Trulieve Cannabis Corp. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Trulieve Cannabis Corp. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	253	522	932	1,218	1,129	1,186	1,181
Cost of revenue	61	135	365	529	541	471	470
Gross profit	192	386	567	689	589	716	711
Selling, general and administrative					386	510	445
Selling and marketing	59.3	119	212	278	240	258
General and administrative	14.1	36.1	99.5	169	146	253
Operating expenses	78.6	168	363	639	810	618	568
Operating income	113	218	204	50.2	-222	97.8	143
Interest expense	9.05	20.2	29.1	73.4	81.6	62.2	63.5
Interest income			0.21	1.63	6.16	14.7	14.5
Other non-operating income	-9.59	-60.9	-27.8	-69.4	-62.9	-55.1	-52
Pre-tax income	104	157	176	-19.2	-285	42.7	91.5
Income tax	50.6	94.5	146	163	151	198	208
Income from continuing operations		63	31.1	-179	-431	-149	-111
Net income to minority interests	0	0	-0.59	-3.99	-5.15	-5.47	-5.87
Net income	53.1	63	17.4	-253	-527	-155	-116
EBITDA	118	231	250	167	-112	211	261
EPS, basic	0.84	0.96	0.22	-0.95	-2.28	-0.79	-0.58
EPS, diluted	0.81	0.93	0.21	-0.95	-2.28	-0.79	-0.58
Shares, basic (weighted)	63	64.9	139	188	189	190	191
Shares, diluted (weighted)	65.9	67.6	147	188	189	190	191

Balance sheet

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	91.8	147	227	207	201	239	256
Short-term investments					0	60.4	0
Receivables		0.31	8.85	6.51	6.7	8.29	10.5
Inventory		98.3	212	277	213	231	242
Other current assets		2.96	12.2	51.2	23.7	26.2	25.5
Total current assets		261	524	594	477	605	563
Property, plant and equipment		314	780	743	676	716	670
Lease right-of-use assets		30.1	126	98.9	95.9	120	108
Goodwill	7.32	67.2	765	791	484	484	484
Intangible assets	30	92.6	1,118	985	917	859	798
Other non-current assets		7.53	18.3	12.8	10.4	19.8	10
Total assets		810	3,411	3,400	2,729	2,870	2,696
Accounts payable		9.25	14.8	15.9	28.2	20.2	26.8
Accrued liabilities			24.7	19.5	18.1	25	21.3
Deferred revenue		7.18	7.17	9.46	0.8	7.5	9.1
Total current liabilities		76.1	169	210	115	138	127
Long-term debt		4	6.46	94.2	116	112	90.8
Lease liabilities		28.1	122	99.9	92.2	117	108
Other non-current liabilities		3.92	8.4	6.82	7.09	4.95	11.4
Total liabilities		362	1,263	1,473	1,320	1,621	1,553
Total debt			463	542	363	365	137
Paid-in capital		328	2,008	2,045	2,055	2,057	2,073
Retained earnings		120	138	-114	-641	-796	-912
Shareholders' equity	133	448
Minority interests		0	1.55	-3.46	-5.86	-12.3	-18.2
Total equity	133	448	2,147	1,928	1,409	1,249	1,143
Total liabilities and equity		810	3,411	3,400	2,729	2,870	2,696
Shares outstanding		68.3	181	186	186	191	192

Cash flow statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	53.1	63	17.4	-253	-533	-161	-122
Depreciation and amortization	5.08	12.6	45.8	116	110	113	118
Stock-based compensation		2.77	9.25	18.1	10.6	20.2	20.5
Deferred income tax	-0.91	-4.89	-26.3	-27.2	-17.2	-10.4	-17.8
Change in receivables		1.11	-4.9	-4.21	-1.71	0.74	-3.72
Change in inventory	-54.5	-22.5	-19.6	-83.4	83.3	-18.7	-10.9
Change in payables	13.6	0.3	-9.66	-0.82	1.64	7.21	-11.3
Cash from operations	19.1	99.6	12.9	23.1	202	271	273
Capital expenditures	-71.8	-99.9	-276	-165	-40.2	-123	-44.2
Acquisitions	-19.8	-27.9	43.5	-27.8	0	0
Purchases of investments					0	-80	0
Cash from investing	-94.7	-175	-215	-215	-37.5	-207	13.5
Stock issued			0.35	0.16
Cash from financing	143	130	289	178	-176	-33.4	-270
Net change in cash	67.4	54.9	86.9	-14.2	-11.2	31.4	15.8
Free cash flow	-52.8	-0.3	-263	-142	162	149	229
Interest paid	7.42	22.1	39.1	76.1	81.2	65.4	70.3
Income taxes paid	43.7	105	179	147	52.6	-48.4	1.46

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $12.21 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	59.5%	Gross profit / revenue.
Operating margin	-24.3%	Operating income / revenue.
EBITDA margin	-14.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-28.6%	Pre-tax income / revenue.
Net margin	-41.6%	Net income / revenue.
FCF margin	17.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	21.5%	Cash from operations / revenue.
Return on assets (ROA)	-22.8%	Net income / average total assets.
SG&A / revenue	37.9%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.4%	Capital expenditures / revenue.
D&A / revenue	10.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-0.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-1.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	17.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-0.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	1.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	13.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	46.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	42.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-8.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	24.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	16.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	2.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	0.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	127.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	22.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	53.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	-6.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-7.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	27.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	23.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	5.94x	Current assets / current liabilities.
Quick ratio	3.46x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	3.42x	(Cash + short-term investments) / current liabilities.
Debt / assets	9.4%	Total debt / total assets.
Liabilities / assets	63.1%	Total liabilities / total assets.
Net debt	-$129.6M	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-4.88x	Operating income / interest expense.
Working capital	$469.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	30.1%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.55x	Revenue / average total assets.
Fixed asset turnover	1.95x	Revenue / average property, plant and equipment.
Inventory turnover	2.47x	Cost of revenue / average inventory.
Days inventory	148 days	365 x average inventory / cost of revenue.
Receivables turnover	289x	Revenue / average receivables.
Days sales outstanding	1 days	365 x average receivables / revenue.
Days payables	49 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	100 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	20.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$2.46	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$5.91	Revenue / diluted weighted shares.
FCF per share	$1.01	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.27	Cash from operations / diluted weighted shares.
Cash per share	$1.69	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$2.35B	Share price x shares outstanding.
Enterprise value	$2.22B	Market cap + total debt - cash - short-term investments.
P/S	2.06x	Market cap / revenue.
P/FCF	12.1x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	9.62x	Market cap / cash from operations, when positive.
EV/Sales	1.95x	Enterprise value / revenue.
EV/FCF	11.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	8.3%	Free cash flow / market cap.
Earnings yield	-20.1%	Net income / market cap (the inverse of P/E).

What was Trulieve Cannabis Corp.'s revenue in fiscal 2025?

Trulieve Cannabis Corp. reported revenue of $1.18B for fiscal 2025, 0.4% lower than the year before.

Was Trulieve Cannabis Corp. profitable in fiscal 2025?

No. It reported a net loss of $116.4M.

How much free cash flow did Trulieve Cannabis Corp. generate in fiscal 2025?

Cash from operations of $272.8M minus capital expenditures of $44.2M left free cash flow of $228.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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