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

Glass House Brands brought in $182M of revenue in fiscal 2025, Trulieve Cannabis $1.2B in fiscal 2025. Revenue changed by -9.4% at Glass House Brands and -0.4% at Trulieve Cannabis on the year before, so Trulieve Cannabis grew faster. Glass House Brands kept -16.3% of its revenue as net profit, Trulieve Cannabis -9.9%. Free cash flow was -$15.7M at Glass House Brands and $228.6M at Trulieve Cannabis.

Side by side, latest fiscal year

GLASTRLV
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$182M$1.2B
Revenue growth-9.4%-0.4%
Net income-$29.7M-$116.4M
Net margin-16.3%-9.9%
Free cash flow-$15.7M$228.6M
Free cash flow margin-8.6%19.4%
Earnings per share (diluted)-$0.55-$0.58
Cash$23.4M$255.5M
Debt$68.7M$136.7M
Price to earningsn/an/a
Market value$598.4M$2.4B
Dividend yieldn/an/a
Rank by revenue in sector#261 of 523 · Health care#137 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: $182MTRLV FY2019: $252.8MTRLV FY2021: $521.5MTRLV FY2021: $931.9MTRLV FY2022: $1.2BTRLV FY2023: $1.1BTRLV FY2024: $1.2BTRLV FY2025: $1.2BFY19FY21FY22FY23FY24FY25
GLAS $182MTRLV $1.2B
Net income
GLAS FY2021: -$16.7MGLAS FY2021: -$43.1MGLAS FY2022: -$32.9MGLAS FY2023: -$98.3MGLAS FY2024: $519KGLAS FY2025: -$29.7MTRLV FY2019: $53.1MTRLV FY2021: $63MTRLV FY2021: $17.4MTRLV FY2022: -$252.7MTRLV FY2023: -$526.8MTRLV FY2024: -$155.1MTRLV FY2025: -$116.4MFY19FY21FY22FY23FY24FY25
GLAS -$29.7MTRLV -$116.4M
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%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%FY19FY21FY22FY23FY24FY25
GLAS -16.3%TRLV -9.9%
Revenue growth
GLAS FY2021: +30.9%GLAS FY2022: +34.3%GLAS FY2023: +89.5%GLAS FY2024: +24.9%GLAS FY2025: -9.4%TRLV FY2021: +106.3%TRLV FY2021: +78.7%TRLV FY2022: +30.7%TRLV FY2023: -7.3%TRLV FY2024: +5.1%TRLV FY2025: -0.4%FY21FY22FY23FY24FY25
GLAS -9.4%TRLV -0.4%
Free cash flow
GLAS FY2021: -$11.5MGLAS FY2021: -$128.8MGLAS FY2022: -$68.6MGLAS FY2023: $10.9MGLAS FY2024: $18.1MGLAS FY2025: -$15.7MTRLV FY2019: -$52.8MTRLV FY2021: -$298KTRLV FY2021: -$263MTRLV FY2022: -$141.7MTRLV FY2023: $161.6MTRLV FY2024: $148.9MTRLV FY2025: $228.6MFY19FY21FY22FY23FY24FY25
GLAS -$15.7MTRLV $228.6M

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

Questions about Glass House Brands and Trulieve Cannabis

Which is bigger by revenue, Glass House Brands or Trulieve Cannabis?

Trulieve Cannabis is bigger by revenue: $1.2B in fiscal 2025, against $182M for Glass House Brands in fiscal 2025.

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

Glass House Brands had a net margin of -16.3% in fiscal 2025; Trulieve Cannabis had -9.9% in fiscal 2025.

Which grew revenue faster, Glass House Brands or Trulieve Cannabis?

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