Curaleaf Holdings, Inc. Q3 2026 Earnings Recap

Curaleaf’s shares rose 4.4% after the company reported record third-quarter revenue of $353 million, up 11% year over year, and adjusted EBITDA of $78 million. International growth and a third consecutive quarter of domestic year-over-year growth were positives, though price compression persists and management flagged potential moderation in German growth in Q4.

Key Takeaways

• Revenue was $353 million, up 11% year over year; domestic revenue grew 8% and international revenue 28%.
• Adjusted gross margin was 49%; adjusted EBITDA was $78 million, a 22% margin, including a 120-basis-point drag from international.
• International revenue reached $59 million, up 14% sequentially. Management said pricing pressure in Germany could temper Q4 growth.
• Domestic business posted its third consecutive quarter of year-over-year growth. Price compression remains prevalent, though retail pricing has moderated in several markets; Massachusetts and Illinois recorded increases for two consecutive quarters.
• Cash at quarter-end was $105 million. In Spain, the company said it expects to begin fulfilling sales this month; France’s market launch is expected in 2027.