What is Trulieve Cannabis' operating income?

Trulieve Cannabis' total operating income in 2025 was $143.50 million, based on the following breakdown: Total Gross Profit: $711.17 million Total Operating Expenses: $567.67 million

Trulieve Cannabis (TCNNF) Financials

$11.55 0.00 (0.00%)

As of 06/18/2026

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Annual Income Statements for Trulieve Cannabis

This table shows Trulieve Cannabis' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	53	63	18	-246	-527	-155	-116
Consolidated Net Income / (Loss)	53	63	17	-253	-533	-161	-122
Net Income / (Loss) Continuing Operations	53	63	31	-183	-436	-155	-117
Total Pre-Tax Income	104	157	176	-19	-285	43	91
Total Operating Income	113	218	204	50	-222	98	143
Total Gross Profit	192	386	567	689	589	716	711
Total Revenue	253	522	932	1,218	1,129	1,186	1,181
Operating Revenue	253	522	932	1,218	1,129	1,186	1,181
Total Cost of Revenue	61	135	365	529	541	471	470
Operating Cost of Revenue	61	135	365	529	541	471	470
Total Operating Expenses	79	168	363	639	810	618	568
Selling, General & Admin Expense	14	36	99	169	386	510	445
Depreciation Expense	5.08	13	46	116	110	113	118
Impairment Charge	-	0.06	5.37	76	314	-5.29	4.83
Total Other Income / (Expense), net	-9.05	-61	-28	-69	-63	-55	-52
Interest Expense	9.05	20	29	73	76	62	65
Interest & Investment Income	-	-	0.21	1.63	6.16	15	15
Other Income / (Expense), net	-	-41	1.11	2.39	6.54	-7.55	-1.37
Income Tax Expense	51	94	146	163	151	198	208
Net Income / (Loss) Discontinued Operations	-	-	-13	-70	-97	-5.70	-5.61
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	0.00	-0.59	-6.66	-6.34	-5.47	-5.87
Basic Earnings per Share	$0.48	$0.55	$0.22	($0.95)	($2.28)	($0.79)	($0.58)
Weighted Average Basic Shares Outstanding	110.21M	113.57M	139.37M	188.00M	188.97M	189.99M	191.32M
Diluted Earnings per Share	$0.46	$0.53	$0.21	($0.95)	($2.28)	($0.79)	($0.58)
Weighted Average Diluted Shares Outstanding	115.32M	118.33M	146.76M	188.00M	188.97M	189.99M	191.32M
Weighted Average Basic & Diluted Shares Outstanding	-	-	184.18M	355.00	186.28M	191.01M	192.31M

This table shows Trulieve Cannabis' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-25	-33	-23	-12	-60	-60	-33	-14	-27	-43	2.41
Consolidated Net Income / (Loss)	-26	-35	-25	-12	-62	-62	-34	-16	-29	-44	2.28
Net Income / (Loss) Continuing Operations	-23	-37	-23	-11	-60	-60	-32	-16	-24	-45	3.36
Total Pre-Tax Income	14	8.82	32	37	-13	-13	20	39	29	2.94	25
Total Operating Income	23	29	46	50	0.62	1.31	33	53	42	15	36
Total Gross Profit	143	154	174	182	173	187	183	183	170	175	170
Total Revenue	275	287	298	303	284	301	298	302	288	293	287
Operating Revenue	275	287	298	303	284	301	298	302	288	293	287
Total Cost of Revenue	132	133	124	122	111	114	115	119	118	118	117
Operating Cost of Revenue	132	133	124	122	111	114	115	119	118	118	117
Total Operating Expenses	120	125	128	132	173	186	150	130	128	160	135
Selling, General & Admin Expense	34	277	101	103	149	158	119	101	99	126	105
Depreciation Expense	27	27	28	28	28	29	29	29	29	29	30
Total Other Income / (Expense), net	-9.62	-20	-14	-13	-13	-14	-13	-14	-13	-12	-11
Interest Expense	13	23	15	15	17	15	16	16	16	16	13
Interest & Investment Income	1.93	1.84	3.26	4.04	4.20	3.18	3.07	3.64	4.39	3.42	2.68
Other Income / (Expense), net	1.13	0.67	-2.74	-1.84	-0.20	-2.77	0.23	-0.98	-1.25	0.63	0.13
Income Tax Expense	37	45	55	47	47	48	52	55	53	48	22
Net Income / (Loss) Discontinued Operations	-2.93	1.81	-1.36	-1.62	-1.64	-1.09	-1.62	-0.30	-5.05	1.35	-1.08
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.45	-1.36	-1.77	-0.28	-1.64	-1.78	-0.89	-2.33	-1.95	-0.70	-0.12
Weighted Average Basic Shares Outstanding	188.92M	188.97M	189.49M	190.33M	190.19M	189.99M	191.13M	191.20M	191.28M	191.32M	192.54M
Weighted Average Diluted Shares Outstanding	188.92M	188.97M	189.49M	190.33M	190.19M	189.99M	191.13M	191.20M	191.28M	191.32M	197.76M
Weighted Average Basic & Diluted Shares Outstanding	185.99M	186.28M	187.29M	187.32M	189.19M	191.01M	191.08M	191.11M	191.16M	192.31M	192.31M

This table details how cash moves in and out of Trulieve Cannabis' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	67	55	87	-14	-11	31	16
Net Cash From Operating Activities	19	100	13	23	202	271	273
Net Cash From Continuing Operating Activities	19	100	13	23	202	271	273
Net Income / (Loss) Continuing Operations	53	63	17	-253	-533	-161	-122
Consolidated Net Income / (Loss)	53	63	17	-253	-533	-161	-122
Depreciation Expense	13	24	72	174	171	166	173
Non-Cash Adjustments To Reconcile Net Income	1.72	48	28	150	408	41	52
Changes in Operating Assets and Liabilities, net	-52	-42	-111	-60	156	225	170
Net Cash From Investing Activities	-95	-175	-215	-215	-37	-207	14
Net Cash From Continuing Investing Activities	-95	-175	-215	-215	-37	-207	14
Purchase of Property, Plant & Equipment	-72	-100	-280	-187	-51	-148	-61
Purchase of Investments	-	-	-	0.00	0.00	-80	0.00
Sale and/or Maturity of Investments	-	-	-	0.00	0.00	20	60
Other Investing Activities, net	-3.04	-46	-34	-6.59	13	1.05	14
Net Cash From Financing Activities	143	130	289	178	-176	-33	-270
Net Cash From Continuing Financing Activities	143	130	289	178	-176	-33	-270
Repayment of Debt	-1.52	-0.94	-293	-6.80	-191	-8.15	-397
Payment of Dividends	-	-	0.00	-0.05	-8.41	-14	-9.02
Issuance of Debt	145	41	362	173	0.00	0.00	140
Other Financing Activities, net	-0.78	6.51	2.52	11	24	-12	-4.85
Cash Interest Paid	7.42	22	39	76	81	65	70
Cash Income Taxes Paid	44	105	179	147	53	-48	1.46

