-- Full year revenue of $1.2 billion, with 60% gross margin
-- Record 2025 cash flow from operations of $273 million and free cash flow
of $229 million*
-- Record 50.1 million branded product units sold in 2025, up 5% compared to
last year
TALLAHASSEE, Fla., Feb. 26, 2026 /PRNewswire/ -- Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) ("Trulieve" or "the Company"), a leading and top-performing cannabis company in the U.S., today announced its results for the fourth quarter and full year ended December 31, 2025. Results are reported in U.S. dollars and in accordance with U.S. Generally Accepted Accounting Principles (GAAP), unless otherwise indicated. Numbers may not sum perfectly due to rounding.
2025 Full Year Financial and Operational Highlights*
-- Revenue of $1.2 billion, with 94% of revenue from retail sales.
-- Achieved gross margin of 60%, with GAAP gross profit of $711 million.
-- Reported net loss attributable to common shareholders of $116 million.
Adjusted net loss of $27 million* excludes non-recurring charges, asset
impairments, disposals and discontinued operations.
-- Achieved record adjusted EBITDA of $427 million*, or 36% of revenue, up
$7 million or 2% from 2024.
-- Generated record cash flow from operations of $273 million and free cash
flow of $229 million*.
-- Cash at year end totaled $256 million.
-- Redeemed $368 million of senior secured notes due 2026 and repaid $15.8
million mortgage.
-- Closed $140 million private placement of senior secured notes due 2030.
-- Granted conditional approval for a Dispensing Organization license under
the Texas Compassionate Use Program.
-- Grew rewards program to 915,000 members as of December 31, 2025.
-- Added 11 dispensaries in 2025, with 233 retail locations nationwide at
year end.
*See "Non-GAAP Financial Measures" below for additional information and a reconciliation to GAAP for all Non-GAAP metrics.
Q4 2025 Financial and Operational Highlights*
-- Revenue of $293 million, with 93% of revenue from retail sales.
-- Achieved gross margin of 60%, with GAAP gross profit of $175 million.
-- Reported net loss attributable to common shareholders of $43 million.
Adjusted net loss of $3 million* excludes non-recurring charges, asset
impairments, disposals and discontinued operations.
-- Achieved adjusted EBITDA of $105 million*, or 36% of revenue.
-- Generated cash flow from operations of $59 million and free cash flow of
$56 million*.
-- Released a new mobile app serving Florida customers enabling patients to
browse and reserve products, view promotions, and check rewards status
through a seamless digital experience.
-- Opened one dispensary in Findlay, Ohio.
*See "Non-GAAP Financial Measures" below for additional information and a reconciliation to GAAP for all Non-GAAP metrics.
Recent Developments
-- Opened one dispensary in Fort Myers, Florida.
-- Closed second tranche $60 million private placement of senior secured
notes due 2030.
-- Currently operate 234 retail dispensaries and over four million square
feet of cultivation and processing capacity in the United States.
Management Commentary
"We finished the year strong, winning a conditional license in Texas and repositioning our debt," said Kim Rivers, Trulieve CEO. "With rescheduling on the horizon, Trulieve is carrying the momentum into 2026, prioritizing expanded access, loyal customers, branded products and growth initiatives."
