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Earnings

Curaleaf Reports Fourth Quarter and Full Year 2025 Results: Domestic and International Growth Accelerate with Gross Margin Expansion

By The Northwire Desk — AI Analysis Feb 26, 2026 · 16:01 CURA · 3.42 CURALEAF HOLDINGS, INC. J
CURA · Price

Executive Summary

  • Curaleaf reported Q4 2025 net revenue of $333.1 M (up 2% YoY, +5% sequential) and full‑year 2025 revenue of $1.27 B, with international revenue growing 63% YoY to $172.5 M.
  • Adjusted gross margin expanded to 49% in Q4 (up 20 bps YoY) and 50% for the year; adjusted EBITDA was $69 M in Q4 and $274.7 M for FY, though margins declined versus prior year.
  • The company closed a $500 M senior secured note private placement (11.5% interest, due 2029) used to repay existing debt and extend its revolving credit facility.

Key Details

  • Q4 2025 Financial Highlights
  • Net revenue: $333.1 M (YoY +2%, Q‑to‑Q +5%)
  • Gross profit: $161.8 M; gross margin 49% (up 60 bps YoY)
  • Adjusted EBITDA: $69.0 M; adjusted EBITDA margin 20.7% (down 250 bps YoY)
  • Net loss from continuing operations: $(49.3) M; net loss per share $0.06

  • Cash at quarter‑end: $101.6 M

  • FY 2025 Financial Highlights

  • Net revenue: $1,268.1 M (International $172.5 M, +63% YoY)
  • Adjusted gross margin: 50% (up 150 bps YoY)
  • Adjusted EBITDA: $274.7 M; adjusted EBITDA margin 21.7% (down 100 bps YoY)
  • Operating cash flow: $152.0 M; free cash flow: $89.3 M

  • Net loss from continuing operations: $(201.9) M; net loss per share $0.26

  • Debt Financing

  • Private placement of non‑dilutive 11.5% senior secured notes due 18 Feb 2029, gross proceeds $500.0 M.

  • Proceeds used to fully repay the outstanding December 2026 note and extend the Amended Needham revolving credit facility (maturity extended to 18 Feb 2029; interest rate increased from 7.99% to 8.99%).

  • Operational Highlights

  • Retail footprint in Florida expanded to 71 locations (opening Curaleaf Lauderhill).
  • New adult‑use dispensary opened in Bangor, ME (total U.S. stores = 161).

  • International launch of the QMID medically certified liquid inhalation device in the UK and Germany.

  • Capital Expenditures

  • $63.4 M invested in FY 2025 for facility upgrades, automation, and selective retail expansion.

  • Balance Sheet (as of 31 Dec 2025)

  • Cash & cash equivalents: $101.6 M (down from $107.2 M)
  • Total debt: $548.7 M (net of discounts/fees)

  • Shareholders’ equity: $756.4 M

  • Conference Call – Scheduled for 26 Feb 2026, 5:00 PM ET; replay available through 5 Mar 2026.

Notable Quotes

“We closed 2025 with clear momentum… Adjusted gross margin expanded to 49%… With our $500 million debt offering and Return to Our Roots plan now complete, we are transitioning from stabilization to acceleration…” – Boris Jordan, Chairman & CEO

Materiality Assessment: Material – Positive (the release provides comprehensive earnings information, highlights revenue growth, margin expansion, and a significant financing transaction).

Read the original news release →

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