Trulieve Cannabis (TRLV) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Trulieve published the results on November 5, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Trulieve reports EPS two ways: GAAP, under the accounting rules every US filer follows, and adjusted diluted EPS, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• On June 3, 2026 Trulieve deconsolidated Harvest Enterprises, which holds its former mixed medical and adult-use operations. Q3 2026 includes only Trulieve's medical operations; Q3 2025 includes Harvest, so the two quarters are not comparable.
• GAAP EPS above is diluted EPS from continuing operations, the per-share line Trulieve prints in every release. Including discontinued operations, diluted EPS was $0.00 against $(0.14).
• Trulieve does not publish a financial outlook in its release.

Source: Trulieve Q3 2026 results, November 5, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Trulieve splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Trulieve's Retail revenue was $219 million in Q3 2026, down 19% from $271 million in Q3 2025, 95% of total revenue.
• Trulieve's Wholesale and other revenue was $10.9 million in Q3 2026, down 37% from $17.4 million in Q3 2025, 5% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Revenue and diluted EPS from continuing operations, each as first reported in that quarter's release. Q2 2026 EPS includes a $403.3 million loss on the Harvest deconsolidation, and Q3 2026 is the first quarter without Harvest.

We do not hold a confirmed date for Trulieve's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 5, 2026

Trulieve had revenue of $230.2 million in Q3 2026, down from $288.2 million a year earlier. The 10-Q puts the decline down primarily to the Deconsolidation Transaction: Harvest's results were in the year-ago quarter but not this one. Excluding that, Trulieve says revenue rose, driven primarily by Georgia and Pennsylvania. (Trulieve Q3 2026 release (8-K Exhibit 99.1), Nov 5, 2026; Trulieve Form 10-Q, Q3 2026, Nov 5, 2026)

Trulieve now operates only in medical cannabis markets and sells mostly through its own stores. Retail produced $219.3 million of Q3 revenue, or 95% per the release, and wholesale and other $10.9 million. At September 30, 2026 it ran 208 dispensaries: 170 in Florida, 21 in Pennsylvania, 10 in West Virginia and 7 in Georgia, with 3.5 million square feet of cultivation and processing capacity. (Trulieve Q3 2026 release (8-K Exhibit 99.1), Nov 5, 2026; Trulieve Form 10-Q, Q3 2026, Nov 5, 2026)

Florida, where Trulieve has most of its stores, is a medical-only market. Georgia expanded its medical program on July 1, 2026, removing the low-THC cap and adding qualifying conditions and product forms, and Trulieve reported a seven-fold increase in traffic there afterward. (Trulieve Form 10-K, 2025, Feb 26, 2026; Trulieve Form 10-Q, Q3 2026, Nov 5, 2026; Trulieve Q3 2026 release (8-K Exhibit 99.1), Nov 5, 2026)

Gross margin rose to 64.3% from 58.9%, which the 10-Q attributes to the remaining market mix after the Harvest deconsolidation. After the federal rescheduling of medical marijuana to Schedule III in April 2026, Trulieve applied to register its operations in Florida, Georgia, Pennsylvania and West Virginia with the DEA and has received final registrations. (Trulieve Form 10-Q, Q3 2026, Nov 5, 2026; Trulieve Q3 2026 release (8-K Exhibit 99.1), Nov 5, 2026)

Trulieve's diluted EPS from continuing operations was $0.00 in Q3 2026, against $(0.11) a year earlier, on net income attributable to common shareholders of $0.9 million. Adjusted net income was $18.0 million, or $0.09 per share. The adjustments add back $9.2 million of acquisition, disposition and specified transaction costs, $6.4 million of equity in the net loss of Harvest and $1.6 million of campaign and political contributions. (Trulieve Q3 2026 release (8-K Exhibit 99.1), Nov 5, 2026)

Trulieve's provision for income taxes was $26.3 million on income before taxes of $27.0 million, down from $53.0 million a year earlier. The 10-Q says the decrease came from not applying IRC Section 280E for the 2026 taxable year. Trulieve still carried $625.4 million of uncertain tax position liabilities on its balance sheet. (Trulieve Q3 2026 release (8-K Exhibit 99.1), Nov 5, 2026; Trulieve Form 10-Q, Q3 2026, Nov 5, 2026)

Diluted shares were 200.6 million, against 191.2 million a year earlier. On August 11, 2026 Trulieve completed its domestication from British Columbia to Delaware, exchanging its shares one-for-one for Class A and Class B common stock. (Trulieve Q3 2026 release (8-K Exhibit 99.1), Nov 5, 2026; Trulieve Form 10-Q, Q3 2026, Nov 5, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Trulieve does not publish a revenue or earnings outlook in its release. In the Q3 2026 release CEO Kim Rivers pointed to growth expansion opportunities in Georgia and Texas, and the 10-Q says that, pending regulatory approval, Trulieve plans to ramp production and retail capacity to serve all 11 regions in Texas. (Trulieve Q3 2026 release (8-K Exhibit 99.1), Nov 5, 2026; Trulieve Form 10-Q, Q3 2026, Nov 5, 2026)

A consensus figure is the average of the models published by the analysts who cover Trulieve, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Trulieve's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning TRLV is on is TRLV a buy or a sell?, what analysts expect next is on the TRLV forecast, and what the company does is on the Trulieve Cannabis (TRLV) stock page.

Every number on this page can be traced to a document Trulieve published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.