Financial Highlights*
Results of Operations For the Three Months Ended For the Full Year Ended --------------------- --------------------------------------------------- ---------------------------- (Figures in millions December December % Better % Better December December % Better except per share 31, 31, / September / 31, 31, / data) 2025 2024 (Worse) 30, 2025 (Worse) 2025 2024 (Worse) --------------------- -------- -------- -------- ----------- -------- -------- -------- Revenue $ 293 $ 301 (3 %) $ 288 2 % $ 1,181 $ 1,186 -- % Gross profit $ 175 $ 187 (6 %) $ 170 3 % $ 711 $ 716 (1 %) Gross margin % 60 % 62 % 59 % 60 % 60 % Operating expenses $ 160 $ 186 14 % $ 128 (25 %) $ 568 $ 618 8 % Operating expenses % 55 % 62 % 44 % 48 % 52 % Net loss** $ (43) $ (60) 28 % $ (27) (60 %) $ (116) $ (155) 25 % Net loss continuing operations $ (45) $ (60) 26 % $ (24) (89 %) $ (117) $ (155) 25 % Adjusted net (loss) income $ (3) $ 3 NMF $ (12) 75 % $ (27) $ (19) (41 %) Basic and diluted shares outstanding 192 190 191 191 190 EPS continuing operations $ (0.23) $ (0.26) 12 % $ (0.11) (103 %) $ (0.58) $ (0.79) 26 % Adjusted EPS $ (0.02) $ 0.02 NMF $ (0.07) 75 % $ (0.14) $ (0.10) (40 %) Adjusted EBITDA $ 105 $ 111 (6 %) $ 103 2 % $ 427 $ 420 2 % Adjusted EBITDA Margin % 36 % 37 % 36 % 36 % 35 % --------------------- ------- ------- -------- ------- -------- ------- ------- -------- NMF - No Meaningful Figure *See "Non-GAAP Financial Measures" below for additional information and a reconciliation to GAAP for all Non-GAAP metrics. **Net loss attributable to common shareholders which excludes non-controlling interest.
Conference Call
The Company will host a conference call and live audio webcast on February 26, 2026, at 8:30 A.M. Eastern time, to discuss its fourth quarter and full year 2025 financial results. Interested parties can join the conference call by dialing in as directed below. Please dial in 15 minutes prior to the call.
North American toll free: 1-844-824-3830 Passcode: 9288786 International: 1-412-542-4136 Passcode: 9288786
A live audio webcast of the conference call will be available at:
Trulieve Fourth Quarter and Full Year 2025 Results Call
A powerpoint presentation and archived replay of the webcast will be available at:
https://investors.trulieve.com/events
The Company's Form 10-K for the year ended December 31, 2025 will be available on the SEC's website or at https://investors.trulieve.com/quarterly-results. The Company's Management's Discussion and Analysis for the period and the accompanying financial statements and notes will be available under the Company's profile on https://www.sedarplus.ca and on its website at https://investors.trulieve.com/quarterly-results. This news release is not in any way a substitute for reading those financial statements, including the notes to the financial statements.
Trulieve Cannabis Corp.
Condensed Consolidated Balance Sheets (Unaudited)
(in millions, except for share data)
December 31, December 31,
2025 2024
------------------------ ------------------------
ASSETS
Current Assets:
Cash and cash
equivalents $ 255.5 $ 238.8
Short-term investments -- 60.4
Restricted cash -- 0.9
Accounts receivable,
net 10.5 8.3
Inventories 242.3 231.4
Income tax receivable 8.5 10.0
Prepaid expenses 18.3 23.0
Other current assets 25.5 26.2
Notes receivable -
current portion, net 1.2 4.8
Assets associated with
discontinued
operations 0.9 0.9
------------------------ ------------------------
Total current
assets 562.7 604.6
Property and equipment,
net 670.4 716.1
Right of use assets -
operating, net 108.3 119.5
Right of use assets -
finance, net 60.0 64.4
Intangible assets, net 798.4 859.5
Goodwill 483.9 483.9
Notes receivable, net 0.5 0.5
Other assets 10.0 19.8
Long-term assets
associated with
discontinued
operations 1.9 2.0
------------------------ ------------------------
TOTAL ASSETS $ 2,696.1 $ 2,870.3
======================== ========================
LIABILITIES
Current Liabilities:
Accounts payable and
accrued liabilities $ 82.7 $ 94.0
Deferred revenue 9.6 8.0
Notes payable - current
portion 4.1 3.4
Operating lease
liabilities - current
portion 13.0 12.1
Finance lease
liabilities - current
portion 10.7 9.5
Construction finance
liabilities - current
portion 2.4 1.9
Contingencies 0.8 6.3
Liabilities associated
with discontinued
operations 3.7 3.1
------------------------ ------------------------
Total current
liabilities 126.9 138.5
Long-Term Liabilities:
Private placement
notes, net 136.7 364.8
Notes payable, net 90.8 111.9
Operating lease
liabilities 107.9 117.5
Finance lease
liabilities 64.1 67.7
Construction finance
liabilities 133.8 135.5
Deferred tax
liabilities 178.0 196.5
Uncertain tax position
liabilities 668.4 445.2
Other long-term
liabilities 11.4 5.0
Long-term liabilities
associated with
discontinued
operations 34.9 38.6
------------------------ ------------------------
TOTAL LIABILITIES $ 1,553.1 $ 1,621.2
EQUITY
Common stock, no par
value; unlimited
shares authorized.
