Trulieve Cannabis (TRUL) Q2 2026 earnings summary

Executive summary

• Reported Q2 2026 revenue of $271 million, with 94% from retail sales and a 60% gross margin, reflecting industry leadership and expansion milestones.

• Achieved recognition on TIME's America's Best Companies 2026 list and became the first U.S. cannabis company listed on the NYSE under ticker TRLV.

• Completed deconsolidation of Harvest mixed-use operations on June 3, 2026, resulting in a $406 million net loss due to a $403 million non-cash charge, and shifted focus to medical-only markets.

• Registered all state-licensed medical marijuana facilities with the DEA following federal rescheduling to Schedule III.

• Ended the quarter with $325 million in cash and 207 dispensaries in operation, expanding in Georgia and Texas.

Financial highlights

• Q2 2026 revenue was $271 million (down 10% YoY), with medical-only revenue at $222 million and gross margin at 60% overall, 63% for medical-only.

• Adjusted EBITDA was $98 million (36% margin); adjusted net income was $20 million or $0.11 per share, excluding non-recurring charges.

• Reported net loss of $406 million in Q2, primarily due to the Harvest deconsolidation.

• Operating cash flow was $53 million, with $32 million in free cash flow; cash at quarter end was $325 million and debt was $289 million.

• SG&A was $102 million (38% of revenue); adjusted SG&A at 32%.

Outlook and guidance

• Q3 2026 revenue expected to be comparable to Q2 medical-only revenue ($222 million), with growth in Georgia and Pennsylvania offsetting seasonal Florida pressure.

• Full-year 2026 operating cash flow guidance reduced to at least $225 million (from $250 million) due to deconsolidation.

• Capital expenditures for 2026 raised to $95 million, reflecting increased investment in growth markets.

• Management expects continued cash generation and sufficient liquidity for at least the next 12 months.

• Anticipates growth acceleration into year-end, especially as Georgia and Texas ramp up.