0.05) (0.12) (0.14) (0.10) (0.37) Adjusted EBITDA 104.8 102.7 110.6 109.2 111.4 96.1 107.0 105.8 87.8 427.3 420.2 322.3 Adjusted EBITDA Margin 35.8 % 35.6 % 36.6 % 36.7 % 37.0 % 33.8 % 35.2 % 35.5 % 30.6 % 36.2 % 35.4 % 28.5 %
www.trulieve.com 13 Financial Highlights SHARE COUNT ESTIMATE (millions as of December 31, 2025 on as if converted basis) Subordinate Voting Shares 169.1 Multiple Voting Shares* 0.2 Total Shares Outstanding 192.3 *converted at 100 subordinate shares per 1 multiple voting share Employee Stock Options/RSUs 4.2 excludes 5.2 million unexercisable options excludes 5.8 million nonvested RSUs Pro Forma Estimated Shares 196.5
www.trulieve.com 14 Tax Position • In Q4 2023, Trulieve filed amended federal tax returns for 2019, 2020, and 2021 claiming $143 million of refunds and corresponding amended state returns claiming $31 million of refunds • Amended returns were supported by legal interpretations that challenge the tax liability under Section 280E of the Internal Revenue Code • While challenge is ongoing, taxes are swept into an uncertain tax position • Balance sheet includes $114 million from amended return refund checks received, the amount of tax underpaid if 280E applied, and interest accrued • Balance sheet uncertain tax position liability was $668 million at December 31, 2025, with $630 million related to this tax challenge • Trulieve continues to make tax payments as a customary U.S. taxpayer without tax payments associated with 280E of the tax code until final resolution is reached • Tax payments on deposit from 2022 and 2023 were $94 million at December 31, 2025 • Without the effect of 280E, Q4 2025 and full year 2025 net income would have been positive
www.trulieve.com 15 Reconciliation of Non-GAAP Financial Measures EBITDA and Adjusted EBITDA Net loss attributable to common shareholders $ (42.9) $ (59.8) $ (26.8) $ (116.4) $ (155.1) Add (deduct) impact of: Interest expense, net $ 14.7 $ 14.6 $ 16.1 $ 63.5 $ 62.2 Interest income $ (3.4) $ (3.2) $ (4.4) $ (14.5) $ (14.7) Provision for income taxes $ 47.9 $ 47.6 $ 53.0 $ 208.1 $ 197.6 Depreciation and amortization $ 29.4 $ 28.6 $ 29.5 $ 117.6 $ 112.8 Depreciation included in cost of goods sold $ 14.2 $ 13.5 $ 13.9 $ 55.8 $ 53.6 EBITDA (Non-GAAP) $ 59.9 $ 41.3 $ 81.3 $ 314.1 $ 256.4 EBITDA Margin (Non-GAAP) 20 % 14 % 28 % 27 % 22% Impairment and other charges, net of (recoveries) $ 4.1 $ (0.9) $ (0.9) $ 4.8 $ (5.3) Campaign and political contributions $ 32.4 $ 54.8 $ 6.3 $ 66.1 $ 117.5 Acquisition, transaction, and other non-recurring costs $ 4.7 $ 7.6 $ 3.8 $ 13.2 $ 18.2 Share-based compensation $ 4.0 $ 4.6 $ 5.8 $ 20.5 $ 20.2 Loss on debt extinguishments, net $ 1.7 $ — $ — $ 1.7 $ — Other (income) expense, net $ (0.6) $ 2.8 $ 1.2 $ 1.4 $ 7.6 Discontinued operations, net of tax, attributable to common shareholders $ (1.4) $ 1.1 $ 5.0 $ 5.6 $ 5.7 Adjusted EBITDA (Non-GAAP) $ 104.8 $ 111.4 $ 102.7 $ 427.3 $ 420.2 Adjusted EBITDA Margin (Non-GAAP) 36 % 37 % 36 % 36 % 35 % For the Full Year Ended December 31, 2024 December 31, 2025(Amounts expressed in millions of United States dollars; unaudited) December 31, 2025 December 31, 2024 September 30, 2025 For the Three Months Ended