This table details how cash moves in and out of Trulieve Cannabis' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	37	9.32	119	29	-118	1.14	90	72	57	-202	97
Net Cash From Operating Activities	93	131	139	71	30	31	51	86	77	59	56
Net Cash From Continuing Operating Activities	93	131	139	71	30	31	51	86	77	59	56
Net Income / (Loss) Continuing Operations	-26	-35	-25	-12	-62	-62	-34	-16	-29	-44	2.28
Consolidated Net Income / (Loss)	-26	-35	-25	-12	-62	-62	-34	-16	-29	-44	2.28
Depreciation Expense	41	42	41	15	68	42	29	57	43	44	30
Non-Cash Adjustments To Reconcile Net Income	-2.05	20	11	38	-18	9.98	25	4.11	12	11	21
Changes in Operating Assets and Liabilities, net	77	113	111	31	42	40	31	41	50	48	2.64
Net Cash From Investing Activities	-4.99	-7.16	-19	-33	-131	-23	43	-8.63	-15	-5.89	-13
Net Cash From Continuing Investing Activities	-4.99	-7.16	-21	-31	-131	-23	43	-8.63	-15	-5.89	-13
Purchase of Property, Plant & Equipment	-9.64	-12	-21	-33	-45	-49	-21	-16	-17	-7.10	-13
Sale and/or Maturity of Investments	-	-	0.00	-	-	20	60	-	-0.39	-	0.00
Other Investing Activities, net	0.91	17	-	-	-6.60	6.29	3.81	7.38	1.61	1.21	0.30
Net Cash From Financing Activities	-51	-115	-1.55	-9.17	-16	-6.36	-4.50	-5.84	-4.77	-255	55
Net Cash From Continuing Financing Activities	-51	-115	0.17	-11	-16	-6.36	-4.50	-5.84	-4.77	-255	55
Repayment of Debt	-49	-137	-	-	-2.29	-1.78	-1.86	-3.59	-2.01	-389	-3.33
Payment of Dividends	-	-8.36	-	-	-1.91	-2.08	-2.40	-2.19	-2.56	-1.88	-2.58
Issuance of Debt	-	-	-	-	-	-	0.00	-	-	-	61
Other Financing Activities, net	-1.83	30	0.17	2.95	-12	-2.49	-0.24	-0.06	-0.20	-4.35	0.00
Cash Interest Paid	11	29	8.94	24	9.05	24	9.02	24	8.86	29	8.86
Cash Income Taxes Paid	-7.82	-61	-55	6.06	2.05	-1.66	0.03	0.37	1.20	-0.14	0.01

This table presents Trulieve Cannabis' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	810	3,411	3,400	2,729	2,870	2,696
Total Current Assets	261	524	594	477	605	563
Cash & Equivalents	147	231	207	201	239	256
Note & Lease Receivable	0.00	1.53	0.73	6.23	4.75	1.25
Accounts Receivable	0.31	8.85	6.51	6.70	8.29	10
Inventories, net	98	212	277	213	231	242
Prepaid Expenses	16	68	11	18	23	18
Current Deferred & Refundable Income Taxes	-	-	-	0.00	10	8.46
Other Current Assets	-	-	51	24	26	25
Other Current Nonoperating Assets	-	-	34	1.96	0.87	0.86
Plant, Property, & Equipment, net	314	780	743	676	716	670
Total Noncurrent Assets	234	2,107	2,064	1,575	1,550	1,463
Noncurrent Note & Lease Receivables	0.00	12	12	7.42	0.53	0.45
Goodwill	67	765	791	484	484	484
Intangible Assets	93	1,118	985	917	859	798
Other Noncurrent Operating Assets	75	211	182	165	204	178
Other Noncurrent Nonoperating Assets	-	-	93	2.01	1.98	1.91
Total Liabilities & Shareholders' Equity	810	3,411	3,400	2,729	2,870	2,696
Total Liabilities	362	1,263	1,473	1,320	1,621	1,553
Total Current Liabilities	76	169	210	115	138	127
Short-Term Debt	15	23	12	3.76	3.41	4.08
Accounts Payable	41	94	82	83	94	83
Current Deferred Revenue	7.18	7.17	9.46	1.34	8.03	9.59
Other Current Liabilities	7.15	17	54	24	30	27
Other Current Nonoperating Liabilities	-	-	2.33	2.99	3.13	3.68
Total Noncurrent Liabilities	286	1,095	1,262	1,206	1,483	1,426
Long-Term Debt	4.00	6.46	94	116	112	91
Noncurrent Deferred & Payable Income Tax Liabilities	15	251	244	387	642	846
Other Noncurrent Operating Liabilities	266	837	855	661	690	454
Other Noncurrent Nonoperating Liabilities	-	-	68	42	39	35
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	448	2,147	1,928	1,409	1,249	1,143
Total Preferred & Common Equity	448	2,146	1,931	1,414	1,261	1,161
Total Common Equity	448	2,146	1,931	1,414	1,261	1,161
Common Stock	328	2,008	2,045	2,055	2,057	2,073
Retained Earnings	120	138	-114	-641	-796	-912
Noncontrolling Interest	0.00	1.55	-3.46	-5.86	-12	-18

