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Curaleaf Holdings, Inc. — Third Quarter 2026 Earnings Summary

CURLF

  • Financial Performance:

    • Third quarter 2026 net revenue was $352.7 million, a 10.9% year-over-year increase compared to $317.9 million in Q3 2025, and a 3.6% sequential increase from $340.1 million in Q2 2026.
    • Nine months ended September 30, 2026 net revenue was $1,017.0 million, a 9% year-over-year increase compared to $935.1 million in the prior-year period.
    • Gross profit for Q3 2026 was $170.5 million with a gross margin of 48.3%, a decrease of 220 basis points year-over-year.
    • Adjusted gross profit for Q3 2026 was $171.8 million with an adjusted gross profit margin of 48.7%, a decrease of 186 basis points year-over-year.
    • Net loss attributable to Curaleaf Holdings, Inc. from continuing operations for Q3 2026 was $37.4 million, or $0.14 per share.
    • Net income attributable to Curaleaf Holdings, Inc. from continuing operations for the nine months ended September 30, 2026 was $45.2 million, or $0.17 per share.
    • Adjusted EBITDA for Q3 2026 was $77.6 million with a margin of 22.0%, a 56 basis point decrease year-over-year.
    • Adjusted EBITDA for the nine months ended September 30, 2026 was $211.1 million with a margin of 20.8%, an 82 basis point decrease year-over-year.
    • Cash and cash equivalents at quarter end totaled $104.9 million.
    • Outstanding debt, net of unamortized debt discounts and deferred financing fees, was $636.9 million as of September 30, 2026.
    • Cash flow from continuing operations in the quarter was $22 million.
    • Free cash flow from continuing operations for the nine months ended September 30, 2026 was $22.3 million.
    • Capital expenditures for the nine months ended September 30, 2026 totaled $50.0 million.

  • Guidance and Future Outlook:

    • The Company targets generating approximately $150 million in operating cash flow for the full year 2026.
    • Management stated that cash flow timing differences in the third quarter are expected to reverse in the next quarter.

  • Business Segments and Product Lines:

    • Domestic revenue grew 8% year-over-year in Q3 2026.
    • International revenue grew 28% year-over-year in Q3 2026, totaling $58.7 million.
    • Domestic retail revenue for Q3 2026 was $225.1 million.
    • International retail revenue for Q3 2026 was $17.5 million.
    • The Company expanded its retail footprint in Florida to 80 locations (post-quarter) with new openings in Port Orange and Wellington.
    • The Company relocated a dispensary to York, Pennsylvania.
    • The Company secured the first two registrations for standardized cannabis preparations in Spain.
    • The Company began receiving DEA registrations for medical marijuana dispensaries.
    • The Company added to the FTSE Canada All Cap Index.

  • Market and Competitive Landscape:

    • The Company reported that cannabis demand remained resilient against a backdrop of increasing pressure on the consumer.
    • The Company noted its U.S. business sustained momentum with its third consecutive quarter of domestic year-over-year growth.
    • The Company is a leading international provider of consumer and medical cannabis products with operations in Europe, Canada, and Australasia.

  • Risks and Challenges:

    • The press release includes a standard disclaimer regarding forward-looking statements and risks such as the legality of cannabis in the U.S., compliance with anti-money laundering laws, financing constraints, regulatory actions, and competitive pressures.
    • Specific risks mentioned include the risk of increased FDA oversight, potential heightened scrutiny by regulators, and risks associated with the Company's SVS (Special Voting Shares).

  • Management Commentary and Tone:

    • Chairman and CEO Boris Jordan stated, "We are building the global leader in cannabis, and our third-quarter results provide further evidence that our strategy is delivering."
    • Management described the results as reflecting "solid execution across the business" driving growth and strengthening the competitive position.
    • Jordan noted the team is translating operational improvements into stronger financial performance and positioning Curaleaf for sustained growth and greater cash generation.

  • Other Key Points:

    • The Company commenced an Original Offer to purchase all issued and outstanding common shares of Aurora Cannabis Inc. for consideration consisting of SVS and cash.
    • The Company enhanced the Original Offer to purchase Aurora shares and increased the consideration.
    • Aurora Cannabis Inc. announced an alternative transaction to merge with Organigram.
    • Curaleaf is evaluating the alternative transaction and its options for continuing to pursue an acquisition of Aurora.
    • The Company acquired the equity interest in Boone Town Provisions, its fourth dispensary in New Jersey.
    • The Company repurchased 105,440 shares for a total of $1 million during the third quarter.
    • The Company retired and repurchased a total of 1.12 million shares for a total value of $8.4 million during the nine months ended September 30, 2026.
    • The redeemable non-controlling interest was settled during the second quarter of 2026.