Curaleaf (CURA) Q2 2026 earnings summary

Executive summary

• Achieved Q2 2026 revenue of $340 million, up 10% year-over-year, surpassing guidance and internal projections, with adjusted EBITDA of $70 million (21% margin) and net income from continuing operations of $12.5 million.

• International revenue grew 26% year-over-year to $51 million, led by Germany, UK, and Poland, with expansion into Turkey, France, and Spain expected in 2027.

• Domestic segment grew 7% year-over-year, with broad-based growth in Ohio, Utah, New York, Florida, and Maryland.

• Gross margin reached 50% (adjusted gross margin 50.2%), and adjusted EBITDA margin was 21%, despite international drag.

• Strong operational execution, improved cultivation, and brand strength drove results, with strategic priorities on product quality, supply chain, and customer experience.

Financial highlights

• Q2 2026 revenue: $340 million, up 10% year-over-year and 5% sequentially; adjusted EBITDA: $70 million (21% margin); net income per share was $0.05.

• Gross profit was $170 million (50% margin), with adjusted gross profit of $171 million (50.2% margin).

• Cash balance as of June 30, 2026: $107 million; total debt: $612 million; debt to trailing twelve months adjusted EBITDA ratio: 2.3x.

• Operating cash flow was $29 million in Q2; free cash flow $13 million; six-month net revenue was $664.3 million, with net income of $82.6 million.

• Retail/wholesale revenue mix was 71%/28%.

Outlook and guidance

• Q3 revenue expected to increase low single digits sequentially, implying ~$347 million, with continued momentum in domestic and international markets.

• Multiple catalysts expected in 2026 and beyond to expand profitability and increase cash generation.

• Anticipates continued strong traffic growth, mindful of macro volatility, energy costs, and interest rates.

• Expects margin expansion and improved cash flow from cost reduction and inventory management initiatives.

• Anticipated launches in Turkey, France, and Spain in 2027 to drive long-term international growth.