Trulieve Cannabis (TRLV) Operating Expenses (2020 - 2026)
Trulieve Cannabis (TRLV) posted Operating Expenses of $532.81 million for Q2 2026, up 308.9% from $130.29 million a year earlier and up 296.6% from the prior quarter.
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Analysis
Trulieve Cannabis (TRLV) Operating Expenses (2020 - 2026) Analysis & Trends
For the trailing twelve months through Jun 30, 2026, Operating Expenses at Trulieve Cannabis was $954.66 million, up 49.5% year-over-year; for FY2025, it came in at $567.67 million, down 8.1% from FY2024.
- Annual Operating Expenses shows a five-year compound annual growth rate of 27.6% (FY2020 to FY2025).
- In prior years, Trulieve Cannabis' Operating Expenses was $617.97 million in FY2024 (-23.7%), $810.24 million in FY2023 (+26.8%), $638.96 million in FY2022 (+76.3%) and $362.52 million in FY2021 (+115.6%).
- The Q2 2026 figure stands as the highest quarterly Operating Expenses in data going back to Q1 2020.
- On a year-over-year basis, Operating Expenses increased in four of the last eight quarters, with growth averaging 46.0%.
- The strongest year-over-year quarter for Operating Expenses in the past five years was Q2 2026, with growth of 308.9%; the weakest was Q2 2024, with a decline of 69.5%.
- According to Business Quant data, Operating Expenses for the three prior quarters was $134.36 million (Q1 2026), $159.87 million (Q4 2025) and $127.62 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Philip Morris International | 302.14 Bn | 283.71 Bn | 7.66 Bn | - |
| 2 | British American Tobacco p.l.c | 129.64 Bn | 108.78 Bn | - | - |
| 3 | Altria | 115.45 Bn | 101.65 Bn | 3.82 Bn | 21.00 Mn |
| 4 | Curaleaf Holdings | 2.87 Bn | 2.47 Bn | 169.91 Mn | 165.69 Mn |
| 5 | RLX Technology | 2.63 Bn | -932.13 Mn | 52.74 Mn | -33.52 Mn |
| 6 | Trulieve Cannabis | 2.37 Bn | 989.63 Mn | 162.29 Mn | 532.81 Mn |
| 7 | Green Thumb Industries | 1.53 Bn | 385.54 Mn | 137.87 Mn | 117.91 Mn |
| 8 | Cronos | 1.26 Bn | -1.96 Bn | 28.45 Mn | 21.05 Mn |
| 9 | Turning Point Brands | 1.21 Bn | 343.16 Mn | 93.70 Mn | 76.99 Mn |
| 10 | Verano Holdings | 871.29 Mn | 544.91 Mn | 99.70 Mn | 96.56 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 532.81 Mn |
| Mar 31, 2026 | 134.36 Mn |
| Dec 31, 2025 | 159.87 Mn |
| Sep 30, 2025 | 127.62 Mn |
| Jun 30, 2025 | 130.29 Mn |
| Mar 31, 2025 | 149.89 Mn |
| Dec 31, 2024 | 185.71 Mn |
| Sep 30, 2024 | 172.66 Mn |
| Jun 30, 2024 | 131.89 Mn |
| Mar 31, 2024 | 127.70 Mn |
| Dec 31, 2023 | 124.67 Mn |
| Sep 30, 2023 | 119.60 Mn |
| Jun 30, 2023 | 432.93 Mn |
| Mar 31, 2023 | 133.04 Mn |
| Dec 31, 2022 | 151.90 Mn |
| Sep 30, 2022 | 196.05 Mn |
| Jun 30, 2022 | 141.90 Mn |
| Mar 31, 2022 | 151.28 Mn |
| Dec 31, 2021 | 143.97 Mn |
| Sep 30, 2021 | 87.67 Mn |
API Access
Trulieve Cannabis Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=TRLV&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "TRLV", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=TRLV&period=max&api_key=YOUR_API_KEY");
const data = await res.json();