Trulieve Cannabis Corp.
TRLV NYSE Medicinal Chemicals & Botanical Products Financials FY2019–FY2025
Revenue
Total sales reported in the income statement.
$1.2B
0.4%
vs prior year
Operating margin
Operating income as a share of revenue.
12.1%
3.9 pts
Net income
Profit after all expenses, interest and tax.
−$122M
Free cash flow
Cash from operations minus capital spending.
$229M
53.6%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
9.1%
4.3 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$0.58 EPS (TTM)
What Trulieve Cannabis Corp. does
No business description yet.
- Legal name
- Trulieve Cannabis Corp.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 26, 2026
- Accession · CIK
- 0001754195-26-000019
0001754195
Revenue and margins
Trulieve Cannabis Corp. had $1.2B of revenue in fiscal 2025, down 0.4% on the year before.
FY19
Revenue $253M
FY20
Revenue $522M
FY21
Revenue $932M
FY22
Revenue $1.2B
FY23
Revenue $1.1B
FY24
Revenue $1.2B
FY25
Revenue $1.2B
Q3 '23
Revenue $275M
Q4 '23
Revenue $287M
Q1 '24
Revenue $298M
Q2 '24
Revenue $303M
Q3 '24
Revenue $284M
Q4 '24
Revenue $301M
Q1 '25
Revenue $298M
Q2 '25
Revenue $302M
Q3 '25
Revenue $288M
Q4 '25
Revenue $293M
Q1 '26
Revenue $287M
Q2 '26
Revenue $271M
FY19
Gross 75.9%
Operating 44.8%
Net 21.0%
FCF −20.9%
FY20
Gross 74.1%
Operating 41.9%
Net 12.1%
FCF −0.1%
FY21
Gross 60.8%
Operating 21.9%
Net 1.9%
FCF −28.2%
FY22
Gross 56.6%
Operating 4.1%
Net −20.7%
FCF −11.6%
FY23
Gross 52.1%
Operating −19.6%
Net −47.2%
FCF 14.3%
FY24
Gross 60.3%
Operating 8.2%
Net −13.5%
FCF 12.5%
FY25
Gross 60.2%
Operating 12.1%
Net −10.3%
FCF 19.4%
Gross
Operating
Net
FCF
Q3 '23
Gross 51.9%
Operating 8.5%
Net −9.4%
FCF 31.7%
Q4 '23
Gross 53.6%
Operating 10.2%
Net −12.1%
FCF 42.6%
Q1 '24
Gross 58.4%
Operating 15.5%
Net −8.2%
FCF 41.5%
Q2 '24
Gross 59.9%
Operating 16.4%
Net −3.9%
FCF 14.8%
Q3 '24
Gross 61.0%
Operating 0.2%
Net −21.7%
FCF −2.7%
Q4 '24
Gross 62.1%
Operating 0.4%
Net −20.7%
FCF −4.0%
Q1 '25
Gross 61.5%
Operating 11.2%
Net −11.3%
FCF 11.5%
Q2 '25
Gross 60.6%
Operating 17.4%
Net −5.3%
FCF 24.7%
Q3 '25
Gross 58.9%
Operating 14.7%
Net −10.0%
FCF 22.2%
Q4 '25
Gross 59.8%
Operating 5.2%
Net −14.9%
FCF 19.0%
Q1 '26
Gross 59.3%
Operating 12.5%
Net 0.8%
FCF 14.7%
Q2 '26
Gross 59.9%
Operating −136.7%
Net −149.9%
FCF 11.9%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY19
Net income $53.1M
FY20
Net income $63.0M
FY21
Net income $17.4M
FY22
Net income −$253M
FY23
Net income −$533M
FY24
Net income −$161M
FY25
Net income −$122M
Q3 '23
Net income −$25.8M
Q4 '23
Net income −$34.8M
Q1 '24
Net income −$24.5M
Q2 '24
Net income −$12.0M
Q3 '24
Net income −$61.6M
Q4 '24
Net income −$62.5M
Q1 '25
Net income −$33.8M
Q2 '25
Net income −$16.1M
Q3 '25
Net income −$28.8M
Q4 '25
Net income −$43.6M
Q1 '26
Net income $2.3M
Q2 '26
Net income −$406M
FY19
Diluted EPS $0.46
FY20
Diluted EPS $0.53
FY21
Diluted EPS $0.21
FY22
Diluted EPS −$0.95
FY23
Diluted EPS −$2.28
FY24
Diluted EPS −$0.79
FY25
Diluted EPS −$0.58
Q3 '23
Diluted EPS −$0.12
Q4 '23
Diluted EPS −$0.18
Q1 '24
Diluted EPS −$0.16
Q2 '24
Diluted EPS −$0.04
Q3 '24