192,307,145 and
191,005,940 shares
issued and
outstanding as of
December 31, 2025 and
December 31, 2024,
respectively. $ -- $ --
Additional
paid-in-capital 2,073.4 2,057.0
Accumulated deficit (912.1) (795.7)
Non-controlling
interest (18.2) (12.3)
------------------------ ------------------------
TOTAL EQUITY 1,143.0 1,249.0
------------------------ ------------------------
TOTAL LIABILITIES AND
EQUITY $ 2,696.1 $ 2,870.3
======================== ========================
Trulieve Cannabis Corp.
Condensed Consolidated Statements of Operations (Unaudited)
(in millions, except for share data)
Three Months Ended Full Year Ended
December 31, December 31,
------------------------------ ------------------------------
2025 2024 2025 2024
-------------- -------------- -------------- --------------
Revenue $ 293.1 $ 301.1 $ 1,181.2 $ 1,186.5
Cost of goods sold 118.0 114.1 470.0 470.7
-------------- -------------- -------------- --------------
Gross profit 175.2 187.0 711.2 715.8
Expenses:
Selling, general,
and
administrative 126.3 157.9 445.2 510.4
Depreciation and
amortization 29.4 28.6 117.6 112.8
Impairment and
other charges,
net of
(recoveries) 4.1 (0.9) 4.8 (5.3)
Total
expenses 159.9 185.7 567.7 618.0
-------------- -------------- -------------- --------------
Income from
operations 15.3 1.3 143.5 97.8
Other income
(expense):
Interest expense,
net (14.7) (14.6) (63.5) (62.2)
Interest income 3.4 3.2 14.5 14.7
Loss on debt
extinguishments,
net (1.7) -- (1.7) --
Other income
(expense), net 0.6 (2.8) (1.4) (7.6)
-------------- -------------- -------------- --------------
Total other
expense,
net (12.4) (14.2) (52.0) (55.1)
-------------- -------------- -------------- --------------
Income (loss)
before provision
for income taxes 2.9 (12.9) 91.5 42.7
Provision for
income taxes 47.9 47.6 208.1 197.6
-------------- -------------- -------------- --------------
Net loss from
continuing
operations (44.9) (60.5) (116.6) (154.9)
Net income (loss)
from
discontinued
operations, net
of tax benefit
(provision) of
$232, $0, and
$(209),and
$4,101
respectively 1.4 (1.1) (5.6) (5.7)
-------------- -------------- -------------- --------------
Net loss (43.6) (61.6) (122.2) (160.6)
-------------- -------------- -------------- --------------
Less: net loss
attributable to
non-controlling
interest from
continuing
operations (0.7) (1.8) (5.9) (5.5)
Net loss
attributable to
common
shareholders $ (42.9) $ (59.8) $ (116.4) $ (155.1)
============== ============== ============== ==============
Earnings Per Share
Net loss per share
- Continuing
operations:
Basic and
diluted $ (0.23) $ (0.26) $ (0.58) $ (0.79)
Net income (loss)
per share -
Discontinued
operations:
Basic and
diluted $ 0.01 $ (0.01) $ (0.03) $ (0.03)
Weighted average
number of common
shares used in
computing net loss
per share:
Basic and
diluted 191.7 190.0 191.3 190.0
-------------- -------------- -------------- --------------
Trulieve Cannabis Corp.
