Tilray, Inc. Q4 2025 Earnings Recap

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.