Trulieve Cannabis (TRUL) Q2 2025 earnings summary

Executive summary

• Second quarter 2025 revenue was $302 million, stable year-over-year, with 94% from retail sales and a gross margin of 61%; adjusted EBITDA was $111 million (37% margin), up 3% year-over-year, reflecting disciplined expense control and operational efficiency.

• Net loss attributable to common shareholders was $14 million; adjusted net loss was $8 million, excluding non-recurring items.

• Retail traffic and units sold increased 8% and 9% year-over-year, offset by pricing compression and loyalty point redemption; over 12.5 million branded products sold in Q2, with loyalty program members exceeding 725,000 and accounting for 71% of transactions.

• Wholesale revenue grew 27% year-over-year, with expanded relationships in Maryland, Pennsylvania, and Ohio, and continued focus on branded products, distribution, and customer experience.

• Cash flow from operations was $86 million for the quarter, with free cash flow at $75 million.

Financial highlights

• Gross profit was $183 million (61% margin), up 1% year-over-year; SG&A expenses were $101 million (33% of revenue), comparable to last year.

• Retail revenue was $284 million, down 2% year-over-year but up 1% sequentially; wholesale revenue rose 27% year-over-year and 11% sequentially.

• Net loss was $14 million, compared to a $12 million loss last year; adjusted net loss was $8 million, excluding non-recurring charges.

• Adjusted EBITDA margin improved to 37% from 35% in the prior year.

• Cash at quarter end was $401 million; debt totaled $478 million at 7.9% interest.

Outlook and guidance

• Third quarter revenue expected to decline mid-single digits sequentially due to seasonality; full-year gross margin expected to remain around 60%.

• Full-year cash flow from operations projected at least $250 million, with capital expenditures up to $40 million.

• Guidance may be revised later in the year depending on macroeconomic conditions and reform progress.

• Management emphasized progress on the 2025 plan, focusing on customers, distribution, branded products, and reform.

• The company is positioned for industry leadership with strong margins, cash flow, and operational scale.