This table presents Trulieve Cannabis' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	2,809	2,775	2,819	2,865	2,874	2,888	2,922	2,942	2,782
Total Current Assets	475	487	585	631	603	649	711	756	653
Cash & Equivalents	152	192	320	355	238	328	393	449	353
Note & Lease Receivable	0.75	1.07	4.38	2.19	1.77	4.46	3.10	1.57	1.33
Accounts Receivable	7.01	6.89	5.93	7.53	9.03	10	11	10	14
Inventories, net	253	230	209	208	221	239	241	243	242
Prepaid Expenses	43	44	17	24	19	24	22	21	21
Current Deferred & Refundable Income Taxes	-	-	-	6.35	5.84	8.64	7.30	7.37	6.75
Other Current Assets	-	-	20	27	27	32	25	22	14
Other Current Nonoperating Assets	11	6.21	0.89	0.96	0.92	0.86	0.79	0.85	0.84
Plant, Property, & Equipment, net	709	688	672	678	702	710	699	694	677
Total Noncurrent Assets	1,625	1,601	1,562	1,556	1,570	1,528	1,511	1,491	1,452
Noncurrent Note & Lease Receivables	12	12	6.27	6.00	5.77	0.53	0.53	0.53	0.45
Goodwill	484	484	484	484	484	484	484	484	484
Intangible Assets	951	935	902	887	873	849	832	815	781
Other Noncurrent Operating Assets	176	168	168	177	205	193	193	190	185
Other Noncurrent Nonoperating Assets	2.01	2.01	2.01	1.98	1.98	1.98	1.95	1.91	1.91
Total Liabilities & Shareholders' Equity	2,809	2,775	2,819	2,865	2,874	2,888	2,922	2,942	2,782
Total Liabilities	1,347	1,334	1,428	1,489	1,566	1,669	1,712	1,755	1,633
Total Current Liabilities	241	252	117	124	137	137	124	124	124
Short-Term Debt	135	136	3.79	3.87	3.34	3.47	3.67	3.74	4.15
Accounts Payable	75	86	83	87	96	91	79	81	79
Current Deferred Revenue	5.78	3.56	2.10	4.32	6.66	8.68	8.36	8.90	9.95
Other Current Liabilities	21	22	24	25	27	30	30	26	27
Other Current Nonoperating Liabilities	3.41	3.27	3.05	3.18	3.46	3.44	3.25	3.92	3.80
Total Noncurrent Liabilities	1,106	1,083	1,311	1,365	1,429	1,532	1,589	1,631	1,508
Long-Term Debt	93	92	115	114	113	111	109	108	90
Noncurrent Deferred & Payable Income Tax Liabilities	212	205	495	544	588	693	746	798	866
Other Noncurrent Operating Liabilities	758	742	660	667	689	690	698	688	518
Other Noncurrent Nonoperating Liabilities	43	43	41	40	39	38	35	37	34
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,462	1,441	1,383	1,371	1,301	1,219	1,209	1,186	1,149
Total Preferred & Common Equity	1,466	1,445	1,390	1,380	1,312	1,232	1,225	1,204	1,168
Total Common Equity	1,466	1,445	1,390	1,380	1,312	1,232	1,225	1,204	1,168
Common Stock	2,048	2,052	2,054	2,056	2,048	2,061	2,067	2,073	2,077
Retained Earnings	-582	-607	-664	-676	-736	-829	-842	-869	-910
Noncontrolling Interest	-4.05	-4.50	-7.02	-9.28	-11	-13	-16	-18	-18

