Trulieve Cannabis Corp. (NYSE:TRLV) reported stronger-than-expected second-quarter earnings, with investors focusing on improved profitability even though revenue came in slightly below market forecasts. Shares climbed more than 5% following the results.
Earnings Outperform Expectations
Trulieve posted adjusted earnings of $0.11 per share for the second quarter, exceeding analysts’ consensus estimate of $0.08.
Revenue totalled $271 million, narrowly missing expectations of $272.21 million and declining 10% from $302 million in the same period last year.
Despite the modest revenue shortfall, the earnings beat and continued strong margins were well received by investors.
Deconsolidation Drives Reported Net Loss
The company reported a GAAP net loss of $406 million, or $2.10 per share.
The loss primarily reflected a $407 million accounting impact related to the deconsolidation of its Harvest operations, which was completed on 3 June 2026.
Excluding one-off items and the deconsolidation transaction, adjusted net income reached $20 million for the quarter.
Gross margin remained strong at 60%, while adjusted EBITDA totalled $98 million, representing 36% of revenue.
CEO Highlights Industry Milestone
Chief Executive Officer Kim Rivers said, “We made history this quarter as the first U.S. cannabis company to list on the New York Stock Exchange following rescheduling of medical marijuana.”
She added, “With broader cannabis rescheduling and state program expansion in markets like Georgia and Texas on the horizon, Trulieve is well positioned to leverage its scale, financial strength, and branded products to drive future growth.”
Strong Cash Generation Supports Expansion
Trulieve generated $53 million in operating cash flow during the quarter and produced $32 million in free cash flow.
The company ended the period with $325 million in cash, providing significant financial flexibility.
During the quarter, Trulieve completed its listing on the New York Stock Exchange under the ticker TRLV and announced a share repurchase programme worth up to $50 million.
The company also expanded its retail footprint by opening four new dispensaries in Florida and began supplying medical cannabis products to licensed independent pharmacies in Georgia.