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in millions)
Three Months Ended Full Year Ended
December 31, December 31,
-------------------------------------- ------------------------------------
2025 2024 2025 2024
------------------ ------------------ ----------------- -----------------
Cash flows from
operating
activities
Net loss $ (43.6) $ (61.6) $ (122.2) $ (160.6)
Adjustments to
reconcile net
loss to net cash
provided by
operating
activities:
Depreciation and
amortization 29.4 28.6 117.6 112.8
Depreciation
included in cost
of goods sold 14.2 13.5 55.8 53.6
Impairment and
other charges,
net of
(recoveries) 2.4 (0.9) 4.8 (5.3)
Loss on debt
extinguishments,
net 1.7 -- 1.7 --
Gain from
disposal of
discontinued
operations (0.8) -- (0.8) --
Share-based
compensation 4.0 4.6 20.5 20.2
Deferred income
taxes (3.9) (7.7) (18.6) (10.4)
Other non-cash
changes 4.2 4.1 20.1 18.2
Changes in
operating assets
and liabilities:
Inventories 1.0 (10.5) (10.9) (18.7)
Accounts
receivable (0.3) 1.5 (3.7) 0.7
Other assets 2.4 (2.1) 5.8 (9.1)
Accounts payable
and accrued
liabilities 0.3 2.6 (11.3) 7.2
Income tax
receivable /
payable (1.1) (4.2) 1.6 (8.5)
Other liabilities (2.7) (0.5) (16.4) (1.6)
Uncertain tax
position
liabilities 52.1 61.1 223.2 264.9
Proceeds received
from insurance
for operating
expenses -- 2.1 5.7 8.0
------------------ ------------------ ----------------- -----------------
Net cash
provided by
operating
activities 59.2 30.7 272.8 271.5
------------------ ------------------ ----------------- -----------------
Cash flows from
investing
activities
Purchases of
property and
equipment (3.4) (42.7) (44.2) (122.6)
Purchases of
internal use
software (3.7) (6.8) (16.3) (25.1)
Purchases of
short-term
investments -- -- -- (80.0)
Maturities of
short-term
investments -- 20.0 60.0 20.0
Other purchases
and payments -- -- (0.1) (7.6)
Other proceeds 1.2 6.3 14.1 8.7
Net cash (used
in) provided
by investing
activities (5.9) (23.2) 13.5 (206.6)
------------------ ------------------ ----------------- -----------------
Cash flows from
financing
activities
Proceeds from
private
placement notes 140.0 -- 140.0 3.0
Payments on
long-term
borrowings (385.9) (1.8) (393.3) (8.1)
Payments for debt
issuance costs (3.3) -- (3.3) 0.2
Payments for
taxes related to
net share
settlement of
equity awards (4.4) (2.5) (4.8) (14.8)
Other payments
and
distributions (1.9) (2.1) (9.0) (13.8)
------------------ ------------------ ----------------- -----------------
Net cash used
in financing
activities (255.4) (6.4) (270.5) (33.4)
------------------ ------------------ ----------------- -----------------
Net (decrease)
increase in cash,
cash equivalents,
and restricted
cash (202.1) 1.1 15.8 31.4
Cash, cash
equivalents, and
restricted cash,
beginning of
period 457.6 238.6 239.7 208.0
Cash and cash
equivalents of
discontinued
operations,
beginning of
period -- -- -- 0.3
Less: cash and
cash equivalents
of discontinued
operations, end
of period -- -- -- --
------------------ ------------------ ----------------- -----------------
Cash, cash
equivalents, and
restricted cash,
end of period $ 255.5 $ 239.7 $ 255.5 $ 239.7
================== ================== ================= =================
The condensed consolidated statements of cash flows include continuing operations and discontinued operations for the periods presented.
Non-GAAP Financial Measures (Unaudited)
In addition to our results determined in accordance with GAAP, we supplement our results with non-GAAP financial measures, including EBITDA, adjusted EBITDA, EBITDA margin, adjusted EBITDA margin, adjusted net (loss) income, adjusted net (loss) income per diluted share, and free cash flow.
