Trulieve Cannabis (F09) Q3 2026 Earnings Report
DE:F09 Q3 2026 EPS Results
- Actual EPS
- EUR 0.00
- Consensus EPS
- EUR 0.08
- Beat/Miss
- Missed by -EUR 0.08
- One Year Ago EPS
- -EUR 0.12
DE:F09 Q3 2026 Revenue Results
- Actual Revenue
- EUR 205.17M
- Expected Revenue
- EUR 197.93M
- Beat/Miss
- Beat by +EUR 7.25M
- YoY Revenue Growth
- -20.19%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/05/2026
- Time
- Before Open
- Conference Call
- Thursday, November 5, 2026
Trulieve Cannabis's next earnings date is estimated for March 4, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was strongly positive. Trulieve exceeded third-quarter revenue guidance, delivered 4% revenue growth, maintained a 64% gross margin and 39% adjusted EBITDA margin, generated substantial cash, reduced debt, and reported rapid growth in Georgia alongside readiness for Texas. The main negatives were an expected fourth-quarter net loss from noncash Harvest purchase accounting, limited low-single-digit fourth-quarter revenue guidance, holiday-related margin pressure, and an outstanding uncertain tax position. These challenges were outweighed by the company's operating results, strategic progress, and growth initiatives.
For the fourth quarter, revenue is expected to be up low-single digits compared to the third quarter, growth is expected to accelerate into the year end with holiday season and continued strength in Georgia, and gross margin is expected to be comparable to recent quarters, with some pressure due to holiday promotions; purchase accounting adjustments for the Harvest deconsolidation are expected to result in a net loss for the fourth quarter. For full year 2026, operating cash flow is anticipated to be at least $225 million and capital expenditures are now expected to be approximately $105 million, up from $95 million; Trulieve plans to open at least 2 additional dispensaries and complete 7 more refreshes or remodels by the end of this year. In Georgia, the eighth and ninth dispensaries are anticipated to open in the coming months, the company plans to apply for its 10th dispensary this month once the patient count reaches 65 thousand patients, and capacity is being added in stages into 2027; in Texas, licensure is relatively imminent and the company is looking forward to launching in 2027, with the first 11 stores serving as the trigger point for opening additional stores.
- Third-Quarter Revenue Exceeded GuidanceThird-quarter medical revenue was $230 million, compared with $221 million in Q3 last year and $222 million in Q2, representing 4% growth year over year and sequentially. Revenue exceeded guidance and outperformed typical seasonal trends, driven by growth in Georgia and Pennsylvania.
- Strong Gross Profit and Adjusted EBITDAGross profit totaled $148 million at a 64% margin, compared with $139 million in Q3 last year and $140 million in Q2. Management attributed gross-margin strength to economies of scale, operational efficiencies, low production costs, and disciplined promotional management. Adjusted EBITDA was $89 million, representing a 39% margin and reflecting expense leverage across core operations.
- Cash Generation and Debt ReductionThe company reported $74 million in operating cash flow for the quarter and ended the quarter with $327 million in cash. Subsequent to quarter end, Trulieve fully repaid a $65 million mortgage secured by its Jefferson County, Florida cultivation campus, which management said lowers annual interest expense and improves profitability and cash flow.
- Retail Growth in Georgia and PennsylvaniaRetail revenue grew 2% sequentially, driven by Georgia and Pennsylvania. Traffic increased 3% and units sold increased 2%, partially offset by a slight sequential decline in average basket size. Pennsylvania benefited from higher traffic and strength in the wholesale channel.
- Rapid Georgia Market ExpansionGeorgia traffic and units sold increased 7-fold from the second quarter following market expansion and the introduction of concentrates, flower, and vapes. Trulieve owns and operates 7 Georgia dispensaries and received approval to open its eighth and ninth locations in the coming months.
- Georgia Patient and Pharmacy GrowthGeorgia's patient count grew 80% since the start of the year and recently surpassed 60,000. Trulieve plans to apply for a 10th dispensary once the patient count reaches 65,000. The company is shipping to almost 20 independent pharmacies, with more than 30 additional pharmacies ready to commence sales pending licensure and more than 125 pharmacies having previously expressed interest.
- Expanded Georgia Product and Production CapacityModern Flower and Roll 1 accounted for 70% of branded units sold in Georgia. Trulieve said it has adequate supply for its current Georgia business and is adding production capacity in stages into 2027 to meet growing demand across channels.
- Texas Market ReadinessTrulieve is working to convert its conditional Texas license, awarded in December, into a final license. The company said its initial production capacity is ready for inspection, it has a retail pipeline covering all regions, and it has locations in each of Texas's 11 mandated regions. Pending final licensure, management said it is ready to ramp quickly and plans to launch Texas in 2027.