This table displays calculated financial ratios and metrics derived from Trulieve Cannabis' official financial filings.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-
Revenue Growth	0.00%	106.29%	78.69%	30.72%	-7.31%	5.07%	-0.45%
EBITDA Growth	0.00%	61.05%	36.33%	-15.97%	-118.65%	677.77%	22.97%
EBIT Growth	0.00%	56.87%	15.46%	-74.38%	-509.24%	141.95%	57.52%
NOPAT Growth	0.00%	50.58%	-59.54%	-0.64%	-541.77%	-128.54%	48.39%
Net Income Growth	0.00%	18.65%	-72.31%	-1,548.71%	-110.95%	69.88%	23.87%
EPS Growth	0.00%	15.22%	-60.38%	-552.38%	-140.00%	65.35%	26.58%
Operating Cash Flow Growth	0.00%	422.43%	-87.06%	79.07%	773.92%	34.50%	0.49%
Free Cash Flow Firm Growth	0.00%	0.00%	-582.84%	113.47%	16.17%	-138.97%	-1.29%
Invested Capital Growth	0.00%	0.00%	507.44%	-9.20%	-22.88%	-18.94%	-7.69%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-0.38%	1.21%	-0.67%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	0.00%	22.83%	-10.73%	6.39%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	0.00%	10.88%	-25.76%	13.94%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	0.00%	9.15%	-38.79%	19.15%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	0.00%	8.00%	-20.01%	12.81%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	5.79%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	0.00%	124.55%	60.98%	-27.07%	11.68%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	-190.81%	-394.69%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-9.75%	-3.72%	14.91%
Profitability Metrics	-	-	-	-	-	-	-
Gross Margin	75.88%	74.09%	60.80%	56.57%	52.13%	60.32%	60.21%
EBITDA Margin	51.05%	39.86%	30.41%	19.55%	-3.93%	21.63%	26.71%
Operating Margin	44.80%	41.86%	21.90%	4.12%	-19.63%	8.24%	12.15%
EBIT Margin	44.80%	34.07%	22.01%	4.31%	-19.05%	7.60%	12.03%
Profit (Net Income) Margin	21.00%	12.08%	1.87%	-20.75%	-47.21%	-13.53%	-10.35%
Tax Burden Percent	51.21%	40.01%	9.90%	1,313.69%	187.37%	-375.94%	-133.64%
Interest Burden Percent	91.53%	88.61%	85.91%	-36.61%	132.30%	47.34%	64.36%
Effective Tax Rate	48.79%	59.99%	82.68%	0.00%	0.00%	462.59%	227.51%
Return on Invested Capital (ROIC)	0.00%	54.61%	3.12%	1.89%	-9.93%	-28.78%	-17.25%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	92.65%	13.90%	158.59%	348.29%	-229.05%	-62.12%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-26.48%	-1.78%	-14.30%	-22.03%	16.69%	7.03%
Return on Equity (ROE)	0.00%	28.13%	1.34%	-12.40%	-31.96%	-12.08%	-10.22%
Cash Return on Invested Capital (CROIC)	0.00%	-145.39%	-140.34%	11.54%	15.90%	-7.86%	-9.25%
Operating Return on Assets (OROA)	0.00%	21.94%	9.72%	1.54%	-7.02%	3.22%	5.11%
Return on Assets (ROA)	0.00%	7.78%	0.83%	-7.42%	-17.40%	-5.74%	-4.39%
Return on Common Equity (ROCE)	0.00%	28.13%	1.34%	-12.41%	-32.05%	-12.17%	-10.35%
Return on Equity Simple (ROE_SIMPLE)	0.00%	14.07%	0.81%	-13.09%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	58	87	35	35	-155	-355	-183
NOPAT Margin	22.94%	16.75%	3.79%	2.88%	-13.74%	-29.88%	-15.49%
Net Nonoperating Expense Percent (NNEP)	0.00%	-38.05%	-10.78%	-156.70%	-358.22%	200.27%	44.87%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	1.73%	-10.15%	-25.99%	-14.78%
Cost of Revenue to Revenue	24.12%	25.91%	39.20%	43.43%	47.87%	39.68%	39.79%
SG&A Expenses to Revenue	5.57%	6.91%	10.67%	13.91%	34.20%	43.02%	37.69%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	31.08%	32.23%	38.90%	52.45%	71.75%	52.08%	48.06%
Earnings before Interest and Taxes (EBIT)	113	178	205	53	-215	90	142
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	129	208	283	238	-44	257	316
Valuation Ratios	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	8.35	1.78	0.74	0.70	0.78	1.43
Price to Tangible Book Value (P/TBV)	0.00	12.99	14.54	9.19	73.60	0.00	0.00
Price to Revenue (P/Rev)	5.40	7.17	4.10	1.17	0.87	0.83	1.41
Price to Earnings (P/E)	25.71	59.39	211.69	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	3.89%	1.68%	0.47%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	11.30	1.86	0.74	0.65	0.71	1.46
Enterprise Value to Revenue (EV/Rev)	0.00	6.93	3.88	1.08	0.79	0.66	1.26
Enterprise Value to EBITDA (EV/EBITDA)	0.00	17.38	12.76	5.51	0.00	3.07	4.70
Enterprise Value to EBIT (EV/EBIT)	0.00	20.34	17.62	24.98	0.00	8.73	10.44
Enterprise Value to NOPAT (EV/NOPAT)	0.00	41.37	102.28	37.38	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	36.26	280.24	56.83	4.41	2.90	5.44
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	6.14	3.58	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-
Debt to Equity	0.00	0.04	0.01	0.06	0.08	0.09	0.08
Long-Term Debt to Equity	0.00	0.01	0.00	0.05	0.08	0.09	0.08
Financial Leverage	0.00	-0.29	-0.13	-0.09	-0.06	-0.07	-0.11
Leverage Ratio	0.00	1.81	1.63	1.67	1.84	2.11	2.33