The Company calculates EBITDA as net income (loss) before net interest expense, interest income, income tax expense, depreciation and amortization; adjusted EBITDA as net income (loss) before net interest expense, interest income, income tax expense, depreciation and amortization and also excludes certain extraordinary items; EBITDA margin as EBITDA as % of revenue; adjusted EBITDA margin as adjusted EBITDA as % of revenue; adjusted net income (loss) as net income (loss) less certain extraordinary items; adjusted EPS as adjusted net income (loss) divided by basic and diluted shares outstanding; and free cash flow as cash flow from operations less capital expenditures.
Our management uses these non-GAAP financial measures in conjunction with GAAP financial measures to evaluate our operating results and financial performance. We believe these measures are useful to investors as they are widely used measures of performance and can facilitate comparison to other companies. These non-GAAP financial measures are not, and should not be considered as, measures of liquidity. These non-GAAP financial measures have limitations as analytical tools in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP. Because of these limitations, these non-GAAP financial measures should be considered along with GAAP financial performance measures. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures. A reconciliation of the non-GAAP financial measures to such GAAP measures can be found below. These non-GAAP financial measures should be considered supplemental to, and not a substitute for, our reported financial results prepared in accordance with GAAP.
Reconciliation of Non-GAAP EBITDA and Adjusted EBITDA (Unaudited)
The following table presents a reconciliation of GAAP net loss attributable to common shareholders to non-GAAP EBITDA and Adjusted EBITDA for each of the periods presented:
For the Full Year
Three Months Ended Ended
------------------- -------------------------------
(Amounts expressed
in millions of December December December
United States 31, 31, September December 31,
dollars) 2025 2024 30, 2025 31, 2025 2024
------------------- -------- -------- ----------- --------- --------
Net loss
attributable to
common
shareholders $ (42.9) $ (59.8) $ (26.8) $ (116.4) $(155.1)
------------------- ------- ------- ------- -------- -------
Add (deduct) impact
of:
------------------- ------- ------- ------- -------- -------
Interest expense,
net $ 14.7 $ 14.6 $ 16.1 $ 63.5 $ 62.2
------------------- ------- ------- ------- -------- -------
Interest income $ (3.4) $ (3.2) $ (4.4) $ (14.5) $ (14.7)
------------------- ------- ------- ------- -------- -------
Provision for
income taxes $ 47.9 $ 47.6 $ 53.0 $ 208.1 $ 197.6
------------------- ------- ------- ------- -------- -------
Depreciation and
amortization $ 29.4 $ 28.6 $ 29.5 $ 117.6 $ 112.8
------------------- ------- ------- ------- -------- -------
Depreciation
included in cost
of goods sold $ 14.2 $ 13.5 $ 13.9 $ 55.8 $ 53.6
------------------- ------- ------- ------- -------- -------
EBITDA (Non-GAAP) $ 59.9 $ 41.3 $ 81.3 $ 314.1 $ 256.4
------------------- ------- ------- ------- -------- -------
EBITDA Margin
(Non-GAAP) 20 % 14 % 28 % 27 % 22 %
------------------- ------- ------- ------- -------- -------
Impairment and
other charges,
net of
(recoveries) $ 4.1 $ (0.9) $ (0.9) $ 4.8 $ (5.3)
------------------- ------- ------- ------- -------- -------
Campaign and
political
contributions $ 32.4 $ 54.8 $ 6.3 $ 66.1 $ 117.5
------------------- ------- ------- ------- -------- -------
Acquisition,
transaction, and
other
non-recurring
costs $ 4.7 $ 7.6 $ 3.8 $ 13.2 $ 18.2
------------------- ------- ------- ------- -------- -------
Share-based
compensation $ 4.0 $ 4.6 $ 5.8 $ 20.5 $ 20.2
------------------- ------- ------- ------- -------- -------
Loss on debt
extinguishments,
net $ 1.7 $ -- $ -- $ 1.7 $ --
------------------- ------- ------- ------- -------- -------
Other (income)
expense, net $ (0.6) $ 2.8 $ 1.2 $ 1.4 $ 7.6
------------------- ------- ------- ------- -------- -------
Discontinued
operations, net
of tax,
attributable to
common
shareholders $ (1.4) $ 1.1 $ 5.0 $ 5.6 $ 5.7
------------------- ------- ------- ------- -------- -------
