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Glass House Brands vs Tilray Brands: revenue, profit, margins and growth compared

Glass House Brands brought in $182M of revenue in fiscal 2025, Tilray Brands $915.5M in fiscal 2026. Revenue changed by -9.4% at Glass House Brands and +11.5% at Tilray Brands on the year before, so Tilray Brands grew faster. Glass House Brands kept -16.3% of its revenue as net profit, Tilray Brands -13.3%.

Side by side, latest fiscal year

GLASTLRY
Fiscal year endedFY2025 (December 31, 2025)FY2026 (May 31, 2026)
Revenue$182M$915.5M
Revenue growth-9.4%+11.5%
Net income-$29.7M-$121.4M
Net margin-16.3%-13.3%
Free cash flow-$15.7Mn/a
Free cash flow margin-8.6%n/a
Earnings per share (diluted)-$0.55-$1.09
Cash$23.4M$226M
Debt$68.7Mn/a
Price to earningsn/an/a
Market value$598.4M$481.2M
Dividend yieldn/an/a
Rank by revenue in sector#261 of 523 · Health care#151 of 523 · Health care

Over the years

Revenue
GLAS FY2021: $48.3MGLAS FY2021: $63.2MGLAS FY2022: $84.9MGLAS FY2023: $160.8MGLAS FY2024: $200.9MGLAS FY2025: $182MTLRY FY2021: $405.3MTLRY FY2020: $210.5MTLRY FY2021: $513.1MTLRY FY2022: $628.4MTLRY FY2023: $627.1MTLRY FY2024: $788.9MTLRY FY2025: $821.3MTLRY FY2026: $915.5MFY20FY21FY22FY23FY24FY25FY26
GLAS $182MTLRY $915.5M
Net income
GLAS FY2021: -$16.7MGLAS FY2021: -$43.1MGLAS FY2022: -$32.9MGLAS FY2023: -$98.3MGLAS FY2024: $519KGLAS FY2025: -$29.7MTLRY FY2021: -$102.5MTLRY FY2020: -$271.1MTLRY FY2021: -$367.4MTLRY FY2022: -$476.8MTLRY FY2023: -$1.5BTLRY FY2024: -$245MTLRY FY2025: -$2.2BTLRY FY2026: -$121.4MFY20FY21FY22FY23FY24FY25FY26
GLAS -$29.7MTLRY -$121.4M
Net margin
GLAS FY2021: -34.5%GLAS FY2021: -68.2%GLAS FY2022: -38.8%GLAS FY2023: -61.1%GLAS FY2024: 0.3%GLAS FY2025: -16.3%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
GLAS -16.3%TLRY -13.3%
Revenue growth
GLAS FY2021: +30.9%GLAS FY2022: +34.3%GLAS FY2023: +89.5%GLAS FY2024: +24.9%GLAS FY2025: -9.4%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
GLAS -9.4%TLRY +11.5%
Free cash flow
GLAS FY2021: -$11.5MGLAS FY2021: -$128.8MGLAS FY2022: -$68.6MGLAS FY2023: $10.9MGLAS FY2024: $18.1MGLAS FY2025: -$15.7MTLRY FY2021: -$199.4MTLRY FY2020: -$174MTLRY FY2021: -$83.6MTLRY FY2022: -$211.3MTLRY FY2023: -$12.9MTLRY FY2024: -$60.2MTLRY FY2025: -$127.5MFY20FY21FY22FY23FY24FY25
GLAS -$15.7MTLRY -$127.5M

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

Questions about Glass House Brands and Tilray Brands

Which is bigger by revenue, Glass House Brands or Tilray Brands?

Tilray Brands is bigger by revenue: $915.5M in fiscal 2026, against $182M for Glass House Brands in fiscal 2025.

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

Glass House Brands had a net margin of -16.3% in fiscal 2025; Tilray Brands had -13.3% in fiscal 2026.

Which grew revenue faster, Glass House Brands or Tilray Brands?

In their latest fiscal years revenue changed by -9.4% at Glass House Brands 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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