Compound Leverage Factor	0.00	1.60	1.40	-0.61	2.43	1.00	1.50
Debt to Total Capital	0.00%	4.01%	1.36%	5.24%	7.83%	8.45%	7.67%
Short-Term Debt to Total Capital	0.00%	3.15%	1.06%	0.61%	0.25%	0.25%	0.33%
Long-Term Debt to Total Capital	0.00%	0.86%	0.30%	4.63%	7.58%	8.20%	7.34%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.07%	-0.17%	-0.38%	-0.90%	-1.47%
Common Equity to Total Capital	0.00%	95.99%	98.57%	94.93%	92.56%	92.44%	93.80%
Debt to EBITDA	0.00	0.09	0.10	0.45	-2.69	0.45	0.30
Net Debt to EBITDA	0.00	-0.62	-0.72	-0.45	1.99	-0.72	-0.51
Long-Term Debt to EBITDA	0.00	0.02	0.02	0.40	-2.61	0.44	0.29
Debt to NOPAT	0.00	0.21	0.84	3.04	-0.77	-0.33	-0.52
Net Debt to NOPAT	0.00	-1.47	-5.78	-3.05	0.57	0.52	0.88
Long-Term Debt to NOPAT	0.00	0.05	0.18	2.68	-0.75	-0.32	-0.50
Altman Z-Score	0.00	8.05	2.47	1.08	0.43	0.69	0.97
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.06%	-0.05%	-0.28%	-0.68%	-1.27%
Liquidity Ratios	-	-	-	-	-	-	-
Current Ratio	0.00	3.43	3.10	2.82	4.16	4.37	4.43
Quick Ratio	0.00	1.93	1.43	1.02	1.87	2.25	2.11
Cash Flow Metrics	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-233	-1,588	214	248	-97	-98
Operating Cash Flow to CapEx	26.56%	99.72%	5.75%	12.43%	396.92%	183.85%	450.87%
Free Cash Flow to Firm to Interest Expense	0.00	-11.49	-54.53	2.91	3.29	-1.56	-1.51
Operating Cash Flow to Interest Expense	2.11	4.92	0.44	0.31	2.67	4.37	4.19
Operating Cash Flow Less CapEx to Interest Expense	-5.83	-0.01	-7.26	-2.22	2.00	1.99	3.26
Efficiency Ratios	-	-	-	-	-	-	-
Asset Turnover	0.00	0.64	0.44	0.36	0.37	0.42	0.42
Accounts Receivable Turnover	0.00	1,693.29	203.43	158.61	170.96	158.29	125.76
Inventory Turnover	0.00	1.37	2.35	2.17	2.21	2.12	1.98
Fixed Asset Turnover	0.00	1.66	1.70	1.60	1.59	1.70	1.70
Accounts Payable Turnover	0.00	3.28	5.40	6.01	6.55	5.31	5.32
Days Sales Outstanding (DSO)	0.00	0.22	1.79	2.30	2.14	2.31	2.90
Days Inventory Outstanding (DIO)	0.00	265.58	155.10	168.56	165.30	172.32	183.92
Days Payable Outstanding (DPO)	0.00	111.29	67.57	60.74	55.77	68.70	68.61
Cash Conversion Cycle (CCC)	0.00	154.50	89.32	110.12	111.67	105.93	118.21
Capital & Investment Metrics	-	-	-	-	-	-	-
Invested Capital	0.00	320	1,943	1,764	1,361	1,103	1,018
Invested Capital Turnover	0.00	3.26	0.82	0.66	0.72	0.96	1.11
Increase / (Decrease) in Invested Capital	0.00	320	1,623	-179	-404	-258	-85
Enterprise Value (EV)	0.00	3,613	3,615	1,313	890	788	1,484
Market Capitalization	1,365	3,741	3,817	1,423	985	985	1,663
Book Value per Share	$0.00	$3.94	$15.40	$10.39	$7.61	$6.67	$6.07
Tangible Book Value per Share	$0.00	$2.54	$1.88	$0.83	$0.07	($0.43)	($0.63)
Total Capital	0.00	467	2,177	2,034	1,528	1,364	1,238
Total Debt	0.00	19	30	107	120	115	95
Total Long-Term Debt	0.00	4.00	6.46	94	116	112	91
Net Debt	0.00	-128	-204	-107	-88	-185	-161
Capital Expenditures (CapEx)	72	100	224	186	51	148	61
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	53	145	182	158	169	184
Debt-free Net Working Capital (DFNWC)	0.00	200	379	396	366	469	440
Net Working Capital (NWC)	0.00	185	355	383	362	466	436
Net Nonoperating Expense (NNE)	4.91	24	18	288	378	-194	-61
Net Nonoperating Obligations (NNO)	0.00	-128	-204	-163	-48	-146	-125
Total Depreciation and Amortization (D&A)	16	30	78	186	171	166	173
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	10.23%	15.55%	14.93%	14.02%	14.27%	15.60%
Debt-free Net Working Capital to Revenue	0.00%	38.36%	40.62%	32.48%	32.44%	39.57%	37.24%
Net Working Capital to Revenue	0.00%	35.54%	38.14%	31.46%	32.10%	39.28%	36.89%
Earnings Adjustments	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	($1.06)	($2.28)	($0.79)	($0.58)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	0.00	188.00M	188.97M	189.99M	191.32M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	($1.06)	($2.28)	($0.79)	($0.58)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	0.00	188.00M	188.97M	189.99M	191.32M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	355.00	186.28M	191.01M	192.31M
Normalized Net Operating Profit after Tax (NOPAT)	58	153	147	88	65	65	104
Normalized NOPAT Margin	22.94%	29.31%	15.73%	7.22%	5.74%	5.46%	8.79%
Pre Tax Income Margin	41.01%	30.19%	18.91%	-1.58%	-25.20%	3.60%	7.74%
Debt Service Ratios	-	-	-	-	-	-	-
EBIT to Interest Expense	12.52	8.78	7.05	0.72	-2.84	1.45	2.18
NOPAT to Interest Expense	6.41	4.32	1.21	0.48	-2.05	-5.70	-2.81
EBIT Less CapEx to Interest Expense	4.58	3.84	-0.66	-1.81	-3.52	-0.92	1.25
NOPAT Less CapEx to Interest Expense	-1.52	-0.62	-6.49	-2.05	-2.72	-8.07	-3.74
Payout Ratios	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	-0.02%	-1.58%	-8.56%	-7.38%
Augmented Payout Ratio	0.00%	0.00%	0.00%	-0.02%	-1.58%	-8.56%	-7.38%

