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Cronos vs Trulieve Cannabis: revenue, profit, margins and growth compared

Cronos brought in $193.4M of revenue in fiscal 2025, Trulieve Cannabis $1.2B in fiscal 2025. Revenue changed by +19.5% at Cronos and -0.4% at Trulieve Cannabis on the year before, so Cronos grew faster. Cronos kept -4.9% of its revenue as net profit, Trulieve Cannabis -9.9%. Free cash flow was $149K at Cronos and $228.6M at Trulieve Cannabis.

Side by side, latest fiscal year

CRONTRLV
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$193.4M$1.2B
Revenue growth+19.5%-0.4%
Net income-$9.4M-$116.4M
Net margin-4.9%-9.9%
Free cash flow$149K$228.6M
Free cash flow margin0.1%19.4%
Earnings per share (diluted)-$0.02-$0.58
Cash$791.8M$255.5M
Debtn/a$136.7M
Price to earningsn/an/a
Market value$1.2B$2.4B
Dividend yieldn/an/a
Rank by revenue in sector#254 of 523 · Health care#137 of 523 · Health care

Over the years

Revenue
CRON FY2019: $13.2MCRON FY2019: $25.6MCRON FY2020: $54.4MCRON FY2021: $79.6MCRON FY2022: $109.3MCRON FY2023: $120.3MCRON FY2024: $161.8MCRON FY2025: $193.4MTRLV FY2019: $252.8MTRLV FY2021: $521.5MTRLV FY2021: $931.9MTRLV FY2022: $1.2BTRLV FY2023: $1.1BTRLV FY2024: $1.2BTRLV FY2025: $1.2BFY19FY20FY21FY22FY23FY24FY25
CRON $193.4MTRLV $1.2B
Net income
CRON FY2019: -$21.6MCRON FY2019: $1.2BCRON FY2020: -$73.1MCRON FY2021: -$396.1MCRON FY2022: -$168.7MCRON FY2023: -$74MCRON FY2024: $41.1MCRON FY2025: -$9.4MTRLV FY2019: $53.1MTRLV FY2021: $63MTRLV FY2021: $17.4MTRLV FY2022: -$252.7MTRLV FY2023: -$526.8MTRLV FY2024: -$155.1MTRLV FY2025: -$116.4MFY19FY20FY21FY22FY23FY24FY25
CRON -$9.4MTRLV -$116.4M
Net margin
CRON FY2019: -163.5%CRON FY2019: 4,549.7%CRON FY2020: -134.6%CRON FY2021: -497.5%CRON FY2022: -154.4%CRON FY2023: -61.5%CRON FY2024: 25.4%CRON FY2025: -4.9%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
CRON -4.9%TRLV -9.9%
Revenue growth
CRON FY2019: +93.7%CRON FY2020: +112.0%CRON FY2021: +46.5%CRON FY2022: +37.3%CRON FY2023: +10.0%CRON FY2024: +34.5%CRON FY2025: +19.5%TRLV FY2021: +106.3%TRLV FY2021: +78.7%TRLV FY2022: +30.7%TRLV FY2023: -7.3%TRLV FY2024: +5.1%TRLV FY2025: -0.4%FY19FY20FY21FY22FY23FY24FY25
CRON +19.5%TRLV -0.4%
Free cash flow
CRON FY2019: -$95.8MCRON FY2019: -$169.9MCRON FY2020: -$176.3MCRON FY2021: -$164.8MCRON FY2022: -$92.4MCRON FY2023: -$45.3MCRON FY2024: $6.4MCRON FY2025: $149KTRLV FY2019: -$52.8MTRLV FY2021: -$298KTRLV FY2021: -$263MTRLV FY2022: -$141.7MTRLV FY2023: $161.6MTRLV FY2024: $148.9MTRLV FY2025: $228.6MFY19FY20FY21FY22FY23FY24FY25
CRON $149KTRLV $228.6M

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

Questions about Cronos and Trulieve Cannabis

Which is bigger by revenue, Cronos or Trulieve Cannabis?

Trulieve Cannabis is bigger by revenue: $1.2B in fiscal 2025, against $193.4M for Cronos in fiscal 2025.

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

Cronos had a net margin of -4.9% in fiscal 2025; Trulieve Cannabis had -9.9% in fiscal 2025.

Which grew revenue faster, Cronos or Trulieve Cannabis?

In their latest fiscal years revenue changed by +19.5% at Cronos 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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