Trulieve Reports $1.2 Billion in 2025 Revenue, 60% Gross Margin and Record $229 Million in Free Cash Flow

Trulieve Cannabis Corp. reported full-year 2025 revenue of $1.18 billion, essentially flat compared to 2024, while delivering a 60% gross margin and record free cash flow of $229 million. The Florida-based multi-state operator generated $711 million in gross profit for the year and 94% of total revenue came from retail sales. Adjusted EBITDA reached a record $427 million, representing 36% of revenue and a 2% increase from 2024. Cash flow from operations totaled $273 million, also a company record.

Despite strong cash generation, Trulieve posted a net loss attributable to common shareholders of $116 million for the year, an improvement from the $155 million loss reported in 2024. On an adjusted basis, which excludes non-recurring charges, asset impairments and other items, the company reported a net loss of $27 million.

In the fourth quarter, revenue came in at $293 million, down 3% from the same period in 2024 but up 2% sequentially from the third quarter. Gross margin remained at 60%, with $175 million in gross profit. The company reported a fourth-quarter net loss attributable to common shareholders of $43 million, compared to $60 million in the year-ago period. Adjusted net loss for the quarter was $3 million.

Trulieve generated $59 million in operating cash flow and $56 million in free cash flow during the fourth quarter.

For the full year, the company sold a record 50.1 million branded product units, up 5% from 2024. Its customer rewards program grew to 915,000 members by year end. Trulieve added 11 dispensaries in 2025, ending the year with 233 retail locations nationwide. The company currently operates 234 dispensaries and more than four million square feet of cultivation and processing capacity across the United States.

During the year, Trulieve redeemed $368 million of senior secured notes due in 2026, repaid a $15.8 million mortgage and closed a $140 million private placement of senior secured notes due 2030. A second $60 million tranche of those notes was completed after year end. The company finished 2025 with $255.5 million in cash.

Operating expenses declined to $568 million in 2025, compared to $618 million the prior year, reflecting tighter cost controls. For the fourth quarter, operating expenses totaled $160 million, down from $186 million in Q4 2024.

Trulieve also received conditional approval for a Dispensing Organization license under the Texas Compassionate Use Program and launched a new mobile app in Florida, allowing patients to browse and reserve products, view promotions and track rewards.

CEO Kim Rivers said the company ended the year with momentum after securing the conditional Texas license and restructuring debt, adding that Trulieve is focused on expanded access, branded products and growth initiatives heading into 2026.

The company’s balance sheet showed total assets of $2.7 billion at year end, with total liabilities of $1.55 billion and total equity of $1.14 billion. Cash and cash equivalents stood at $255.5 million, up from $238.8 million at the end of 2024.

Trulieve trades on the Canadian Securities Exchange under TRUL and on the OTCQX market under TCNNF.