Curaleaf Q3 Revenue Hits Record $352.7 Million as Margins Contract

Curaleaf Holdings, an international cannabis products provider, reported in its third-quarter results on November 3, 2026 that net revenue rose 10.9% year over year to a record $352.7 million for the quarter ended September 30. Growth across domestic and international operations lifted sales, but narrower margins and a $37.4 million net loss attributable to Curaleaf from continuing operations tempered the top-line milestone.

Revenue increased from $317.9 million a year earlier and was 3.6% above the second quarter’s $340.1 million. Gross profit rose to $170.5 million from $160.6 million, yet gross margin contracted 220 basis points to 48.3%. Adjusted gross profit margin, which Curaleaf defines as adjusted gross profit divided by total net revenue, fell to 48.7% from 50.6%.

Operating expenses increased to $167.5 million from $153.7 million, leaving $2.9 million of income from continuing operations before other items, down from $6.9 million. Net interest expense of $28.3 million and a $14.5 million income-tax provision help explain why stronger revenue and gross profit did not avert a loss; the continuing-operations loss was $0.14 per share.

International Revenue Grows Faster

Domestic net revenue rose to $294.0 million from $271.9 million, while international revenue increased to $58.7 million from $46.0 million. Chairman and CEO Boris Jordan characterized those gains as 8% and 28%, respectively, and said the U.S. business had delivered its third consecutive quarter of domestic year-over-year growth.

International wholesale revenue climbed to $37.5 million from $27.8 million, and international retail revenue increased to $17.5 million from $14.2 million. Domestic wholesale revenue also grew, reaching $68.6 million from $60.1 million.

At the earnings level, adjusted EBITDA rose to $77.6 million from $71.7 million, although its margin declined to 22.0% from 22.6%. Curaleaf defines adjusted EBITDA as income or loss before interest, taxes, depreciation and amortization, adjusted for share-based compensation and items including restructuring, adult-use campaign and political initiatives, acquisition, transaction and other non-recurring costs. The third-quarter reconciliation included $6.2 million of acquisition, transaction and other non-recurring costs within $9.1 million of other adjustments.

Nine-Month Cash Flow Trails Full-Year Target

Curaleaf generated $72.3 million of operating cash flow from continuing operations during the first nine months of 2026. After $50.0 million of property, plant and equipment purchases net of disposals, company-defined free cash flow from continuing operations was $22.3 million. Curaleaf defines that measure as operating cash flow from continuing operations net of purchases and disposals of property, plant and equipment.

Jordan connected the full-year outlook to expected fourth-quarter timing effects: “Cash flow from continuing operations in the quarter was $22 million, due to timing differences that will reverse next quarter. We continue to target generating approximately $150 million in operating cash flow for the year.” Reaching that target would require approximately $77.7 million of fourth-quarter operating cash flow, calculated by subtracting the reported nine-month continuing-operations figure from the approximately $150 million target.

The company ended September with $104.9 million of cash and $636.9 million of outstanding debt, net of unamortized debt discounts and deferred financing fees. Capital spending during the nine-month period focused on facility upgrades, automation and selective retail expansion in strategic markets.

Retail Expansion Continues as Aurora Pursuit Stays Unresolved

Dispensary openings in Port Richey and Riverview took Curaleaf’s Florida footprint to 78 and its nationwide operated and managed network to 188 during the third quarter. Post-quarter openings in Port Orange and Wellington increased those counts to 80 and 191, respectively.

Curaleaf also commenced an offer during the third quarter to purchase all outstanding Aurora Cannabis (ACB ) common shares for consideration consisting of subordinate voting shares and cash. It subsequently enhanced the offer and increased the consideration. The company said Aurora had announced an alternative merger with Organigram and that it was evaluating that transaction and its options for continuing to pursue Aurora.

The Aurora offer leaves Curaleaf’s acquisition strategy unresolved, but the immediate financial test is fourth-quarter cash conversion. Management is relying on timing reversals to meet its full-year target after a quarter in which record revenue still came with narrower margins and a continuing-operations loss.