Trulieve Reports Fourth Quarter and Full Year 2025 Results with 60% Gross Margin and Record Cash Flow Generation

Executive Summary

• Trulieve reported FY 2025 revenue of $1.2 billion with a 60% gross margin and record cash flow from operations of $273 million (free cash flow $229 million).
• Net loss attributable to common shareholders was $116 million for the year (adjusted net loss $27 million); Q4 net loss was $43 million (adjusted net loss $3 million).
• The company completed a $140 million private placement of senior secured notes due 2030, redeemed $368 million of senior notes due 2026, and repaid $15.8 million of mortgage debt.

Key Details

• Revenue: FY 2025 $1,181 million (94% retail); Q4 2025 $293 million (93% retail).
• Gross Margin: 60% for both FY and Q4; GAAP gross profit FY 2025 $711 million, Q4 $175 million.
• Net Loss: FY 2025 $116 million (adjusted loss $27 million); Q4 2025 $43 million (adjusted loss $3 million).
• Adjusted EBITDA: FY 2025 $427 million (36% of revenue), up $7 million YoY; Q4 2025 $105 million.
• Cash Flow: FY 2025 cash flow from operations $273 million, free cash flow $229 million; Q4 cash flow from operations $59 million, free cash flow $56 million.
• Liquidity: Cash & cash equivalents year‑end $255.5 million (up from $239.7 million).
• Debt Activity: Redeemed $368 million senior secured notes due 2026; repaid $15.8 million mortgage; closed $140 million private placement of senior secured notes due 2030; second tranche $60 million private placement also closed.
• Operational Highlights: Added 11 dispensaries in 2025 (total 233 locations year‑end); opened one new dispensary in Findlay, Ohio and one in Fort Myers, FL during Q4; rewards program grew to 915,000 members; granted conditional Texas Compassionate Use Program dispensing license.
• Shareholder Metrics: Shares outstanding ~191 million; basic/diluted EPS (continuing) FY 2025 –$0.58, Q4 –$0.23.
• Conference Call: Scheduled for Feb 26 2026 at 8:30 a.m. ET; webcast available on investor website.

Notable Quotes

“We finished the year strong, winning a conditional license in Texas and repositioning our debt,” said Kim Rivers, CEO. “With rescheduling on the horizon, Trulieve is carrying the momentum into 2026, prioritizing expanded access, loyal customers, branded products and growth initiatives.”

Materiality Assessment: Material – Neutral (the release contains full‑year financial results that are material to investors, with both positive cash‑flow metrics and a net loss).