Curaleaf (CURA) Q4 2025 earnings summary

Executive summary

• Fourth quarter revenue reached $333 million, up 5% sequentially and 2% year-over-year, marking the strongest performance in six quarters, with international revenue of $51 million growing 10% sequentially and 65% year-over-year.

• Full year 2025 revenue was $1.27 billion, with adjusted gross margin of 50% and adjusted EBITDA of $275 million (22% of revenue).

• Operational reset and innovation initiatives, including improved cultivation and new product launches, drove margin expansion and market share gains.

• The company expanded its retail footprint to 161 locations nationwide and launched new products and innovations in both domestic and international markets.

• Strategic exits from hemp and Missouri businesses reflect disciplined capital allocation.

Financial highlights

• Q4 adjusted gross margin expanded to 49%, up 20 basis points year-over-year, with gross profit of $161.8 million.

• Q4 adjusted EBITDA was $69 million (21% margin), with a 120 basis point drag from international operations.

• Q4 net loss from continuing operations was $49 million ($0.06/share); adjusted net loss was $39 million ($0.05/share).

• Full year operating cash flow was $152 million; free cash flow was $89 million.

• Ended the year with $102 million in cash and $549 million in outstanding debt.

Outlook and guidance

• Expect continued pricing pressure in the first half of 2026, with stabilization anticipated as the federal hemp ban takes effect.

• Q1 2026 revenue expected to decline mid-single digits sequentially due to seasonality.

• Capital expenditures for 2026 projected at $80 million, focused on international, automation, store renovations, and new openings.

• Management signaled a transition from stabilization to acceleration, leveraging improved cultivation economics, merchandising discipline, and brand-led innovation for sustainable organic growth and opportunistic acquisitions.