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Cresco Labs vs Curaleaf: revenue, profit, margins and growth compared

Cresco Labs brought in $655.8M of revenue in fiscal 2025, Curaleaf $1.3B in fiscal 2025. Revenue changed by -9.5% at Cresco Labs and -5.0% at Curaleaf on the year before, so Curaleaf grew faster. Cresco Labs kept -20.6% of its revenue as net profit, Curaleaf -18.2%. Free cash flow was $37.8M at Cresco Labs and $74.3M at Curaleaf.

Side by side, latest fiscal year

CRLBFCURLF
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$655.8M$1.3B
Revenue growth-9.5%-5.0%
Net income-$135.4M-$231.1M
Net margin-20.6%-18.2%
Free cash flow$37.8M$74.3M
Free cash flow margin5.8%5.9%
Earnings per share (diluted)-$0.38-$0.35
Cash$57.9M$89.2M
Debt$420.4M$548.7M
Price to earningsn/an/a
Market valuen/an/a
Dividend yieldn/an/a
Rank by revenue in sector#185 of 742 · Health care#141 of 742 · Health care

Over the years

Revenue
CRLBF FY2020: $128.5MCRLBF FY2020: $476.3MCRLBF FY2021: $821.7MCRLBF FY2022: $842.7MCRLBF FY2023: $770.9MCRLBF FY2024: $724.3MCRLBF FY2025: $655.8MCURLF FY2020: $221MCURLF FY2020: $626.6MCURLF FY2021: $1.2BCURLF FY2022: $1.3BCURLF FY2023: $1.3BCURLF FY2024: $1.3BCURLF FY2025: $1.3BFY20FY21FY22FY23FY24FY25
CRLBF $655.8MCURLF $1.3B
Net income
CRLBF FY2020: -$43.2MCRLBF FY2020: -$102.2MCRLBF FY2021: -$319.6MCRLBF FY2022: -$212MCRLBF FY2023: -$175.5MCRLBF FY2024: -$74.4MCRLBF FY2025: -$135.4MCURLF FY2020: -$67.2MCURLF FY2020: -$57.2MCURLF FY2021: -$205.9MCURLF FY2022: -$370.1MCURLF FY2023: -$281.2MCURLF FY2024: -$215.4MCURLF FY2025: -$231.1MFY20FY21FY22FY23FY24FY25
CRLBF -$135.4MCURLF -$231.1M
Net margin
CRLBF FY2020: -33.6%CRLBF FY2020: -21.5%CRLBF FY2021: -38.9%CRLBF FY2022: -25.2%CRLBF FY2023: -22.8%CRLBF FY2024: -10.3%CRLBF FY2025: -20.6%CURLF FY2020: -30.4%CURLF FY2020: -9.1%CURLF FY2021: -17.2%CURLF FY2022: -29.0%CURLF FY2023: -20.9%CURLF FY2024: -16.1%CURLF FY2025: -18.2%FY20FY21FY22FY23FY24FY25
CRLBF -20.6%CURLF -18.2%
Revenue growth
CRLBF FY2020: +270.5%CRLBF FY2021: +72.5%CRLBF FY2022: +2.6%CRLBF FY2023: -8.5%CRLBF FY2024: -6.0%CRLBF FY2025: -9.5%CURLF FY2020: +183.5%CURLF FY2021: +90.9%CURLF FY2022: +6.6%CURLF FY2023: +5.6%CURLF FY2024: -0.9%CURLF FY2025: -5.0%FY20FY21FY22FY23FY24FY25
CRLBF -9.5%CURLF -5.0%
Free cash flow
CRLBF FY2020: -$116.9MCRLBF FY2020: -$95MCRLBF FY2021: -$79.4MCRLBF FY2022: -$64.3MCRLBF FY2023: $3.2MCRLBF FY2024: $113MCRLBF FY2025: $37.8MCURLF FY2020: -$120.4MCURLF FY2020: -$113.9MCURLF FY2021: -$230.2MCURLF FY2022: -$88.2MCURLF FY2023: $9.8MCURLF FY2024: $71.2MCURLF FY2025: $74.3MFY20FY21FY22FY23FY24FY25
CRLBF $37.8MCURLF $74.3M

Fiscal years as each company reports them; the two may end in different months.

Questions about Cresco Labs and Curaleaf

Which is bigger by revenue, Cresco Labs or Curaleaf?

Curaleaf is bigger by revenue: $1.3B in fiscal 2025, against $655.8M for Cresco Labs in fiscal 2025.

Which keeps more of its revenue as profit, Cresco Labs or Curaleaf?

Cresco Labs had a net margin of -20.6% in fiscal 2025; Curaleaf had -18.2% in fiscal 2025.

Which grew revenue faster, Cresco Labs or Curaleaf?

In their latest fiscal years revenue changed by -9.5% at Cresco Labs and -5.0% at Curaleaf.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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