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Trulieve Cannabis Corp.: Q3 FY2025 earnings call

What management said about Q3 FY2025, from the documents filed with the SEC on 5 November 2025: press release. Guidance figures: 1 new. The quarter’s numbers.

Key takeaways

  • Adjusted EBITDA rose 7%: Revenue was $288 million against $284 million a year earlier and $302 million in the second quarter. Adjusted EBITDA was $103 million, or 36% of revenue, up 7%. Source
  • Net loss narrowed from last year: Net loss attributable to common shareholders was $27 million, against $60 million a year earlier. Adjusted net loss was $12 million, against $12 million a year earlier. Source
  • Branded units rose 7%: Over 12.5 million branded products were sold in the quarter, up 7% year over year, after 9% growth in the second quarter. Source
  • Gross margin eased to 59%: Gross margin was 59%, against 61% a year earlier and 61% in the second quarter. Gross profit was $170 million, against $173 million a year earlier. Source
  • Operating expenses fell 26%: Operating expenses were $128 million, against $173 million a year earlier, or 44% of revenue against 61%. Selling, general, and administrative expense was $99.0 million, against $148.6 million. Source
  • Operating cash flow was $77 million: Cash flow from operations was $77 million in the quarter and $214 million year to date. Free cash flow was $64 million in the quarter and $173 million year to date. Source

“Our 2025 strategic plan is delivering results, with demonstrable progress on reform, customers, distribution, and branded products,”

Kim Rivers, Trulieve CEO

Guidance

AreaPeriodFigureAgainst last quarter
Debt redemption SourceNot stated$368 million of senior secured notes due 2026New

What changed from last quarter

  • New: Jan Reese was added to the leadership team as Chief Financial Officer, and Matthew Foulston was appointed to the Board of Directors. Source
  • New: A new mobile app for Florida customers was launched. Source

Results and growth drivers

  • Adjusted EBITDA rose 7%: Revenue was $288 million against $284 million a year earlier and $302 million in the second quarter. Adjusted EBITDA was $103 million, or 36% of revenue, up 7%. Source
  • Net loss narrowed from last year: Net loss attributable to common shareholders was $27 million, against $60 million a year earlier. Adjusted net loss was $12 million, against $12 million a year earlier. Source
  • Nine-month revenue held flat: Nine-month revenue was $888 million against $885 million, and nine-month gross profit was $536 million against $529 million. Source

Products and customers

  • Branded units rose 7%: Over 12.5 million branded products were sold in the quarter, up 7% year over year, after 9% growth in the second quarter. Source
  • Loyalty membership and share grew: Rewards members reached 820,000 at September 30, 2025, from over 725,000 at June 30. Loyalty members made up 77% of transactions, from 71% in the second quarter. Source
  • Retail share of revenue unchanged: Retail sales were 94% of revenue, the same share reported for the second quarter. Source
  • Vapes sold out in Florida: Roll One Clutch All In One vapes launched in Florida and sold out in under two weeks. Source
  • Beverage lines widened: Onward premium THC beverage distribution expanded in Florida and Illinois, Upward THC energy drinks launched, and five new 10mg flavors were introduced. Source

“Significant flexibility in our core business and strong cash generation continue to set us apart in a dynamic market.”

Kim Rivers, Trulieve CEO

Costs and margins

  • Gross margin eased to 59%: Gross margin was 59%, against 61% a year earlier and 61% in the second quarter. Gross profit was $170 million, against $173 million a year earlier. Source
  • Operating expenses fell 26%: Operating expenses were $128 million, against $173 million a year earlier, or 44% of revenue against 61%. Selling, general, and administrative expense was $99.0 million, against $148.6 million. Source
  • Campaign contributions fell: Campaign and political contributions were $6.3 million, against $48.4 million a year earlier. The company adds these back in its adjusted EBITDA reconciliation. Source
  • Net interest expense eased: Net interest expense was $16.1 million, against $17.5 million a year earlier, with interest income of $4.4 million against $4.2 million. Source

Retail footprint and regions

  • 232 dispensaries in operation: The company operates 232 retail dispensaries, up from 231 at the second quarter, plus over four million square feet of cultivation and processing capacity. Source
  • Cincinnati opened, Bisbee relocated: One dispensary opened in Cincinnati, Ohio, and one was relocated to Bisbee, Arizona, during the quarter. Source
  • Three named core markets: The company describes its leading market positions as being in Arizona, Florida, and Pennsylvania. Source

Cash flow and liquidity

  • Operating cash flow was $77 million: Cash flow from operations was $77 million in the quarter and $214 million year to date. Free cash flow was $64 million in the quarter and $173 million year to date. Source
  • Cash balance rose in the quarter: Cash, cash equivalents and restricted cash rose by $56.6 million in the quarter and $217.9 million year to date, ending at $457.6 million. Source
  • Tax liabilities added to operating cash flow: Operating cash flow adds back $171.1 million of increases in uncertain tax position liabilities for the nine months. Source
  • Capital spending fell: Purchases of property and equipment were $12.3 million in the quarter, against $38.1 million a year earlier, and $40.8 million year to date, against $79.9 million. Source

Strategy, leadership and board

  • Reform and distribution named as plan areas: Management listed reform, customers, distribution and branded products as the areas of the 2025 strategic plan showing progress. Source
  • Mobile app for Florida customers: The new app lets Florida patients browse and reserve products, view promotions and check rewards status. Source
  • Finance chief and board seat added: Jan Reese was added as Chief Financial Officer and Matthew Foulston was appointed to the Board of Directors. Source

Coming up, as management said on 5 November 2025

  • Form 10-Q to be made available: The Form 10-Q for the quarter ended September 30, 2025 will be available on the SEC’s website. Source

Earlier plans management reported on

  • Not stated: Management said the 2025 strategic plan is delivering results. No status against individual plan targets is given. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.