Revenue growth has decelerated to -8.6% year-over-year in 2026Q4, while gross margins have eroded from a peak of 35.8% to 29.9%, indicating sustained pricing pressure and unfavorable mix shifts.
Tilray Brands, Inc. (TLRY) annual income statement — 15-year revenue, gross profit & net income history
| Metric | May'26 | May'25 | May'24 | May'23 | May'22 | May'21 | May'20 | May'19 | May'18 | May'17 | May'16 | May'15 | May'14 | Aug'13 | Aug'12 |
|---|
| Sales/Revenue | 915.45M | 1.13B | 1.07B | 844.72M | 628.37M | 513.09M | 294.96M | 43.13M | 20.54M | 15.17M | 6.44M | 356.23K | 0 | 0 | 0 |
| Revenue Growth % | -18.77% | 4.84% | 27.26% | 34.43% | 22.47% | 73.95% | 583.88% | 110% | 62.43% | 135.58% | 1707.81% | - | - | - | - |
| Cost of Goods Sold | 655.01M | 796.88M | 770.66M | 646.77M | 511.56M | 389.9M | 225.06M | 100.53M | -2.38M | 2.33M | 1.45M | -157.25K | 393.74K | 231.81K | 0 |
| COGS % of Revenue | 71.55% | 70.71% | 71.69% | 76.57% | 81.41% | 75.99% | 76.3% | 233.09% | -11.58% | 15.37% | 22.46% | -44.14% | - | - | - |
| Gross Profit | 260.44M | 330.11M | 304.33M | 197.95M | 116.82M | 123.18M | 69.9M | 32.21M | 24.49M | 12.84M | 3.52M | 513.48K | -393.74K | -231.81K | 0 |
| Gross Margin % | 28.45% | 29.29% | 28.31% | 23.43% | 18.59% | 24.01% | 23.7% | 74.69% | 119.22% | 84.63% | 54.64% | 144.14% | - | - | - |
| Gross Profit Growth % | -21.1% | 8.47% | 53.74% | 69.45% | -5.17% | 76.23% | 116.99% | 31.56% | 157.41% | 264.85% | 585.34% | 230.41% | -69.85% | - | - |
| Operating Expenses | 323.47M | 3.46B | 542.43M | 2.04B | 350.08M | 255.35M | 145.59M | 135.07M | 31.93M | 13.87M | 4.16M | 2.71M | 937.56K | 377.03K | 99.56K |
| OpEx % of Revenue | 35.33% | 307.23% | 50.46% | 241.84% | 55.71% | 49.77% | 49.36% | 313.17% | 155.46% | 91.44% | 64.62% | 759.93% | - | - | - |
| Selling, General & Admin | 295.25M | 356.06M | 341.63M | 311.13M | 233.38M | 155.69M | 143.05M | 46.67M | 26.14M | 10.2M | 3.82M | 4.74M | 927.1K | 43.08K | 99.56K |
| SG&A % of Revenue | 32.25% | 31.59% | 31.78% | 36.83% | 37.14% | 30.34% | 48.5% | 108.21% | 127.27% | 67.23% | 59.29% | 1331.5% | - | - | - |
| Research & Development | 361K | 389.7K | 865.23K | 918.63K | 1.52M | 830K | 1.39M | 778.84K | 293.44K | 365.21K | 129.76K | 44.91K | 0 | 0 | 0 |
| R&D % of Revenue | 0.04% | 0.03% | 0.08% | 0.11% | 0.24% | 0.16% | 0.47% | 1.81% | 1.43% | 2.41% | 2.01% | 12.61% | - | - | - |
| Other Operating Expenses | 27.86M | 3.11B | 199.94M | 1.73B | 115.19M | 98.83M | 1.14M | 87.62M | 5.5M | 3.31M | 212.98K | -2.08M | 10.46K | 333.96K | 0 |
| Operating Income | -63.03M | -3.13B | -238.1M | -1.84B | -233.27M | -132.17M | -75.69M | -36.66M | -7.5M | -1.03M | -832.8K | -2.19M | -1.33M | -608.84K | -99.56K |
| Operating Margin % | -6.88% | -277.94% | -22.15% | -218.41% | -37.12% | -25.76% | -25.66% | -85% | -36.51% | -6.81% | -12.93% | -615.78% | - | - | - |
| Operating Income Growth % | 97.99% | -1215.53% | 87.09% | -690.91% | -76.49% | -74.63% | -106.45% | -388.96% | -6.37% | -24.07% | 62.03% | -64.77% | -118.66% | -511.55% | - |
| EBITDA | -43.44M | -2.95B | -65.17M | -1.67B | -78.67M | -64.34M | -49.73M | -23.92M | -3.5M | 408.26K | -272.23K | -1.95M | -1.32M | -608.47K | -614.94K |