Diluted EPS −$0.32
Q4 '24
Diluted EPS −$0.27
Q1 '25
Diluted EPS −$0.16
Q2 '25
Diluted EPS —
Q3 '25
Diluted EPS —
Q4 '25
Diluted EPS —
Q1 '26
Diluted EPS —
Q2 '26
Diluted EPS —
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY19
Return on capital —
Return on equity 40.0%
Return on assets —
FY20
Return on capital —
Return on equity 21.7%
Return on assets 7.8%
FY21
Return on capital 5.6%
Return on equity 1.3%
Return on assets 0.8%
FY22
Return on capital 1.8%
Return on equity −12.4%
Return on assets −7.4%
FY23
Return on capital −11.1%
Return on equity −32.0%
Return on assets −17.4%
FY24
Return on capital 4.8%
Return on equity −12.1%
Return on assets −5.7%
FY25
Return on capital 9.1%
Return on equity −10.2%
Return on assets −4.4%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $229M in fiscal 2025, 19.4% of revenue. Cash from operations minus capital spending.
FY19
Free cash flow −$52.8M
FY20
Free cash flow −$0.3M
FY21
Free cash flow −$263M
FY22
Free cash flow −$142M
FY23
Free cash flow $162M
FY24
Free cash flow $149M
FY25
Free cash flow $229M
Q3 '23
Free cash flow $87.2M
Q4 '23
Free cash flow $122M
Q1 '24
Free cash flow $124M
Q2 '24
Free cash flow $45.0M
Q3 '24
Free cash flow −$7.8M
Q4 '24
Free cash flow −$12.0M
Q1 '25
Free cash flow $34.2M
Q2 '25
Free cash flow $74.5M
Q3 '25
Free cash flow $64.1M
Q4 '25
Free cash flow $55.8M
Q1 '26
Free cash flow $42.2M
Q2 '26
Free cash flow $32.1M
FY19
Cash from operations $19.1M
Capital spending $71.8M
FY20
Cash from operations $99.6M
Capital spending $99.9M
FY21
Cash from operations $12.9M
Capital spending $276M
FY22
Cash from operations $23.1M
Capital spending $165M
FY23
Cash from operations $202M
Capital spending $40.2M
FY24
Cash from operations $271M
Capital spending $123M
FY25
Cash from operations $273M
Capital spending $44.2M
Cash from operations
Capital spending
Q3 '23
Cash from operations $93.4M
Capital spending $6.3M
Q4 '23
Cash from operations $131M
Capital spending $9.2M
Q1 '24
Cash from operations $139M
Capital spending $15.5M
Q2 '24
Cash from operations $71.3M
Capital spending $26.3M
Q3 '24
Cash from operations $30.3M
Capital spending $38.1M
Q4 '24
Cash from operations $30.7M
Capital spending $42.7M
Q1 '25
Cash from operations $51.1M
Capital spending $16.9M
Q2 '25
Cash from operations $86.1M
Capital spending $11.6M
Q3 '25
Cash from operations $76.4M
Capital spending $12.3M
Q4 '25
Cash from operations $59.2M
Capital spending $3.4M
Q1 '26
Cash from operations $55.7M
Capital spending $13.5M
Q2 '26
Cash from operations $53.1M
Capital spending $21.0M
Cash from operations
Capital spending
Dividends, buybacks and share count
Trulieve Cannabis Corp. returned — to shareholders in fiscal 2025. The diluted share count rose 0.7%.
FY19
Dividends —
Buybacks —
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY19
Diluted shares 0.12B
FY20
Diluted shares 0.12B
FY21
Diluted shares 0.15B
FY22
Diluted shares 0.19B
FY23
Diluted shares 0.19B
FY24
Diluted shares 0.19B
FY25
Diluted shares 0.19B
Balance sheet
Cash, debt and the ratios that show how comfortably Trulieve Cannabis Corp. can carry it.
