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Cresco Labs vs Trulieve Cannabis: revenue, profit, margins and growth compared

Cresco Labs brought in $655.8M of revenue in fiscal 2025, Trulieve Cannabis $1.2B in fiscal 2025. Revenue changed by -9.5% at Cresco Labs and -0.4% at Trulieve Cannabis on the year before, so Trulieve Cannabis grew faster. Cresco Labs kept -20.6% of its revenue as net profit, Trulieve Cannabis -9.9%. Free cash flow was $37.8M at Cresco Labs and $228.6M at Trulieve Cannabis.

Side by side, latest fiscal year

CRLBFTRLV
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$655.8M$1.2B
Revenue growth-9.5%-0.4%
Net income-$135.4M-$116.4M
Net margin-20.6%-9.9%
Free cash flow$37.8M$228.6M
Free cash flow margin5.8%19.4%
Earnings per share (diluted)-$0.38-$0.58
Cash$57.9M$255.5M
Debt$420.4M$136.7M
Price to earningsn/an/a
Market valuen/a$2.4B
Dividend yieldn/an/a
Rank by revenue in sector#185 of 742 · Health care#145 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: $655.8MTRLV FY2019: $252.8MTRLV FY2021: $521.5MTRLV FY2021: $931.9MTRLV FY2022: $1.2BTRLV FY2023: $1.1BTRLV FY2024: $1.2BTRLV FY2025: $1.2BFY19FY20FY21FY22FY23FY24FY25
CRLBF $655.8MTRLV $1.2B
Net income
CRLBF FY2020: -$43.2MCRLBF FY2020: -$102.2MCRLBF FY2021: -$319.6MCRLBF FY2022: -$212MCRLBF FY2023: -$175.5MCRLBF FY2024: -$74.4MCRLBF FY2025: -$135.4MTRLV FY2019: $53.1MTRLV FY2021: $63MTRLV FY2021: $17.4MTRLV FY2022: -$252.7MTRLV FY2023: -$526.8MTRLV FY2024: -$155.1MTRLV FY2025: -$116.4MFY19FY20FY21FY22FY23FY24FY25
CRLBF -$135.4MTRLV -$116.4M
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%TRLV FY2019: 21.0%TRLV FY2021: 12.1%TRLV FY2021: 1.9%TRLV FY2022: -20.7%TRLV FY2023: -46.7%TRLV FY2024: -13.1%TRLV FY2025: -9.9%FY19FY20FY21FY22FY23FY24FY25
CRLBF -20.6%TRLV -9.9%
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%TRLV FY2021: +106.3%TRLV FY2021: +78.7%TRLV FY2022: +30.7%TRLV FY2023: -7.3%TRLV FY2024: +5.1%TRLV FY2025: -0.4%FY20FY21FY22FY23FY24FY25
CRLBF -9.5%TRLV -0.4%
Free cash flow
CRLBF FY2020: -$116.9MCRLBF FY2020: -$95MCRLBF FY2021: -$79.4MCRLBF FY2022: -$64.3MCRLBF FY2023: $3.2MCRLBF FY2024: $113MCRLBF FY2025: $37.8MTRLV FY2019: -$52.8MTRLV FY2021: -$298KTRLV FY2021: -$263MTRLV FY2022: -$141.7MTRLV FY2023: $161.6MTRLV FY2024: $148.9MTRLV FY2025: $228.6MFY19FY20FY21FY22FY23FY24FY25
CRLBF $37.8MTRLV $228.6M

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

Questions about Cresco Labs and Trulieve Cannabis

Which is bigger by revenue, Cresco Labs or Trulieve Cannabis?

Trulieve Cannabis is bigger by revenue: $1.2B in fiscal 2025, against $655.8M for Cresco Labs in fiscal 2025.

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

Cresco Labs had a net margin of -20.6% in fiscal 2025; Trulieve Cannabis had -9.9% in fiscal 2025.

Which grew revenue faster, Cresco Labs or Trulieve Cannabis?

In their latest fiscal years revenue changed by -9.5% at Cresco Labs and -0.4% at Trulieve Cannabis.

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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