--- title: "Trulieve Cannabis Corp. | 10-Q: FY2026 Q1 Revenue: USD 286.75 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/285529404.md" datetime: "2026-05-07T10:27:00.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285529404.md) - [en](https://longbridge.com/en/news/285529404.md) - [zh-HK](https://longbridge.com/zh-HK/news/285529404.md) --- # Trulieve Cannabis Corp. | 10-Q: FY2026 Q1 Revenue: USD 286.75 M Revenue: As of FY2026 Q1, the actual value is USD 286.75 M. EPS: As of FY2026 Q1, the actual value is USD 0.01. EBIT: As of FY2026 Q1, the actual value is USD 46.36 M. #### Segment Revenue Trulieve Cannabis Corp.’s total revenue decreased to $286.8 million for the three months ended March 31, 2026, from $297.8 million in the prior year . This decline was primarily driven by a decrease in retail revenue, which was $265.2 million in 2026, down from $282.0 million in 2025 . Wholesale and other revenue increased to $21.6 million in 2026, from $15.8 million in 2025 . #### Gross Profit and Margin Gross profit for the three months ended March 31, 2026, was $170.1 million, a decrease from $183.2 million in the prior year . The gross profit margin was 59.3% in 2026, down from 61.5% in 2025 . The cost of goods sold increased to $116.7 million (40.7% of revenue) in 2026, from $114.5 million (38.5% of revenue) in 2025 . #### Operating Expenses Selling, General, and Administrative (SG&A) expense decreased to $104.9 million in 2026, from $118.8 million in 2025, largely due to lower campaign and political contributions . As a percentage of revenue, SG&A was 36.6% in 2026, down from 39.9% in 2025 . Depreciation and amortization expense increased slightly to $29.7 million in 2026, from $29.3 million in 2025 . The company reported a gain of $0.3 million on disposal or impairment of assets in 2026, compared to a loss of - $1.8 million in 2025 . #### Income from Operations Income from operations increased to $35.7 million in 2026, up from $33.3 million in 2025 . #### Other Income (Expense) Net interest expense decreased to - $13.3 million in 2026, from - $16.3 million in 2025, primarily due to a reduction in overall debt . Interest income decreased to $2.7 million in 2026, from $3.1 million in 2025 . #### Net Income (Loss) Income before provision for income taxes increased to $25.2 million in 2026, from $20.3 million in 2025 . The provision for income taxes significantly decreased to $21.9 million in 2026, from $52.5 million in 2025, with an effective tax rate of 87% in 2026 compared to 258% in 2025, mainly due to not applying IRC Section 280E for the 2026 taxable year . Net income from continuing operations was $3.4 million in 2026, a substantial improvement from - $32.1 million in 2025 . Net loss from discontinued operations was - $1.1 million in 2026, compared to - $1.6 million in 2025 . Net income attributable to common shareholders was $2.4 million in 2026, compared to - $32.9 million in 2025 . #### Adjusted EBITDA (Non-GAAP) Adjusted EBITDA was $100.4 million in 2026, a decrease of $8.8 million from $109.2 million in 2025, driven by lower revenue . Adjusted EBITDA as a percentage of revenue was 35.0% in 2026, down from 36.7% in 2025 . #### Cash Flows Net cash provided by operating activities increased to $55.7 million in 2026, from $51.1 million in 2025 . Net cash used in investing activities was - $13.2 million in 2026, a change from $43.0 million provided in 2025 . Net cash provided by financing activities was $54.8 million in 2026, a significant change from - $4.5 million used in 2025, primarily due to proceeds from a debt issuance . #### Operational Metrics and Strategic Initiatives As of March 31, 2026, Trulieve Cannabis Corp. operated 236 dispensaries and 15 cultivation and processing facilities across nine states, compared to 229 dispensaries as of March 31, 2025 . The company continues to focus on its regional hub structure to optimize operations and maintain vertical integration in key markets . Strategic plans include expanding access to regulated cannabis products, leveraging its in-house quality team and testing laboratories, and distributing branded products through its retail locations . #### Future Outlook On April 23, 2026, the U.S. Department of Justice (DOJ) finalized the rescheduling of medical marijuana to Schedule III, which removes certain federal tax, regulatory, and research restrictions . Trulieve Cannabis Corp. has applied for DEA licenses in Florida, Georgia, Pennsylvania, and West Virginia, anticipating that operations in these medical-only states will become federally legal . The DOJ announcement also restarted the process for rescheduling adult-use marijuana, though adult-use cannabis operations remain federally illegal until that process is complete . ### Related Stocks - [TCNNF.US](https://longbridge.com/en/quote/TCNNF.US.md) ## Related News & Research - [The Home Depot Announces First Quarter Fiscal 2026 Results; Reaffirms Fiscal 2026 Guidance | HD Stock News](https://longbridge.com/en/news/286890512.md) - [ONWARD Medical to Announce First Quarter 2026 Results on May 26, 2026 | ONWRY Stock News](https://longbridge.com/en/news/286858298.md) - [Correction: NextNRG to Host First Quarter 2026 Financial Results Conference Call on May 18, 2026 at 9:00 a.m. ET | NXXT Stock News](https://longbridge.com/en/news/286673001.md) - [BSR REIT Announces May 2026 Cash Distribution](https://longbridge.com/en/news/286615296.md) - [Keysight Technologies Reports Second Quarter 2026 Results | KEYS Stock News](https://longbridge.com/en/news/286959830.md)