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

Tilray Brands brought in $915.5M of revenue in fiscal 2026, Trulieve Cannabis $1.2B in fiscal 2025. Revenue changed by +11.5% at Tilray Brands and -0.4% at Trulieve Cannabis on the year before, so Tilray Brands grew faster. Tilray Brands kept -13.3% of its revenue as net profit, Trulieve Cannabis -9.9%.

Side by side, latest fiscal year

TLRYTRLV
Fiscal year endedFY2026 (May 31, 2026)FY2025 (December 31, 2025)
Revenue$915.5M$1.2B
Revenue growth+11.5%-0.4%
Net income-$121.4M-$116.4M
Net margin-13.3%-9.9%
Free cash flown/a$228.6M
Free cash flow marginn/a19.4%
Earnings per share (diluted)-$1.09-$0.58
Cash$226M$255.5M
Debtn/a$136.7M
Price to earningsn/an/a
Market value$481.2M$2.4B
Dividend yieldn/an/a
Rank by revenue in sector#151 of 523 · Health care#137 of 523 · Health care

Over the years

Revenue
TLRY FY2021: $405.3MTLRY FY2020: $210.5MTLRY FY2021: $513.1MTLRY FY2022: $628.4MTLRY FY2023: $627.1MTLRY FY2024: $788.9MTLRY FY2025: $821.3MTLRY FY2026: $915.5MTRLV FY2019: $252.8MTRLV FY2021: $521.5MTRLV FY2021: $931.9MTRLV FY2022: $1.2BTRLV FY2023: $1.1BTRLV FY2024: $1.2BTRLV FY2025: $1.2BFY19FY20FY21FY22FY23FY24FY25FY26
TLRY $915.5MTRLV $1.2B
Net income
TLRY FY2021: -$102.5MTLRY FY2020: -$271.1MTLRY FY2021: -$367.4MTLRY FY2022: -$476.8MTLRY FY2023: -$1.5BTLRY FY2024: -$245MTLRY FY2025: -$2.2BTLRY FY2026: -$121.4MTRLV FY2019: $53.1MTRLV FY2021: $63MTRLV FY2021: $17.4MTRLV FY2022: -$252.7MTRLV FY2023: -$526.8MTRLV FY2024: -$155.1MTRLV FY2025: -$116.4MFY19FY20FY21FY22FY23FY24FY25FY26
TLRY -$121.4MTRLV -$116.4M
Net margin
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%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%FY19FY20FY21FY22FY23FY24FY25FY26
TLRY -13.3%TRLV -9.9%
Revenue growth
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%TRLV FY2021: +106.3%TRLV FY2021: +78.7%TRLV FY2022: +30.7%TRLV FY2023: -7.3%TRLV FY2024: +5.1%TRLV FY2025: -0.4%FY20FY21FY22FY23FY24FY25FY26
TLRY +11.5%TRLV -0.4%
Free cash flow
TLRY FY2021: -$199.4MTLRY FY2020: -$174MTLRY FY2021: -$83.6MTLRY FY2022: -$211.3MTLRY FY2023: -$12.9MTLRY FY2024: -$60.2MTLRY FY2025: -$127.5MTRLV FY2019: -$52.8MTRLV FY2021: -$298KTRLV FY2021: -$263MTRLV FY2022: -$141.7MTRLV FY2023: $161.6MTRLV FY2024: $148.9MTRLV FY2025: $228.6MFY19FY20FY21FY22FY23FY24FY25
TLRY -$127.5MTRLV $228.6M

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

Questions about Tilray Brands and Trulieve Cannabis

Which is bigger by revenue, Tilray Brands or Trulieve Cannabis?

Trulieve Cannabis is bigger by revenue: $1.2B in fiscal 2025, against $915.5M for Tilray Brands in fiscal 2026.

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

Tilray Brands had a net margin of -13.3% in fiscal 2026; Trulieve Cannabis had -9.9% in fiscal 2025.

Which grew revenue faster, Tilray Brands or Trulieve Cannabis?

In their latest fiscal years revenue changed by +11.5% at Tilray 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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