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Stocks · Health care · Medicinal Chemicals & Botanical Products

Trulieve Cannabis Corp.

TRLV Clue Score48
United States Fiscal year ends December CIK 0001754195
$10.67 +2.89% Close, 9 Oct 2026
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Price $10.67 +20.70% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 10 Jun 2026. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2019Revenue252.8Operating income113.3Net income53.1EPS, diluted0.46Fiscal year 2020Revenue521.5 +106.3%Operating income218.3Net income63.0 +18.7%EPS, diluted0.53 +15.2%Fiscal year 2021Revenue931.9 +78.7%Operating income204.1Net income17.4 −72.3%EPS, diluted0.21 −60.4%Fiscal year 2022Revenue1,218.2 +30.7%Operating income50.2Net income−252.7 −1,548.7%EPS, diluted−0.95 −552.4%Fiscal year 2023Revenue1,129.2 −7.3%Operating income−221.6EPS, diluted−2.28Fiscal year 2024Revenue1,186.5 +5.1%Operating income97.8EPS, diluted−0.79Fiscal year 2025Revenue1,181.2 −0.4%Operating income143.5EPS, diluted−0.58
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 252.8 521.5 931.9 1,218.2 1,129.2 1,186.5 1,181.2
Growth +106.3% +78.7% +30.7% −7.3% +5.1% −0.4%
Operating income 113.3 218.3 204.1 50.2 −221.6 97.8 143.5
Net income 53.1 63.0 17.4 −252.7 n/a n/a n/a
Growth +18.7% −72.3% −1,548.7%
EPS, diluted 0.46 0.53 0.21 −0.95 −2.28 −0.79 −0.58
Growth +15.2% −60.4% −552.4%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2019Gross margin75.9%Operating margin44.8%Net margin21.0%Free cash flow margin−20.9%Fiscal year 2020Gross margin74.1%Operating margin41.9%Net margin12.1%Free cash flow margin−0.1%Fiscal year 2021Gross margin60.8%Operating margin21.9%Net margin1.9%Free cash flow margin−28.2%Fiscal year 2022Gross margin56.6%Operating margin4.1%Net margin−20.7%Free cash flow margin−11.6%Fiscal year 2023Gross margin52.1%Operating margin−19.6%Free cash flow margin14.3%Fiscal year 2024Gross margin60.3%Operating margin8.2%Free cash flow margin12.5%Fiscal year 2025Gross margin60.2%Operating margin12.1%Free cash flow margin19.4%
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 75.9% 74.1% 60.8% 56.6% 52.1% 60.3% 60.2%
Operating margin 44.8% 41.9% 21.9% 4.1% −19.6% 8.2% 12.1%
Net margin 21.0% 12.1% 1.9% −20.7% n/a n/a n/a
Free cash flow margin −20.9% −0.1% −28.2% −11.6% 14.3% 12.5% 19.4%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2019Operating cash flow19.1Capital expenditure−71.8Free cash flow−52.8Fiscal year 2020Operating cash flow99.6Capital expenditure−99.9Free cash flow−0.3Fiscal year 2021Operating cash flow12.9Capital expenditure−275.9Free cash flow−263.0Fiscal year 2022Operating cash flow23.1Capital expenditure−164.7Free cash flow−141.7Fiscal year 2023Operating cash flow201.8Capital expenditure−40.2Free cash flow161.6Fiscal year 2024Operating cash flow271.5Capital expenditure−122.6Free cash flow148.9 −7.9%Fiscal year 2025Operating cash flow272.8Capital expenditure−44.2Free cash flow228.6 +53.6%
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 19.1 99.6 12.9 23.1 201.8 271.5 272.8
Capital expenditure −71.8 −99.9 −275.9 −164.7 −40.2 −122.6 −44.2
Free cash flow −52.8 −0.3 −263.0 −141.7 161.6 148.9 228.6
Growth −7.9% +53.6%

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2019Cash91.8Shareholders’ equity132.9Fiscal year 2020Cash146.7Shareholders’ equity447.9Fiscal year 2021Cash226.6Total debt462.9Net cash (debt)−236.3Shareholders’ equity2,147.4Debt to equity0.22Fiscal year 2022Cash207.2Total debt541.7Net cash (debt)−334.5Shareholders’ equity1,927.7Debt to equity0.28Fiscal year 2023Cash201.4Total debt363.2Net cash (debt)−161.8Shareholders’ equity1,408.6Debt to equity0.26Fiscal year 2024Cash238.8Total debt364.8Net cash (debt)−126.0Shareholders’ equity1,249.0Debt to equity0.29Fiscal year 2025Cash255.5Total debt136.7Net cash (debt)118.8Shareholders’ equity1,143.0Debt to equity0.12
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 91.8 146.7 226.6 207.2 201.4 238.8 255.5
Total debt n/a n/a 462.9 541.7 363.2 364.8 136.7
Net cash (debt) n/a n/a −236.3 −334.5 −161.8 −126.0 118.8
Shareholders’ equity 132.9 447.9 2,147.4 1,927.7 1,408.6 1,249.0 1,143.0
Debt to equity n/a n/a 0.22 0.28 0.26 0.29 0.12

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
252.8 521.5 931.9 1,218.2 1,129.2 1,186.5 1,181.2
Growth +106.3% +78.7% +30.7% −7.3% +5.1% −0.4%
61.0 135.1 365.4 529.1 540.6 470.7 470.0
191.8 386.4 566.6 689.1 588.6 715.7 711.2
Growth +101.4% +46.6% +21.6% −14.6% +21.6% −0.6%
14.1 36.1 99.5 169.5 386.2 510.5 445.2
113.3 218.3 204.1 50.2 −221.6 97.8 143.5
Growth +92.7% −6.5% −75.4% −541.8% +46.8%
103.7 157.4 176.2 −19.2 −284.5 42.7 91.5
50.6 94.5 145.7 163.4 151.4 197.6 208.1
53.1 63.0 17.4 −252.7 n/a n/a n/a
Growth +18.7% −72.3% −1,548.7%
Per share
0.48 0.55 0.22 −0.95 −2.28 −0.79 −0.58
0.46 0.53 0.21 −0.95 −2.28 −0.79 −0.58
Growth +15.2% −60.4% −552.4%
110.2 113.6 139.4 188.0 189.0 190.0 191.3
115.3 118.3 146.8 188.0 189.0 190.0 191.3
Growth +2.6% +24.0% +28.1% +0.5% +0.5% +0.7%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 17.8% a year over five years.
  • The diluted share count rose 61.7% in five years, which is dilution.
  • Operating margin is down 29.7 points on five years ago, at 12.1%.
  • A net loss in 1 of 4 years on file.