This table displays calculated financial ratios and metrics derived from Trulieve Cannabis' official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	185,987,512.00	185,987,512.00	186,278,480.00	187,289,846.00	187,324,658.00	189,190,676.00	191,005,940.00	191,077,446.00	191,109,373.00	-	192,307,145.00
DEI Adjusted Shares Outstanding	185,987,512.00	185,987,512.00	186,278,480.00	187,289,846.00	187,324,658.00	189,190,676.00	191,005,940.00	191,077,446.00	191,109,373.00	-	192,307,145.00
DEI Earnings Per Adjusted Shares Outstanding	-0.14	-0.18	-0.12	-0.06	-0.32	-0.32	-0.17	-0.07	-0.14	-	0.01
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-6.82%	-1.48%	4.35%	7.68%	3.30%	4.94%	0.05%	-0.45%	1.37%	-2.66%	-3.70%
EBITDA Growth	48.35%	41.40%	24.73%	125.58%	0.56%	-43.15%	-25.66%	73.82%	22.58%	46.61%	4.32%
EBIT Growth	192.25%	729.14%	103.92%	116.49%	-98.28%	-104.91%	-22.61%	7.81%	9,660.24%	1,186.89%	6.86%
NOPAT Growth	-103.69%	-2,623.07%	93.29%	92.85%	101.11%	100.76%	-55.44%	-46.83%	-8,009.04%	-25,633.82%	109.04%
Net Income Growth	77.54%	57.13%	62.14%	96.97%	-139.35%	-76.95%	-35.87%	-30.86%	53.47%	29.19%	106.76%
EPS Growth	68.42%	43.75%	11.11%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Growth	532.01%	138.99%	33,840.00%	403.84%	-67.53%	-76.67%	-63.26%	20.72%	153.07%	93.04%	8.95%
Free Cash Flow Firm Growth	120.17%	0.00%	123.06%	78.84%	-8.36%	-8.47%	-75.62%	-45.93%	-37.83%	-157.58%	-5.67%
Invested Capital Growth	-22.37%	-22.88%	-31.48%	-24.62%	-24.01%	-18.94%	-14.83%	-18.80%	-22.66%	-7.69%	-11.20%
Revenue Q/Q Growth	-2.34%	4.27%	3.71%	1.96%	-6.31%	5.93%	-1.12%	1.45%	-4.60%	1.72%	-2.18%
EBITDA Q/Q Growth	128.01%	4.42%	14.26%	-26.09%	10.13%	-40.97%	54.71%	72.80%	-22.33%	-29.40%	10.09%
EBIT Q/Q Growth	108.42%	21.98%	45.25%	10.52%	-99.12%	-448.81%	2,390.38%	53.96%	-20.65%	-61.16%	125.19%
NOPAT Q/Q Growth	80.88%	-210.60%	72.00%	57.01%	102.97%	111.65%	-5,854.52%	59.39%	-59.90%	-583.30%	102.04%
Net Income Q/Q Growth	93.65%	-34.62%	28.58%	50.45%	-402.40%	0.48%	45.16%	52.28%	-78.66%	-51.45%	105.24%
EPS Q/Q Growth	93.33%	-50.00%	11.11%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	498.09%	40.70%	5.85%	-48.75%	-57.46%	1.11%	66.68%	69.69%	-10.83%	-22.87%	-5.93%
Free Cash Flow Firm Q/Q Growth	91.12%	-28.57%	86.99%	-29.94%	-2.06%	-28.66%	-50.19%	55.37%	12.62%	-166.07%	181.60%
Invested Capital Q/Q Growth	-3.52%	-9.75%	-10.06%	-3.75%	-2.74%	-3.72%	-5.50%	-8.24%	-7.36%	14.91%	-9.09%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	51.94%	53.61%	58.40%	59.86%	60.95%	62.10%	61.53%	60.55%	58.94%	59.75%	59.31%
EBITDA Margin	24.88%	24.91%	28.42%	20.60%	24.22%	13.50%	21.12%	35.97%	29.29%	20.33%	22.88%
Operating Margin	8.48%	10.17%	15.49%	16.40%	0.22%	0.43%	11.19%	17.42%	14.66%	5.22%	12.46%
EBIT Margin	8.89%	10.40%	14.57%	15.79%	0.15%	-0.49%	11.27%	17.10%	14.22%	5.43%	12.50%
Profit (Net Income) Margin	-9.39%	-12.12%	-8.35%	-4.06%	-21.76%	-20.44%	-11.34%	-5.33%	-9.99%	-14.87%	0.80%
Tax Burden Percent	-188.31%	-394.36%	-77.78%	-33.73%	481.86%	477.15%	-166.08%	-41.41%	-98.24%	-1,482.28%	9.05%
Interest Burden Percent	56.09%	29.56%	73.68%	76.19%	-3,056.43%	880.68%	60.58%	75.31%	71.48%	18.47%	70.33%
Effective Tax Rate	266.98%	514.91%	173.53%	129.29%	0.00%	0.00%	258.10%	140.65%	181.00%	1,628.32%	86.67%
Return on Invested Capital (ROIC)	-9.31%	-30.49%	-8.64%	-4.08%	0.13%	0.29%	-18.53%	-7.87%	-13.90%	-88.81%	1.97%
ROIC Less NNEP Spread (ROIC-NNEP)	-1,934.03%	-112.25%	-15.97%	-8.71%	130.46%	64.80%	-29.55%	-10.21%	-16.24%	-229.34%	3.21%
Return on Net Nonoperating Assets (RNNOA)	0.76%	7.10%	1.21%	0.30%	-4.54%	-4.72%	3.89%	1.78%	3.01%	25.95%	-0.54%
Return on Equity (ROE)	-8.54%	-23.39%	-7.43%	-3.78%	-4.40%	-4.43%	-14.64%	-6.08%	-10.88%	-62.86%	1.43%
Cash Return on Invested Capital (CROIC)	0.00%	15.90%	28.40%	16.92%	8.04%	-7.86%	-23.43%	-20.71%	3.28%	-9.25%	-0.62%
Operating Return on Assets (OROA)	3.31%	3.83%	5.42%	6.48%	0.06%	-0.21%	4.69%	7.01%	5.82%	2.31%	5.16%
Return on Assets (ROA)	-3.49%	-4.47%	-3.11%	-1.66%	-9.03%	-8.66%	-4.71%	-2.18%	-4.08%	-6.31%	0.33%
Return on Common Equity (ROCE)	-8.55%	-23.45%	-7.44%	-3.79%	-4.41%	-4.46%	-14.71%	-6.13%	-10.98%	-63.66%	1.45%
Return on Equity Simple (ROE_SIMPLE)	-40.10%	0.00%	-35.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-39	-121	-34	-15	0.43	0.92	-53	-21	-34	-234	4.76
NOPAT Margin	-14.16%	-42.19%	-11.39%	-4.80%	0.15%	0.30%	-17.69%	-7.08%	-11.87%	-79.75%	1.66%
Net Nonoperating Expense Percent (NNEP)	1,924.72%	81.76%	7.33%	4.64%	-130.32%	-64.51%	11.02%	2.34%	2.35%	140.53%	-1.24%
Return On Investment Capital (ROIC_SIMPLE)	-	-7.92%	-2.26%	-0.98%	0.03%	0.07%	-3.95%	-1.62%	-2.64%	-18.89%	0.38%
Cost of Revenue to Revenue	48.06%	46.39%	41.60%	40.14%	39.05%	37.90%	38.47%	39.45%	41.06%	40.25%	40.69%
SG&A Expenses to Revenue	12.52%	96.70%	34.04%	33.81%	52.28%	52.44%	39.89%	33.47%	34.36%	43.09%	36.58%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	43.46%	43.44%	42.91%	43.47%	60.74%	61.67%	50.34%	43.13%	44.28%	54.54%	46.95%
Earnings before Interest and Taxes (EBIT)	24	30	43	48	0.42	-1.47	34	52	41	16	36
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	68	71	85	63	69	41	63	109	84	60	66
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.80	0.70	1.69	1.28	1.77	0.78	0.60	0.59	1.28	1.43	0.95
Price to Tangible Book Value (P/TBV)	43.02	73.60	493.02	192.96	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.02	0.87	2.06	1.51	1.98	0.83	0.62	0.61	1.30	1.41	0.95
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.78	0.65	1.75	1.29	1.85	0.71	0.49	0.44	1.34	1.46	0.90
Enterprise Value to Revenue (EV/Rev)	1.04	0.79	1.88	1.30	1.80	0.66	0.43	0.36	1.00	1.26	0.71
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	5.33	7.35	3.07	2.17	1.50	4.00	4.70	2.61
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	10.43	17.39	8.73	6.34	5.02	9.50	10.44	5.75
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	9.38	4.41	6.29	3.49	5.68	2.90	2.78	2.13	4.85	5.44	2.99
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	3.58	5.01	6.54	19.83	0.00	0.00	0.00	35.62	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.16	0.08	0.09	0.09	0.09	0.09	0.09	0.09	0.09	0.08	0.08
Long-Term Debt to Equity	0.06	0.08	0.08	0.08	0.09	0.09	0.09	0.09	0.09	0.08	0.08
Financial Leverage	0.00	-0.06	-0.08	-0.03	-0.03	-0.07	-0.13	-0.17	-0.19	-0.11	-0.17
