Trulieve reported third quarter results characterized by significant margin expansion and a successful beat against analyst expectations for both top-line revenue and Adjusted EBITDA. Following the deconsolidation of Harvest operations in June 2026, the company’s pivot to a pure medical-only model for its core reporting drove gross margins to 64%. The company also achieved major regulatory milestones, including receiving final DEA registrations and uplisting to the NYSE, which allowed for the removal of the punitive 280E tax burden on its medical operations.
Key Highlights
- Revenue of $230.2 million exceeded the $221.6 million consensus estimate, with 95% of sales coming from retail channels.
- Adjusted EBITDA reached $89.2 million, a substantial beat against the $74.0 million consensus, representing a 39% margin.
- Operations in Georgia experienced a seven-fold increase in traffic during the quarter following the medical program expansion that launched in July.
- Generated $45.4 million in quarterly free cash flow, contributing to a year-to-date total of approximately $120 million and a $326.7 million cash balance.
- Adjusted diluted EPS of $0.09 was in-line with estimates, while GAAP net income turned positive at $1 million.