The lowered operating cash flow guidance ($225M from $250M) and higher capex ($95M from $85M) signal tighter free cash flow generation despite the NYSE listing tailwind. Monitor Q3 revenue against guided $222M medical-only baseline and any resolution of the $598M uncertain tax position, which could provide a significant one-time gain. The 280E tax relief on medical operations is a structural positive for margins going forward.
Price Chart
Executive Summary
Trulieve reported Q2 2026 revenue of $271M (down 10% YoY from $302M), with a GAAP net loss of $406M largely driven by a $403M non-cash loss on the deconsolidation of its Harvest mixed-use operations. On an adjusted basis, the company generated $20M adjusted net income and $98M adjusted EBITDA (36% margin). Management guided Q3 revenue to be comparable to Q2's medical-only revenue of $222M and lowered 2026 cash flow from operations guidance to at least $225M from $250M, while raising capex guidance to up to $95M from $85M. The NYSE listing and federal rescheduling to Schedule III are positive structural catalysts, but the reported revenue decline and lowered operating cash flow guidance are material negatives.
Key Facts
- Q2 2026 revenue of $271M, down 10% YoY from $302M
- GAAP net loss of $406M, including $403M loss on Harvest deconsolidation
- Adjusted net income of $20M; adjusted EBITDA of $98M (36% margin)
- Medical-only Q2 revenue of $222M; medical-only gross margin 63%
- Cash and cash equivalents of $325M at quarter end
- Guidance: Q3 revenue expected comparable to Q2 medical revenue of $222M
- 2026 CFO guidance lowered to at least $225M from $250M; capex raised to up to $95M from $85M
- Completed deconsolidation of Harvest (mixed-use markets) on June 3, 2026; retains 90% economic interest
- Listed on NYSE under TRLV (first U.S. cannabis company on NYSE)
- Uncertain tax position liability of $598M, with $583M related to 280E tax challenge
Financial Impact
Revenue declined 10% YoY; GAAP loss widened to $406M from $14M loss in Q2 2025. Adjusted net income turned positive to $20M vs -$8M prior year. Adjusted EBITDA fell 11% to $98M.
Risk Factors
- Further revenue decline in Q3 as Harvest deconsolidation fully removes mixed-use revenue
- Execution risk in Georgia and Texas market expansions
- Potential dilution from share repurchase program limited; net share count nearly flat
- Uncertain outcome of broader Schedule III rescheduling and 280E retroactive tax relief
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001754195-26-000067 |
| Exhibit: exhibit992tcnnfpresentat.htm | 0001754195-26-000067 |
| Document: tcnnf-20260807.htm | 0001754195-26-000067 |
| Document: 0001754195-26-000067-index-headers.html | 0001754195-26-000067 |
| Document: 0001754195-26-000067-index.html | 0001754195-26-000067 |
| Document: 0001754195-26-000067.txt | 0001754195-26-000067 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 7, 2026 11w ago | 8-K | $8.75 $12.11 | ▲ +38.40% | ▲ +38.80% | $10.82 (+23.66%) |
Jul 2, 2026 16w ago | 8-K | $9.78 $8.57 | ▼ −12.37% | ▼ −11.96% | $10.82 (+10.63%) |
Jun 12, 2026 19w ago | 8-K | $10.35 $8.62 | ▼ −16.71% | ▼ −18.49% | $10.82 (+4.54%) |
US Market Status
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