FY19
Cash $91.8M
Debt —
FY20
Cash $147M
Debt —
FY21
Cash $227M
Debt $534M
FY22
Cash $207M
Debt $626M
FY23
Cash $201M
Debt $433M
FY24
Cash $299M
Debt $442M
FY25
Cash $256M
Debt $212M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $227M | $207M | $201M | $299M | $256M |
| Debt incl. finance leases | $534M | $626M | $433M | $442M | $212M |
| Net debt / EBITDA | 1.2x | 2.5x | — | 0.7x | −0.2x |
| Debt / equity | 0.2x | 0.3x | 0.3x | 0.3x | 0.1x |
| Interest coverage | 7.0x | 0.7x | −2.7x | 1.6x | 2.3x |
| Current ratio | 3.1x | 2.8x | 4.2x | 4.4x | 4.4x |
| Quick ratio | 1.8x | 1.5x | 2.3x | 2.7x | 2.5x |
| Total assets | $3.4B | $3.4B | $2.7B | $2.9B | $2.7B |
| Total liabilities | $1.3B | $1.5B | $1.3B | $1.6B | $1.6B |
| Shareholders' equity | $2.1B | $1.9B | $1.4B | $1.2B | $1.1B |
| Net debt (− = net cash) | $308M | $419M | $231M | $143M | −$44.0M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✕ | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | — | ✕ | ✕ | ✕ | ✓ | ✓ |
| Cash from operations exceeds net income | ✕ | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | — | ✕ | ✓ | ✓ | ✓ |
| Current ratio rose | — | — | ✕ | ✕ | ✓ | ✓ | ✓ |
| Share count didn't rise | — | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Gross margin rose | — | ✕ | ✕ | ✕ | ✕ | ✓ | ✕ |
| Revenue rose relative to assets | — | — | ✕ | ✓ | ✓ | ✕ | ✓ |
| F-score | — / 3 | — / 5 | 2 / 8 | 3 / 9 | 5 / 9 | 6 / 9 | 6 / 9 |
| Accruals ratio | — | −4.5% | 0.2% | −8.1% | −24.0% | −15.4% | −14.2% |
| Altman Z'' | — | 5.09 | 3.00 | 2.10 | 0.68 | 1.20 | 1.09 |
7 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $253M | $522M | $932M | $1.2B | $1.1B | $1.2B | $1.2B |
| Gross profit | $192M | $386M | $567M | $689M | $589M | $716M | $711M |
| Operating income | $113M | $218M | $204M | $50.2M | −$222M | $97.8M | $143M |
| Interest expense | $9.1M | $20.2M | $29.1M | $73.4M | $81.6M | $62.2M | $63.5M |
| Pretax income | $104M | $157M | $176M | −$19.2M | −$285M | $42.7M | $91.5M |
| Income tax | $50.6M | $94.5M | $146M | $163M | $151M | $198M | $208M |
| Net income | $53.1M | $63.0M | $17.4M | −$253M | −$533M | −$161M | −$122M |
| Net income to common | $53.1M | $63.0M | $18.0M | −$246M | −$527M | −$155M | −$116M |
| Diluted EPS | $0.46 | $0.53 | $0.21 | −$0.95 | −$2.28 | −$0.79 | −$0.58 |
| Diluted shares | 0.12B | 0.12B | 0.15B | 0.19B | 0.19B | 0.19B | 0.19B |
| Cash flow | |||||||
| Cash from operations | $19.1M | $99.6M | $12.9M | $23.1M | $202M | $271M | $273M |
| Capital expenditure | $71.8M | $99.9M | $276M | $165M | $40.2M | $123M | $44.2M |
| Free cash flow | −$52.8M | −$0.3M | −$263M | −$142M | $162M | $149M | $229M |
| Depreciation and amortization | $5.1M | $12.6M | $45.8M | $116M | $110M | $113M | $118M |
| Stock-based compensation | — | $2.8M | $9.3M | $18.1M | $10.6M | $20.2M | $20.5M |
| Acquisitions | $19.8M | $27.9M | −$43.5M | $27.8M | $0.0M | $0.0M | — |
| Balance sheet | |||||||