Adjusted EBITDA
(Non-GAAP) $ 104.8 $ 111.4 $ 102.7 $ 427.3 $ 420.2
------------------- ------- ------- ------- -------- -------
Adjusted EBITDA
Margin (Non-GAAP) 36 % 37 % 36 % 36 % 35 %
------------------- ------- ------- ------- -------- -------
Reconciliation of Non-GAAP Adjusted Net (Loss) Income (Unaudited)
The following table presents a reconciliation of GAAP net loss attributable to common shareholders to non-GAAP adjusted net (loss) income, for each of the periods presented:
For the Full Year
For the Three Months Ended Ended
----------------------------------
(Amounts expressed
in millions of December
United States December December September December 31,
dollars) 31, 2025 31, 2024 30, 2025 31, 2025 2024
------------------- --------- ---------- ----------- ---------
Net loss
attributable to
common
shareholders $ (42.9) $ (59.8) $ (26.8) $ (116.4) $(155.1)
------------------- -------- ------ ------- -------- -------
Net (income) loss
from discontinued
operations, net
of tax,
attributable to
common
shareholders $ (1.4) $ 1.1 $ 5.0 $ 5.6 $ 5.7
------------------- -------- ------ ------- -------- -------
Adjustment of
formerly
redeemable
non-controlling
interest to
maximum
redemption value $ -- $ 9.0 $ -- $ -- $ --
------------------- -------- ------ ------- -------- -------
Net loss from
continuing
operations
available to
common
shareholders $ (44.3) $ (49.7) $ (21.8) $ (110.8) $(149.4)
------------------- -------- ------ ------- -------- -------
Add (deduct) impact
of:
------------------- -------- ------ ------- -------- -------
Adjustment of
formerly
redeemable
non-controlling
interest to
maximum
redemption value $ -- $ (9.0) $ -- $ -- $ --
Impairment and
other charges,
net of
(recoveries) $ 4.1 $ (0.9) $ (0.9) $ 4.8 $ (5.3)
------------------- -------- ------ ------- -------- -------
Campaign and
political
contributions $ 32.4 $ 54.8 $ 6.3 $ 66.1 $ 117.5
------------------- -------- ------ ------- -------- -------
Acquisition,
transaction, and
other
non-recurring
costs $ 4.7 $ 7.6 $ 3.8 $ 13.2 $ 18.2
Adjusted net (loss)
income (Non-GAAP) $ (3.1) $ 2.9 $ (12.5) $ (26.7) $ (19.0)
------------------- -------- ------ ------- -------- -------
Reconciliation of Non-GAAP Adjusted Net (Loss) Income Per Diluted Share (Unaudited)
The following table presents a reconciliation of GAAP net loss attributable to common shareholders per share to non-GAAP adjusted net (loss) income per diluted share, for each of the periods presented:
For the Full Year
For the Three Months Ended Ended
---------------------------------- ---------------------
(Amounts expressed
are per share
except for shares
which are in December December September December December
millions) 31, 2025 31, 2024 30, 2025 31, 2025 31, 2024
------------------- --------- ---------- ----------- --------- ----------
Net loss
attributable to
common
shareholders $ (0.22) $ (0.31) $ (0.14) $ (0.61) $ (0.82)
------------------- -------- ------ ------- -------- ------
Net (income) loss
from discontinued
operations, net
of tax,
attributable to
common
shareholders $ (0.01) $ 0.01 $ 0.03 $ 0.03 $ 0.03
------------------- -------- ------ ------- -------- ------
Adjustment of
formerly
redeemable
non-controlling
interest to
maximum
redemption value $ -- $ 0.05 $ -- $ -- $ --
------------------- -------- ------ ------- -------- ------
Net loss from
continuing
operations
available to
common
shareholders $ (0.23) $ (0.26) $ (0.11) $ (0.58) $ (0.79)
------------------- -------- ------ ------- -------- ------
Add (deduct) impact
of:
------------------- -------- ------ ------- -------- ------
Adjustment of
formerly
redeemable
non-controlling
interest to
maximum
redemption value $ -- $ (0.05) $ -- $ -- $ --
Impairment and
other charges,
net of
(recoveries) $ 0.02 $ (0.00) $ (0.00) $ 0.03 $ (0.03)
------------------- -------- ------ ------- -------- ------
Campaign and
political
contributions $ 0.17 $ 0.29 $ 0.03 $ 0.35 $ 0.62
------------------- -------- ------ ------- -------- ------
Acquisition,
transaction, and
other
non-recurring
costs $ 0.02 $ 0.04 $ 0.02 $ 0.07 $ 0.10
Adjusted net (loss)
income (Non-GAAP) $ (0.02) $ 0.02 $ (0.07) $ (0.14) $ (0.10)
------------------- -------- ------ ------- -------- ------
