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May 31
Tilray Q4 2025 Earnings Report
Tilray reported a net loss of $1.27 billion in Q4 2025 despite positive adjusted EBITDA and growth in international cannabis revenue.
Key Takeaways
Tilray’s Q4 2025 saw a moderate decline in revenue and gross profit compared to the prior year, largely due to impairments and strategic shifts in cannabis and beverage categories. The company still posted positive adjusted net income and continued to grow its distribution and wellness segments.
Reported net revenue of $224.5M, slightly down from $229.9M YoY
Massive non-cash impairment charge of $1.4B drove net loss to $1.27B
Adjusted net income reached $20.2M; adjusted EPS was $0.02
Cannabis gross margin improved to 44%, up from 40% last year
Tilray
Tilray
Tilray Revenue by Segment
Revenue by Segment
Cannabis Revenue
CapyFin.comBeverage Revenue
CapyFin.comDistribution Revenue
CapyFin.comWellness Revenue
CapyFin.com Forward Guidance
Tilray expects FY 2026 adjusted EBITDA to be between $62M and $72M, representing 13–31% growth.
Positive Outlook
- Adjusted EBITDA guidance raised to $62M–$72M
- Expanded distribution footprint for THC beverages in 13 U.S. states
- Strong global infrastructure and international network
- AI implementation across operations to improve efficiency
- Synergy cost savings of $24M achieved toward $33M target
Challenges Ahead
- Major non-cash impairment losses from legacy acquisitions
- Declining revenue in the beverage segment due to SKU rationalization
- Cannabis segment still facing international permit delays
- Adjusted EBITDA still below prior year’s $60.5M
- Ongoing restructuring and litigation costs weighing on results
Revenue & Expenses
Visualization of income flow from segment revenue to net income