| Cash and short-term investments | $91.8M | $147M | $227M | $207M | $201M | $299M | $256M |
| Total debt | — | — | $463M | $542M | $363M | $365M | $137M |
| Finance lease liabilities | — | — | $71.4M | $84.6M | $69.3M | $77.2M | $74.8M |
| Loans, net | — | — | — | $12.7M | $13.7M | — | — |
| Current assets | — | $261M | $524M | $594M | $477M | $605M | $563M |
| Current liabilities | — | $76.1M | $169M | $210M | $115M | $138M | $127M |
| Inventory | — | $98.3M | $212M | $277M | $213M | $231M | $242M |
| Property and equipment, net | — | $314M | $780M | $743M | $676M | $716M | $670M |
| Goodwill | $7.3M | $67.2M | $765M | $791M | $484M | $484M | $484M |
| Intangible assets | $30.0M | $92.6M | $1.1B | $985M | $917M | $859M | $798M |
| Total assets | — | $810M | $3.4B | $3.4B | $2.7B | $2.9B | $2.7B |
| Total liabilities | — | $362M | $1.3B | $1.5B | $1.3B | $1.6B | $1.6B |
| Shareholders' equity | $133M | $448M | $2.1B | $1.9B | $1.4B | $1.2B | $1.1B |
| Margins | |||||||
| Gross margin | 75.9% | 74.1% | 60.8% | 56.6% | 52.1% | 60.3% | 60.2% |
| Operating margin | 44.8% | 41.9% | 21.9% | 4.1% | −19.6% | 8.2% | 12.1% |
| EBITDA margin | 46.8% | 44.3% | 26.8% | 13.7% | −9.9% | 17.7% | 22.1% |
| Net margin | 21.0% | 12.1% | 1.9% | −20.7% | −47.2% | −13.5% | −10.3% |
| FCF margin | −20.9% | −0.1% | −28.2% | −11.6% | 14.3% | 12.5% | 19.4% |
| Returns | |||||||
| Return on capital | — | — | 5.6% | 1.8% | −11.1% | 4.8% | 9.1% |
| Return on capital employed | — | 29.8% | 6.3% | 1.6% | −8.5% | 3.6% | 5.6% |
| Return on equity | 40.0% | 21.7% | 1.3% | −12.4% | −32.0% | −12.1% | −10.2% |
| Return on assets | — | 7.8% | 0.8% | −7.4% | −17.4% | −5.7% | −4.4% |
| Return on tangible equity | 55.6% | 21.9% | 6.8% | −162.5% | −7,008.1% | — | — |
| Growth | |||||||
| Revenue growth | — | 106.3% | 78.7% | 30.7% | −7.3% | 5.1% | −0.4% |
| Net income growth | — | 18.7% | −72.3% | −1,548.7% | — | — | — |
| EPS growth | — | 15.2% | −60.4% | −552.4% | — | — | — |
| FCF growth | — | — | — | — | — | −7.9% | 53.6% |
| Share count change | — | 2.6% | 24.0% | 28.1% | 0.5% | 0.5% | 0.7% |
| Financial health | |||||||
| Net debt / EBITDA | — | — | 1.2x | 2.5x | — | 0.7x | −0.2x |
| Debt / equity | — | — | 0.2x | 0.3x | 0.3x | 0.3x | 0.1x |
| Interest coverage | 12.5x | 10.8x | 7.0x | 0.7x | −2.7x | 1.6x | 2.3x |
| Current ratio | — | 3.4x | 3.1x | 2.8x | 4.2x | 4.4x | 4.4x |
| Quick ratio | — | 2.1x | 1.8x | 1.5x | 2.3x | 2.7x | 2.5x |
| Capital allocation | |||||||
| Capex / revenue | 28.4% | 19.2% | 29.6% | 13.5% | 3.6% | 10.3% | 3.7% |
| Stock comp / revenue | — | 0.5% | 1.0% | 1.5% | 0.9% | 1.7% | 1.7% |
| Quality scores | |||||||
| Piotroski F-score | — | — | 2.0 | 3.0 | 5.0 | 6.0 | 6.0 |
| Altman Z'' | — | 5.1 | 3.0 | 2.1 | 0.7 | 1.2 | 1.1 |
| Accruals ratio | — | −4.5% | 0.2% | −8.1% | −24.0% | −15.4% | −14.2% |
Source: SEC EDGAR XBRL filings (CIK 0001754195). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.