www.trulieve.com 16 Reconciliation of Non-GAAP Financial Measures Adjusted Net (Loss) Income and Adjusted Net (Loss) Income Per Diluted Share Net loss attributable to common shareholders $ (42.9) $ (59.8) $ (26.8) $ (116.4) $ (155.1) Net (income) loss from discontinued operations, net of tax, attributable to common shareholders $ (1.4) $ 1.1 $ 5.0 $ 5.6 $ 5.7 Adjustment of formerly redeemable non-controlling interest to maximum redemption value $ — $ 9.0 $ — $ — $ — Net loss from continuing operations available to common shareholders $ (44.3) $ (49.7) $ (21.8) $ (110.8) $ (149.4) Add (deduct) impact of: Adjustment of formerly redeemable non-controlling interest to maximum redemption value $ — $ (9.0) $ — $ — $ — Impairment and other charges, net of (recoveries) $ 4.1 $ (0.9) $ (0.9) $ 4.8 $ (5.3) Campaign and political contributions $ 32.4 $ 54.8 $ 6.3 $ 66.1 $ 117.5 Acquisition, transaction, and other non-recurring costs $ 4.7 $ 7.6 $ 3.8 $ 13.2 $ 18.2 Adjusted net (loss) income (Non-GAAP) $ (3.1) $ 2.9 $ (12.5) $ (26.7) $ (19.0) Net loss attributable to common shareholders $ (0.22) $ (0.31) $ (0.14) $ (0.61) $ (0.82) Net (income) loss from discontinued operations, net of tax, attributable to common shareholders $ (0.01) $ 0.01 $ 0.03 $ 0.03 $ 0.03 Adjustment of formerly redeemable non-controlling interest to maximum redemption value $ — $ 0.05 $ — $ — $ — Net loss from continuing operations available to common shareholders $ (0.23) $ (0.26) $ (0.11) $ (0.58) $ (0.79) Add (deduct) impact of: Adjustment of formerly redeemable non-controlling interest to maximum redemption value $ — $ (0.05) $ — $ — $ — Impairment and other charges, net of (recoveries) $ 0.02 $ (0.00) $ (0.00) $ 0.03 $ (0.03) Campaign and political contributions $ 0.17 $ 0.29 $ 0.03 $ 0.35 $ 0.62 Acquisition, transaction, and other non-recurring costs $ 0.02 $ 0.04 $ 0.02 $ 0.07 $ 0.10 Adjusted net (loss) income per diluted share (Non-GAAP) $ (0.02) $ 0.02 $ (0.07) $ (0.14) $ (0.10) Basic and diluted shares outstanding 191.7 190.0 191.3 191.3 190.0 (Amounts expressed are per share except for shares which are in millions; unaudited) December 31, 2024 December 31, 2025 For the Full Year EndedFor the Three Months Ended September 30, 2025 December 31, 2024 December 31, 2025 (Amounts expressed in millions of United States dollars; unaudited) December 31, 2025 For the Three Months Ended December 31, 2024 September 30, 2025 For the Full Year Ended December 31, 2025 December 31, 2024
www.trulieve.com 17 Reconciliation of Non-GAAP Financial Measures Free Cash Flow and Adjusted SG&A Cash flow from operating activities $ 59.2 $ 30.7 $ 76.8 $ 272.8 $ 271.5 Payments for property and equipment $ (3.4) $ (42.7) $ (12.3) $ (44.2) $ (122.6) Free cash flow (Non-GAAP) $ 55.8 $ (12.0) $ 64.4 $ 228.6 $ 148.9 SG&A $ 126.3 $ 157.9 $ 99.0 $ 445.2 $ 510.4 Acquisition, transaction, and other non-recurring costs $ (37.7) $ (64.7) $ (12.1) $ (87.1) $ (141.5) Adjusted SG&A (Non-GAAP) $ 88.6 $ 93.3 $ 86.9 $ 358.1 $ 368.9 December 31, 2025 For the Full Year Ended December 31, 2024 December 31, 2025 December 31, 2024 (Amounts expressed in millions of United States dollars; unaudited) December 31, 2025 December 31, 2024 For the Three Months Ended September 30, 2025 For the Full Year EndedFor the Three Months Ended (Amounts expressed in millions of United States dollars; unaudited) December 31, 2025 December 31, 2024 September 30, 2025
www.trulieve.com 18 Brands Trulieve Brands V A LU E M ID P R EM IU M Partner Brands
THANK YOU @Trulieve/@Trulieve_IR ir@trulieve.com CSE: TRUL OTCQX: TCNNF
FAQ
How did Trulieve Cannabis Corp. (TCNNF) perform financially in 2025?