Basic and diluted
shares
outstanding 191.7 190.0 191.3 191.3 190.0
------------------- -------- ------ ------- -------- ------
Reconciliation of Non-GAAP Free Cash Flow (Unaudited)
The following table presents a reconciliation of GAAP cash flow from operating activities to non-GAAP free cash flow, for each of the periods presented:
For the Full Year
For the Three Months Ended Ended
-------------------
(Amounts expressed
in millions of December
United States December December September December 31,
dollars) 31, 2025 31, 2024 30, 2025 31, 2025 2024
------------------- --------- ---------- ----------- --------- --------
Cash flow from
operating
activities $ 59.2 $ 30.7 $ 76.8 $ 272.8 $ 271.5
------------------- -------- ------ ------- -------- -------
Payments for
property and
equipment $ (3.4) $ (42.7) $ (12.3) $ (44.2) $(122.6)
------------------- -------- ------ ------- -------- -------
Free cash flow
(Non-GAAP) $ 55.8 $ (12.0) $ 64.4 $ 228.6 $ 148.9
------------------- -------- ------ ------- -------- -------
Forward-Looking Statements
This news release includes forward-looking information and statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation (collectively herein referred to as "forward-looking statements"). These forward-looking statements relate to the Company's expectations or forecasts of business, operations, financial performance, cash flows, prospects, and other plans, intentions, expectations, estimates, and beliefs and include statements regarding the Company's 2026 objectives, growth opportunities, and positioning for the future. Words such as "expects", "continue", "will", "anticipates" and "intends" or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on the Company's current projections and expectations about future events and financial trends that management believes might affect its financial condition, results of operations, business strategy and financial needs, and on certain assumptions and analysis made by the Company in light of the experience and perception of historical trends, current conditions and expected future developments and other factors management believes are appropriate. Forward-looking statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking statements herein, including, without limitation, the risks discussed under the heading "Risk Factors" in our most recent Annual Report on Form 10-K and in our periodic reports subsequently filed with the United States Securities and Exchange Commission and in the Company's filings on https://www.sedarplus.ca. Although the Company believes that any forward-looking statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such statements, there can be no assurance that any such forward-looking statements will prove to be accurate, and accordingly readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward-looking statements. Any forward-looking statements herein are made as of the date hereof and, except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward-looking statements herein, whether as a result of new information, future events or results, or otherwise.
About Trulieve
Trulieve is an industry leading, vertically integrated cannabis company and multi-state operator in the U.S., with leading market positions in Arizona, Florida, and Pennsylvania. Trulieve is poised for accelerated growth and expansion, building scale in retail and distribution in new and existing markets through its hub strategy. By providing innovative, high-quality products across its brand portfolio, Trulieve delivers optimal customer experiences and increases access to cannabis, helping patients and customers to live without limits. Trulieve is listed on the CSE under the symbol TRUL and trades on the OTCQX market under the symbol TCNNF. For more information, please visit Trulieve.com.
Facebook: @Trulieve
Instagram: @Trulieve
X: @Trulieve
Investor and Media Contact
Christine Hersey, Chief Corporate Affairs & Strategy Officer
+1 (424) 202-0210
Christine.Hersey@Trulieve.com
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SOURCE Trulieve Cannabis Corp.
(END) Dow Jones Newswires
February 26, 2026 06:15 ET (11:15 GMT)
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