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

Curaleaf brought in $1.3B of revenue in fiscal 2025, Trulieve Cannabis $1.2B in fiscal 2025. Revenue changed by -5.0% at Curaleaf and -0.4% at Trulieve Cannabis on the year before, so Trulieve Cannabis grew faster. Curaleaf kept -18.2% of its revenue as net profit, Trulieve Cannabis -9.9%. Free cash flow was $74.3M at Curaleaf and $228.6M at Trulieve Cannabis.

Side by side, latest fiscal year

CURLFTRLV
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$1.3B$1.2B
Revenue growth-5.0%-0.4%
Net income-$231.1M-$116.4M
Net margin-18.2%-9.9%
Free cash flow$74.3M$228.6M
Free cash flow margin5.9%19.4%
Earnings per share (diluted)-$0.35-$0.58
Cash$89.2M$255.5M
Debt$548.7M$136.7M
Price to earningsn/an/a
Market valuen/a$2.4B
Dividend yieldn/an/a
Rank by revenue in sector#141 of 742 · Health care#145 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: $1.3BTRLV FY2019: $252.8MTRLV FY2021: $521.5MTRLV FY2021: $931.9MTRLV FY2022: $1.2BTRLV FY2023: $1.1BTRLV FY2024: $1.2BTRLV FY2025: $1.2BFY19FY20FY21FY22FY23FY24FY25
CURLF $1.3BTRLV $1.2B
Net income
CURLF FY2020: -$67.2MCURLF FY2020: -$57.2MCURLF FY2021: -$205.9MCURLF FY2022: -$370.1MCURLF FY2023: -$281.2MCURLF FY2024: -$215.4MCURLF FY2025: -$231.1MTRLV FY2019: $53.1MTRLV FY2021: $63MTRLV FY2021: $17.4MTRLV FY2022: -$252.7MTRLV FY2023: -$526.8MTRLV FY2024: -$155.1MTRLV FY2025: -$116.4MFY19FY20FY21FY22FY23FY24FY25
CURLF -$231.1MTRLV -$116.4M
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%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
CURLF -18.2%TRLV -9.9%
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%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
CURLF -5.0%TRLV -0.4%
Free cash flow
CURLF FY2020: -$120.4MCURLF FY2020: -$113.9MCURLF FY2021: -$230.2MCURLF FY2022: -$88.2MCURLF FY2023: $9.8MCURLF FY2024: $71.2MCURLF FY2025: $74.3MTRLV FY2019: -$52.8MTRLV FY2021: -$298KTRLV FY2021: -$263MTRLV FY2022: -$141.7MTRLV FY2023: $161.6MTRLV FY2024: $148.9MTRLV FY2025: $228.6MFY19FY20FY21FY22FY23FY24FY25
CURLF $74.3MTRLV $228.6M

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

Questions about Curaleaf and Trulieve Cannabis

Which is bigger by revenue, Curaleaf or Trulieve Cannabis?

Curaleaf is bigger by revenue: $1.3B in fiscal 2025, against $1.2B for Trulieve Cannabis in fiscal 2025.

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

Curaleaf had a net margin of -18.2% in fiscal 2025; Trulieve Cannabis had -9.9% in fiscal 2025.

Which grew revenue faster, Curaleaf or Trulieve Cannabis?

In their latest fiscal years revenue changed by -5.0% at Curaleaf 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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