Trulieve Cannabis (TRUL) Q1 2026 earnings summary

Executive summary

• Achieved Q1 revenue of $287 million, with 92% from retail sales and a 59% gross margin, reflecting strong operational performance and expense control.

• Net income was $2 million attributable to common shareholders; adjusted net income excluding non-recurring items was $20 million.

• Adjusted EBITDA reached $100 million (35% margin), supported by disciplined cost management.

• Opened up to seven new dispensaries in Florida, growing total retail locations to 240 and rewards program membership to 1 million.

• Company is exploring uplisting to a major U.S. exchange and evaluating M&A opportunities amid increased deal flow post-rescheduling.

Financial highlights

• Q1 revenue: $287 million, with retail revenue at $265 million and gross profit of $170 million (59% margin).

• Net income: $2 million ($0.01 EPS); adjusted net income: $20 million ($0.10 EPS).

• Adjusted EBITDA: $100 million (35% margin); free cash flow: $42 million.

• Operating cash flow: $56 million; quarter-end cash balance: $353 million; debt: $290 million.

• Operating expenses decreased 10% year-over-year and 16% sequentially.

Outlook and guidance

• Q2 revenue expected to increase by low single digits sequentially; gross margin to remain broadly in line with recent performance.

• Full-year 2026 guidance: operating cash flow of at least $250 million, capital expenditure up to $85 million.

• Management highlighted new growth opportunities enabled by the rescheduling of medical marijuana to Schedule III.