- Strong Florida Product ProductivityAcross 170 Florida stores, Trulieve sold 55% more flower per store than the state average, totaling 657 thousand ounces. The company also sold 1.4 billion milligrams of oil, more than twice the amount sold by the next-highest competitor.
- Harvest Investment ImprovementTrulieve's investment in Harvest delivered revenue growth and margin expansion compared with the second quarter, driven largely by growth in Ohio.
- Benefits from Schedule III Rescheduling and NYSE ListingManagement said rescheduling state-licensed medical marijuana to Schedule III enabled DEA registration, removal of the 280E tax burden for state-licensed medical operators, and Trulieve's NYSE listing. The company reported higher daily trading volume, reduced swap exposure, expanded institutional-investor access, and inclusion in indices including the S&P Total Market Index and Morningstar Total Stock Market Index.
- DEA Registration and Strategic Partnership AccessTrulieve registered its medical-only dispensaries and production facilities with the DEA, and the DEA completed inspections and began issuing final approvals. Management described the company as a federally legal Schedule III operator and said the status has increased access to vendor relationships, particularly in marketing and technology, while also enabling more meaningful conversations with credit-card providers.
- Progress Across Branded ProductsTrulieve sold more than 10 million branded product units in its medical dispensaries during the third quarter, with in-house brands Modern Flower and Roll 1 accounting for 55% of units. The company continues to expand premium offerings through Cultivar, Alien Labs, Connected, and a new Seed Junkie partnership in Pennsylvania.
- Connected and Alien Labs Licensing AgreementIn September, Trulieve closed a master licensing agreement with Connected, providing exclusive perpetual royalty-free rights to Alien Labs and Connected genetics, trademarks, and know-how in Florida and Texas. Management said the agreement has a payback period of less than 2 years and plans to introduce additional product categories and form factors, including vapes and concentrates, in Florida as soon as the first half of 2027.
- Customer Retention and Rewards GrowthCustomer retention remained at 75%. The rewards program added more than 45,000 members in the third quarter and surpassed 700,000 members. Rewards members spend an average of 2.1x more than nonmembers and represented more than 80% of third-quarter transactions.
- Mobile App Adoption Exceeded ExpectationsTrulieve's Florida mobile app generated more than half a million orders in the third quarter, representing 30% of all online orders. The company plans to launch the app in Georgia soon and in additional markets in 2027.
- Generative AI Customer-Messaging InitiativeProject Hyper, which uses generative AI to enable personalized customer messaging at scale, remained on track. Management expects to begin realizing efficiency and speed-to-market benefits in the first quarter of 2027.
- Store Expansion and RemodelingYear to date, Trulieve opened 9 new dispensaries and refreshed or remodeled 43 locations. The company plans to open at least 2 additional dispensaries and complete 7 more refreshes or remodels by year end.
- Full-Year Cash Flow OutlookFor full-year 2026, management expects operating cash flow of at least $225 million. Capital expenditures are expected to be approximately $105 million, compared with the prior expectation of $95 million, with increased investment in growth markets to meet demand.
- Florida Program and Market OpportunitiesManagement said Florida's patient registry added approximately 200 patients per week in Q3 versus Q2 and estimated that the state has 786 dispensaries and approximately 7,000 intoxicating-hemp points of distribution. Trulieve said it continues to see fill-in and white-space opportunities for strategically selected Florida locations and supports reforms to streamline patient certifications, renewals, telehealth visits, costs, and veteran access.
DE:F09 Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 04, 2027 | 2026 (Q4) | 0.06- | -0.2 | ― | ― |
| Nov 05, 2026 | 2026 (Q3) | 0.080.00 | -0.12 | 100.00% (+0.12) | |
| Aug 07, 2026 | 2026 (Q2) | ―-1.88 | -0.06 | -2914.29% (-1.82) | |
| May 07, 2026 | 2026 (Q1) | -0.010.01 | -0.15 | 105.88% (+0.16) | |
| Feb 26, 2026 | 2025 (Q4) | -0.07-0.20 | -0.28 | 29.03% (+0.08) | |
| Nov 05, 2025 | 2025 (Q3) | -0.08-0.12 | -0.29 | 56.25% (+0.16) | |
| Aug 06, 2025 | 2025 (Q2) | -0.05-0.06 | -0.05 | -16.67% (-0.01) | |
| May 07, 2025 | 2025 (Q1) | -0.07-0.15 | -0.11 | -41.67% (-0.04) | |
| Feb 27, 2025 | 2024 (Q4) | -0.20-0.28 | -0.16 | -72.22% (-0.12) | |
| Nov 05, 2024 | 2024 (Q3) | -0.10-0.29 | -0.12 | -146.15% (-0.17) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