Trulieve generated about $1.2 billion in 2025 revenue with a 60% gross margin. It reported a GAAP net loss of $116 million, but delivered record $427 million adjusted EBITDA and $229 million free cash flow, highlighting strong underlying cash generation despite accounting losses.
What were Trulieve’s key fourth quarter 2025 results?
In Q4 2025, Trulieve reported $293 million revenue, a $175 million GAAP gross profit and 60% gross margin. GAAP net loss attributable to common shareholders was $43 million, while adjusted EBITDA reached $105 million, or 36% of revenue, with free cash flow of $56 million.
What is Trulieve’s cash and debt position as of December 31, 2025?
At year end 2025, Trulieve held $256 million in cash and had $232 million of debt at a 9.4% interest rate. During 2025 it redeemed $368 million of 2026 notes, repaid a $15.8 million mortgage, and completed $140 million of new 2030 notes.
How is Section 280E of the tax code affecting Trulieve’s results?
Trulieve is challenging taxes under Section 280E, creating a large uncertain tax position. The liability was $668 million at December 31, 2025, with $630 million tied to this challenge. Management states that without 280E, Q4 and full-year 2025 net income would have been positive.
What operational milestones did Trulieve achieve in 2025?
In 2025, Trulieve sold a record 50.1 million branded product units and added 11 dispensaries, ending around 233–234 locations. It grew its rewards program to 915,000 members and received conditional approval for a Texas dispensing license under the Compassionate Use Program.
What are Trulieve’s cash flow and capital expenditure targets for 2026?
For 2026, Trulieve expects at least $250 million in cash flow from operations. It anticipates up to $85 million in capital expenditures, including internal-use software, suggesting continued investment in retail, production, and technology while maintaining significant operating cash generation.
How did Trulieve’s revenue mix and margins look in 2025?
In 2025, about 94% of Trulieve’s $1.2 billion revenue came from retail sales. GAAP gross profit was $711 million, yielding a 60% gross margin. Adjusted EBITDA margin was also strong at 36%, reflecting efficient operations despite a flat topline versus 2024.
Filing Exhibits & Attachments
5 documents
Trulieve Cannabis Corp
OTC:TCNNF
TCNNF Rankings
TCNNF Latest News
Feb 26, 2026
Trulieve Reports Fourth Quarter and Full Year 2025 Results with 60% Gross Margin and Record Cash Flow Generation
Feb 10, 2026
Trulieve Cannabis Corp. to Hold Fourth Quarter and Full Year 2025 Results Conference Call on February 26, 2026
TCNNF Latest SEC Filings
Feb 26, 2026
[10-K] Trulieve Cannabis Corp. Files Annual Report
Feb 18, 2026
[8-K] Trulieve Cannabis Corp. Reports Material Event
Jan 29, 2026
[8-K] Trulieve Cannabis Corp. Reports Material Event
Dec 18, 2025
[SCHEDULE 13G] Trulieve Cannabis Corp. SEC Filing