Tilray, Inc.

Tilray, Inc. Earnings Recaps

TLRY Health Care 3 recaps
Q3 2026 Apr 2, 2026

Tilray delivered a record quarter driven by robust international growth, strategic acquisitions, and diversified global platforms, affirming its position as a leading global cannabis and beverage company with over $1 billion in annualized revenue.

Key takeaways
  • Q3 revenue reached $207 million, marking 11% organic year-over-year growth despite macroeconomic headwinds.
  • International cannabis sales surged 73% YoY to $24.1 million, with Germany up 43%, highlighting strong global expansion.
  • Medical cannabis sales hit a Q3 high of $83 million, with 35% YoY growth in Tilray Pharma, supported by strategic partnerships in Germany and the UK.
  • Gross profit rose 6% to $55 million, maintaining margins amid pricing pressures; cash position remains solid at $265 million.
  • Strategic acquisitions like BrewDog position Tilray as a leading global lifestyle and beverage platform, further enhancing long-term growth prospects.
Full recap
Q2 2026 Jan 9, 2026

Tilray Brands reported a record second quarter for fiscal year 2026, achieving net revenue of $218 million and strong growth across its international cannabis operations, despite regulatory headwinds.

Key takeaways
  • Net revenue reached a record $218 million, surpassing analyst expectations.
  • International cannabis revenue grew 51% sequentially, driven by robust demand across multiple countries.
  • Successfully reduced debt by $4 million, resulting in a net cash position exceeding debt by nearly $30 million.
  • Cannabis rescheduling in the U.S. positions Tilray to capitalize on federal compliance and expand its medical cannabis offerings.
  • Tilray Pharma achieved its largest revenue quarter at $85 million, up 26% year-over-year, bolstered by distribution expansion and improved gross margins.
Full recap
Q4 2025 Jul 29, 2025

Tilray Brands delivered strong performance in Q4 2025, with record international cannabis revenue and substantial improvements in gross margins, supporting its strategy of global expansion and profitability.

Key takeaways
  • International cannabis revenue reached a record $22.4 million in Q4, up 71% year-over-year.
  • Total cannabis gross margin rose by 400 basis points to 44% in Q4, with fiscal year gross margin increasing by 700 basis points.
  • Full-year revenue totaled $821 million, representing a 4% increase year-over-year, with potential growth of 10% when accounting for one-time strategic impacts and currency fluctuations.
  • Achieved the highest gross profit to date at $241 million, an 8% year-over-year increase.
  • Maintained a strong balance sheet with $256 million in cash and reduced debt by approximately $100 million, improving the net debt-to-EBITDA ratio to 0.3x.
Full recap