TRLV Trulieve Cannabis Corp.

Overview and Growth

Fiscal 2025 results for Trulieve Cannabis Corp. combined $1.18B of revenue with net loss of $116.38M and an operating cash inflow of $272.82M. The $1.18B revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Revenue was 0.4% below fiscal 2024 revenue of $1.19B, marking a top-line contraction. Diluted earnings per share were -$0.58, translating the period’s attributable earnings into the amount reported for each diluted share. Revenue equaled 0.44x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

After reported cost of revenue, the company retained $711.17M as gross profit before recognizing operating expenses and other items. The gross-profit relationship equaled 60.2% of revenue, quantifying the portion retained before operating expenses were recognized. The reported operating result was $143.50M, capturing profitability after direct costs and the operating expenses reflected in the statements. Relative to revenue, operating income represented 12.1%, showing how efficiently sales converted into operating profit. The company ended the period with a net loss of $116.38M, extending the operating result through all remaining items. Measured against revenue, the bottom-line deficit represented 9.9% after all recognized items. Pretax income was $91.47M, isolating the reported earnings outcome before the income-tax provision recognized for the fiscal year. Measured against revenue, pretax income equaled 7.7%, adding a pre-tax profitability layer between revenue and net income. The reported income-tax provision was $208.11M, the amount recognized between pretax income and the final net-income result. The income-tax provision equaled 227.5% of pretax income, showing the tax burden absorbed by the year’s earnings. The loss-to-equity relationship was 10.2%, placing the bottom-line deficit against shareholder capital. The net loss equaled 4.3% of period-end assets, showing the deficit relative to the asset base.

Liquidity and Capital Structure

At period end, the $2.70B asset base was financed through $1.55B of liabilities and $1.14B of equity. Current assets were $562.72M against $126.94M of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. At 4.43x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. Reported cash and equivalents were $255.53M, separating immediately recognizable cash resources from the rest of the current-asset base. Measured only with cash and equivalents, coverage of current liabilities was 201.3%, excluding receivables and other current assets. Borrowings totaled $136.74M, adding a fixed financing obligation alongside the company’s equity capital. Against book equity, debt measured 0.12x, placing the company’s financial leverage in clear balance-sheet terms. The debt-to-assets relationship was 5.1%, comparing borrowing with the total asset balance. Relative to total assets, liabilities measured 57.6%, complementing the separate equity-based view of the company’s capital structure. The cash-to-assets relationship was 9.5%, comparing reported cash and equivalents with the full positive asset balance. Compared with $2.87B in fiscal 2024, the current asset base moved 6.1% and finished lower.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $272.82M, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. Capital spending was $44.19M, absorbing part of the cash generated from operations before free cash flow. Capital expenditures represented 16.2% of operating cash flow, leaving the remainder available as free cash flow. After capital spending, free cash flow was $228.63M, leaving cash available for debt reduction, shareholder returns, or further investment. Relative to revenue, free cash flow equaled 19.4%, showing how much sales converted into cash after investment. Measured against total assets, free cash flow represented 8.5%, showing the cash productivity of the company’s assets.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 26, 2026.