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Curaleaf vs Tilray Brands: revenue, profit, margins and growth compared

Curaleaf brought in $1.3B of revenue in fiscal 2025, Tilray Brands $915.5M in fiscal 2026. Revenue changed by -5.0% at Curaleaf and +11.5% at Tilray Brands on the year before, so Tilray Brands grew faster. Curaleaf kept -18.2% of its revenue as net profit, Tilray Brands -13.3%.

Side by side, latest fiscal year

CURLFTLRY
Fiscal year endedFY2025 (December 31, 2025)FY2026 (May 31, 2026)
Revenue$1.3B$915.5M
Revenue growth-5.0%+11.5%
Net income-$231.1M-$121.4M
Net margin-18.2%-13.3%
Free cash flow$74.3Mn/a
Free cash flow margin5.9%n/a
Earnings per share (diluted)-$0.35-$1.09
Cash$89.2M$226M
Debt$548.7Mn/a
Price to earningsn/an/a
Market valuen/a$468.4M
Dividend yieldn/an/a
Rank by revenue in sector#141 of 742 · Health care#159 of 742 · Health care

Over the years

Revenue
CURLF FY2020: $221MCURLF FY2020: $626.6MCURLF FY2021: $1.2BCURLF FY2022: $1.3BCURLF FY2023: $1.3BCURLF FY2024: $1.3BCURLF FY2025: $1.3BTLRY FY2021: $405.3MTLRY FY2020: $210.5MTLRY FY2021: $513.1MTLRY FY2022: $628.4MTLRY FY2023: $627.1MTLRY FY2024: $788.9MTLRY FY2025: $821.3MTLRY FY2026: $915.5MFY20FY21FY22FY23FY24FY25FY26
CURLF $1.3BTLRY $915.5M
Net income
CURLF FY2020: -$67.2MCURLF FY2020: -$57.2MCURLF FY2021: -$205.9MCURLF FY2022: -$370.1MCURLF FY2023: -$281.2MCURLF FY2024: -$215.4MCURLF FY2025: -$231.1MTLRY FY2021: -$102.5MTLRY FY2020: -$271.1MTLRY FY2021: -$367.4MTLRY FY2022: -$476.8MTLRY FY2023: -$1.5BTLRY FY2024: -$245MTLRY FY2025: -$2.2BTLRY FY2026: -$121.4MFY20FY21FY22FY23FY24FY25FY26
CURLF -$231.1MTLRY -$121.4M
Net margin
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%TLRY FY2021: -25.3%TLRY FY2020: -128.8%TLRY FY2021: -71.6%TLRY FY2022: -75.9%TLRY FY2023: -231.6%TLRY FY2024: -31.1%TLRY FY2025: -266.3%TLRY FY2026: -13.3%FY20FY21FY22FY23FY24FY25FY26
CURLF -18.2%TLRY -13.3%
Revenue growth
CURLF FY2020: +183.5%CURLF FY2021: +90.9%CURLF FY2022: +6.6%CURLF FY2023: +5.6%CURLF FY2024: -0.9%CURLF FY2025: -5.0%TLRY FY2020: -48.1%TLRY FY2021: +143.8%TLRY FY2022: +22.5%TLRY FY2023: -0.2%TLRY FY2024: +25.8%TLRY FY2025: +4.1%TLRY FY2026: +11.5%FY20FY21FY22FY23FY24FY25FY26
CURLF -5.0%TLRY +11.5%
Free cash flow
CURLF FY2020: -$120.4MCURLF FY2020: -$113.9MCURLF FY2021: -$230.2MCURLF FY2022: -$88.2MCURLF FY2023: $9.8MCURLF FY2024: $71.2MCURLF FY2025: $74.3MTLRY FY2021: -$199.4MTLRY FY2020: -$174MTLRY FY2021: -$83.6MTLRY FY2022: -$211.3MTLRY FY2023: -$12.9MTLRY FY2024: -$60.2MTLRY FY2025: -$127.5MFY20FY21FY22FY23FY24FY25
CURLF $74.3MTLRY -$127.5M

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

Questions about Curaleaf and Tilray Brands

Which is bigger by revenue, Curaleaf or Tilray Brands?

Curaleaf is bigger by revenue: $1.3B in fiscal 2025, against $915.5M for Tilray Brands in fiscal 2026.

Which keeps more of its revenue as profit, Curaleaf or Tilray Brands?

Curaleaf had a net margin of -18.2% in fiscal 2025; Tilray Brands had -13.3% in fiscal 2026.

Which grew revenue faster, Curaleaf or Tilray Brands?

In their latest fiscal years revenue changed by -5.0% at Curaleaf and +11.5% at Tilray Brands.

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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