Trulieve Cannabis Corp. Q3 2026 Earnings Recap

Shares fell 6.0% after the earnings release, despite revenue exceeding management’s guidance. The transcript points to limited underlying growth—revenue rose 4% year over year and sequentially on a medical-only basis—and a slight sequential decline in average basket size as possible sources of investor disappointment; it does not disclose a specific guidance cut or margin deterioration.

Key Takeaways

• Third-quarter revenue was $230 million, up 4% year over year and sequentially versus medical-only results in prior periods.
• Gross margin was 64%, up 1% versus medical-only results a year earlier; adjusted EBITDA was $89 million, a 39% margin.
• Operating cash flow was $74 million, and quarter-end cash was $327 million. After quarter-end, Trulieve repaid a $65 million mortgage, which management said would reduce annual interest expense.
• Retail revenue grew 2% sequentially. Traffic rose 3% and units sold increased 2%, while average basket size declined slightly.
• Georgia traffic and units increased sevenfold with market expansion and new product types; Pennsylvania also contributed to retail revenue growth.