Leverage Ratio	1.77	1.84	1.88	2.00	2.06	2.11	2.19	2.24	2.33	2.33	2.39
Compound Leverage Factor	0.99	0.54	1.39	1.52	-62.81	18.55	1.32	1.69	1.67	0.43	1.68
Debt to Total Capital	13.68%	7.83%	7.87%	7.86%	8.15%	8.45%	8.60%	8.49%	8.59%	7.67%	7.58%
Short-Term Debt to Total Capital	8.15%	0.25%	0.25%	0.26%	0.23%	0.25%	0.26%	0.28%	0.29%	0.33%	0.33%
Long-Term Debt to Total Capital	5.53%	7.58%	7.62%	7.60%	7.92%	8.20%	8.33%	8.21%	8.30%	7.34%	7.25%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	-0.27%	-0.38%	0.04%	-0.27%	-0.25%	-0.90%	-0.99%	-1.18%	-1.35%	-1.47%	-1.48%
Common Equity to Total Capital	86.59%	92.56%	92.09%	92.41%	92.10%	92.44%	92.40%	92.69%	92.77%	93.80%	93.90%
Debt to EBITDA	-3.97	-2.69	-4.75	0.41	0.40	0.45	0.49	0.40	0.38	0.30	0.30
Net Debt to EBITDA	-0.51	1.99	8.32	-0.84	-0.71	-0.72	-0.91	-1.03	-1.14	-0.51	-0.81
Long-Term Debt to EBITDA	-1.60	-2.61	-4.60	0.40	0.39	0.44	0.47	0.39	0.36	0.29	0.28
Debt to NOPAT	-1.34	-0.77	-0.88	-0.77	-0.45	-0.33	-0.26	-0.25	-0.49	-0.52	-0.77
Net Debt to NOPAT	-0.17	0.57	1.54	1.56	0.79	0.52	0.48	0.65	1.50	0.88	2.11
Long-Term Debt to NOPAT	-0.54	-0.75	-0.85	-0.74	-0.44	-0.32	-0.25	-0.25	-0.48	-0.50	-0.73
Altman Z-Score	0.75	0.73	1.31	1.05	1.13	0.58	0.53	0.56	0.82	0.82	0.64
Noncontrolling Interest Sharing Ratio	-0.12%	-0.28%	-0.13%	-0.28%	-0.29%	-0.68%	-0.48%	-0.76%	-0.84%	-1.27%	-1.34%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.93	4.16	4.99	5.10	4.41	4.37	4.75	5.74	6.09	4.43	5.26
Quick Ratio	0.79	1.87	2.82	2.95	2.40	2.25	2.51	3.28	3.72	2.11	2.97
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	396	283	528	370	363	259	129	200	225	-149	122
Operating Cash Flow to CapEx	990.97%	1,085.31%	678.73%	217.47%	67.58%	62.00%	245.87%	537.66%	462.49%	833.79%	413.13%
Free Cash Flow to Firm to Interest Expense	31.21	12.36	36.02	23.96	20.76	17.69	7.90	12.21	14.01	-9.08	9.12
Operating Cash Flow to Interest Expense	7.37	5.75	9.49	4.62	1.74	2.10	3.14	5.25	4.77	3.61	4.18
Operating Cash Flow Less CapEx to Interest Expense	6.63	5.22	8.09	2.49	-0.83	-1.29	1.86	4.28	3.74	3.18	3.17
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.37	0.37	0.37	0.41	0.42	0.42	0.42	0.41	0.41	0.42	0.41
Accounts Receivable Turnover	124.60	170.96	163.42	159.93	147.30	158.29	146.55	129.57	121.82	125.76	96.27
Inventory Turnover	2.04	2.21	2.09	2.22	2.17	2.12	2.06	2.04	2.01	1.98	1.96
Fixed Asset Turnover	1.53	1.59	1.57	1.68	1.69	1.70	1.72	1.72	1.70	1.70	1.69
Accounts Payable Turnover	6.22	6.55	6.04	6.28	5.37	5.31	5.31	5.52	5.26	5.32	5.55
Days Sales Outstanding (DSO)	2.93	2.14	2.23	2.28	2.48	2.31	2.49	2.82	3.00	2.90	3.79
Days Inventory Outstanding (DIO)	178.79	165.30	174.78	164.44	167.99	172.32	177.45	178.63	181.74	183.92	186.16
Days Payable Outstanding (DPO)	58.65	55.77	60.44	58.10	68.01	68.70	68.79	66.13	69.43	68.61	65.74
Cash Conversion Cycle (CCC)	123.08	111.67	116.57	108.62	102.47	105.93	111.14	115.32	115.31	118.21	124.21
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,508	1,361	1,224	1,178	1,146	1,103	1,042	957	886	1,018	926
Invested Capital Turnover	0.66	0.72	0.76	0.85	0.88	0.96	1.05	1.11	1.17	1.11	1.19
Increase / (Decrease) in Invested Capital	-435	-404	-562	-385	-362	-258	-181	-222	-260	-85	-117
Enterprise Value (EV)	1,176	890	2,142	1,518	2,114	788	510	422	1,186	1,484	830
Market Capitalization	1,151	985	2,350	1,761	2,320	985	738	727	1,542	1,663	1,107
Book Value per Share	$7.77	$7.61	$7.46	$7.37	$7.00	$6.67	$6.45	$6.41	$6.30	$6.07	$6.07
Tangible Book Value per Share	$0.14	$0.07	$0.03	$0.05	($0.24)	($0.43)	($0.53)	($0.48)	($0.50)	($0.63)	($0.50)
Total Capital	1,669	1,528	1,510	1,494	1,425	1,364	1,333	1,322	1,298	1,238	1,244
Total Debt	228	120	119	117	116	115	115	112	111	95	94
Total Long-Term Debt	92	116	115	114	113	112	111	109	108	91	90
Net Debt	29	-88	-208	-239	-203	-185	-215	-289	-339	-161	-259
Capital Expenditures (CapEx)	9.43	12	21	33	45	49	21	16	17	7.10	13
Debt-free, Cash-free Net Working Capital (DFCFNWC)	172	158	145	155	151	169	187	190	186	184	180
Debt-free Net Working Capital (DFNWC)	371	366	472	511	470	469	516	591	636	440	533
Net Working Capital (NWC)	235	362	468	507	466	466	513	588	632	436	529
Net Nonoperating Expense (NNE)	-13	-86	-9.05	-2.26	62	62	-19	-5.29	-5.43	-190	2.48
Net Nonoperating Obligations (NNO)	67	-48	-167	-198	-163	-146	-176	-253	-300	-125	-224
Total Depreciation and Amortization (D&A)	44	42	41	15	68	42	29	57	43	44	30
Debt-free, Cash-free Net Working Capital to Revenue	15.18%	14.02%	12.70%	13.33%	12.87%	14.27%	15.74%	16.05%	15.64%	15.60%	15.39%
Debt-free Net Working Capital to Revenue	32.72%	32.44%	41.33%	43.94%	40.06%	39.57%	43.50%	49.88%	53.49%	37.24%	45.54%
Net Working Capital to Revenue	20.72%	32.10%	41.00%	43.61%	39.78%	39.28%	43.21%	49.57%	53.17%	36.89%	45.19%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.12)	($0.18)	($0.16)	($0.04)	($0.32)	$0.00	($0.16)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic Shares Outstanding	188.92M	188.97M	189.49M	190.33M	190.19M	189.99M	191.13M	191.20M	191.28M	191.32M	192.54M
Adjusted Diluted Earnings per Share	($0.12)	($0.18)	($0.16)	($0.04)	($0.32)	$0.00	($0.16)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	188.92M	188.97M	189.49M	190.33M	190.19M	189.99M	191.13M	191.20M	191.28M	191.32M	197.76M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	185.99M	186.28M	187.29M	187.32M	189.19M	191.01M	191.08M	191.11M	191.16M	192.31M	192.31M
Normalized Net Operating Profit after Tax (NOPAT)	15	21	31	36	-2.57	0.31	25	37	29	14	25
Normalized NOPAT Margin	5.63%	7.41%	10.52%	11.76%	-0.91%	0.10%	8.26%	12.14%	10.05%	4.64%	8.72%
Pre Tax Income Margin	4.99%	3.07%	10.73%	12.03%	-4.52%	-4.28%	6.83%	12.88%	10.17%	1.00%	8.80%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.93	1.31	2.96	3.10	0.02	-0.10	2.06	3.15	2.55	0.97	2.69
NOPAT to Interest Expense	-3.08	-5.29	-2.31	-0.94	0.02	0.06	-3.23	-1.31	-2.13	-14.25	0.36
EBIT Less CapEx to Interest Expense	1.19	0.78	1.56	0.98	-2.55	-3.49	0.78	2.17	1.52	0.54	1.68
NOPAT Less CapEx to Interest Expense	-3.82	-5.82	-3.71	-3.07	-2.55	-3.32	-4.51	-2.28	-3.16	-14.69	-0.65
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-0.01%	-1.58%	0.00%	-9.98%	-8.72%	-8.56%	0.00%	-0.56%	-1.16%	-7.38%	-10.68%
Augmented Payout Ratio	-0.01%	-1.58%	0.00%	-9.98%	-8.72%	-8.56%	0.00%	-0.56%	-1.16%	-7.38%	-10.68%

Financials Breakdown Chart

Key Financial Trends

Trulieve Cannabis (OTCMKTS: TCNNF) showed a sharp operational rebound in Q1 2026, with revenue and operating cash flow improving meaningfully from the prior quarter and from the year-ago period. The company generated $286.8 million in revenue and $55.7 million in operating cash flow in the quarter, while reporting net income of $2.3 million. That said, Trulieve is still carrying a heavy debt and liability load, and its bottom line can remain volatile because of interest expense, taxes, and non-operating items.

Revenue rebounded in Q1 2026. Sales rose to $286.8 million from $293.1 million in Q4 2025, and were roughly in line with recent quarters, showing some stability in the top line.
Gross profit remained strong. Q1 2026 gross profit was $170.1 million, implying solid gross margin despite a high cost structure.
Operating cash flow improved. Trulieve generated $55.7 million in cash from operations in Q1 2026, up from $59.2 million in Q4 2025 and well above Q1 2025’s $51.1 million.
Net income returned to positive territory. The company reported $2.3 million in net income, a major improvement from the $44.9 million loss in Q4 2025 and the $33.8 million loss in Q1 2025.
Cash balance remains large. Trulieve ended Q1 2026 with $352.9 million in cash and equivalents, giving it substantial near-term liquidity.
Debt was reduced at the operating level in the quarter. The company repaid $3.3 million of debt during Q1 2026, though it also issued much more debt in the financing section.
Capex was modest. Capital spending was $13.5 million in Q1 2026, lower than in several prior quarters, which suggests relatively restrained investment activity.
Shares outstanding were broadly stable. Weighted average diluted shares were 197.8 million in Q1 2026 versus 191.3 million in Q4 2025, so dilution was not the main driver of results.
Interest burden remains meaningful. Q1 2026 cash interest paid was $8.9 million, and interest expense on the income statement was $13.3 million.
Long-term debt remains significant. Trulieve ended Q1 2026 with $90.1 million of short-term debt and $90.1 million of long-term debt, but its broader liabilities remain much larger than its cash cushion alone would suggest.
Deferred tax and other noncurrent liabilities are very large. Noncurrent deferred and payable income tax liabilities totaled $866.2 million, while other noncurrent operating liabilities were $518.2 million.
Balance sheet leverage is still heavy. Total liabilities were $1.63 billion versus $1.15 billion of equity and noncontrolling interests, leaving a leveraged capital structure.
Earnings remain uneven year to year. Over the last several quarters, Trulieve has swung between losses and small profits, showing that profitability is still fragile.

Bottom line: Trulieve’s Q1 2026 results were better than recent quarters, especially on cash flow and profitability. The company appears to be stabilizing operationally, but investors should still watch the large liability stack, recurring interest costs, and the sustainability of earnings improvement.

06/19/26 03:19 PM ETAI Generated. May Contain Errors.

Trulieve Cannabis Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Trulieve Cannabis' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Trulieve Cannabis' net income appears to be on an upward trend, with a most recent value of -$122.25 million in 2025, falling from $53.10 million in 2019. The previous period was -$160.58 million in 2024. View Trulieve Cannabis' forecast to see where analysts expect Trulieve Cannabis to go next.

Trulieve Cannabis' total operating income in 2025 was $143.50 million, based on the following breakdown:

Total Gross Profit: $711.17 million
Total Operating Expenses: $567.67 million

Over the last 6 years, Trulieve Cannabis' total revenue changed from $252.82 million in 2019 to $1.18 billion in 2025, a change of 367.2%.

Trulieve Cannabis' total liabilities were at $1.55 billion at the end of 2025, a 4.2% decrease from 2024, and a 329.2% increase since 2020.

In the past 5 years, Trulieve Cannabis' cash and equivalents has ranged from $146.71 million in 2020 to $255.54 million in 2025, and is currently $255.54 million as of their latest financial filing in 2025.

Over the last 6 years, Trulieve Cannabis' book value per share changed from 0.00 in 2019 to 6.07 in 2025, a change of 607.5%.

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Financial statements for OTCMKTS:TCNNF last updated on 6/18/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Trulieve Cannabis (TCNNF) Financials

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Trulieve Cannabis (TCNNF) Financials

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Financials Breakdown Chart

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Trulieve Cannabis Financials - Frequently Asked Questions

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