| EBITDA Margin % | -4.75% | -261.68% | -6.06% | -197.65% | -12.52% | -12.54% | -16.86% | -55.46% | -17.04% | 2.69% | -4.23% | -546.71% | - | - | - |
| EBITDA Growth % | 98.53% | -4424.98% | 96.1% | -2022.18% | -22.28% | -29.37% | -107.9% | -583.69% | 41.5% | 249.97% | 86.02% | -47.45% | -117.08% | 1.05% | - |
| D&A (Non-Cash Add-back) | 19.59M | 183.17M | 172.93M | 175.31M | 154.59M | 67.83M | 25.96M | 12.74M | 4M | 1.44M | 560.57K | 246.05K | 10.46K | 373 | 0 |
| EBIT | -58.15M | -3.1B | -272.18M | -1.89B | -400.99M | -314.08M | -60.79M | -23.88M | -7.5M | 3.5M | -472.18K | -4.31M | -1.33M | -608.84K | -95.35K |
| Net Interest Income | -23.66M | -41.1M | -49.64M | -18.3M | -27.94M | -27.98M | -14.1M | 3.89M | 3M | 540.39K | 165.72K | 84.13K | 0 | 0 | 0 |
| Interest Income | 6.25M | 15.61M | 17.48M | 44.48M | 11.74M | 2.93M | 4.56M | 8.25M | 3.81M | 827.65K | 165.72K | 84.13K | 0 | 3.18K | 2.1K |
| Interest Expense | 29.91M | 56.71M | 67.13M | 62.79M | 39.68M | 30.9M | 18.66M | 4.35M | 808.47K | 287.27K | 0 | 0 | 0 | 3.18K | 2.1K |
| Other Income/Expense | -25.03M | -26.99M | -101.2M | -108.43M | -207.41M | -212.81M | -3.77M | 0 | -311K | 4.25M | 221.29K | -2.03M | 0 | 0 | 2.1K |
| Pretax Income | -88.06M | -3.16B | -339.31M | -1.95B | -440.67M | -344.99M | -79.45M | -38.14M | -7.81M | 3.22M | -612.42K | -4.23M | -1.33M | -608.84K | -97.45K |
| Pretax Margin % | -9.62% | -280.33% | -31.56% | -231.24% | -70.13% | -67.24% | -26.94% | -88.43% | -38.02% | 21.2% | -9.51% | -1186.63% | - | - | - |
| Income Tax | 17.1M | -166.06M | -36.27M | -9.67M | -6.54M | -8.97M | -6.08M | 34K | 4.94M | 99.47K | -706.47K | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -19.42% | 5.26% | 10.69% | 0.5% | 1.48% | 2.6% | 7.65% | -0.09% | -63.28% | 3.09% | 115.36% | 0% | 0% | 0% | 0% |
| Net Income | -122.57M | -3B | -333.8M | -1.96B | -476.8M | -367.42M | -74.62M | -67.72M | -7.81M | 3.12M | 303.87K | -4.23M | -1.33M | -39.89K | -97.45K |
| Net Margin % | -13.39% | -266.25% | -31.05% | -231.64% | -75.88% | -71.61% | -25.3% | -157.02% | -38.02% | 20.54% | 4.72% | -1186.63% | - | - | - |
| Net Income Growth % | 95.92% | -798.92% | 82.94% | -310.38% | -29.77% | -392.39% | -10.18% | -767.24% | 0.94% | 925.48% | 107.19% | -217.52% | -3237.11% | 59.06% | - |
| Net Income (Continuing) | -105.16M | -2.99B | -303.04M | -1.94B | -434.13M | -336.01M | -73.38M | -67.72M | 22.71M | 3.12M | 305.12K | -4.23M | -1.33M | -1.37M | -97.45K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -19.46M | -30.05M | 370.62K | 19.2M | 53.65M | 6.24M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.09 | -33.80 | -4.50 | -31.70 | -9.94 | -13.61 | -3.20 | -1.23 | 1.39 | 0.00 | 0.05 | -1.15 | -0.06 | -5.71 | -0.42 |
| EPS Growth % | 96.78% | -651.11% | 85.8% | -218.91% | 26.97% | -325.31% | -160.16% | -188.49% | 261.63% | -100% | 104.52% | -1742.95% | 98.91% | -1259.52% | - |
| EPS (Basic) | -1.09 | -33.80 | -4.50 | -31.70 | -9.94 | -13.61 | -3.20 | -1.23 | 1.41 | 0.00 | 0.05 | -1.15 | -0.06 | -5.71 | -0.29 |
| Diluted Shares Outstanding | 111.83M | 89.03M | 74.26M | 61.8M | 48.12M | 26.95M | 22.82M | 20.35M | 13.91M | 9.34M | 4.9M | 3.8M | 21.33M | 333.98K | 334.61K |
| Basic Shares Outstanding | 111.83M | 89.03M | 74.26M | 61.8M | 48.12M | 26.95M | 22.8M | 20.35M | 13.5M | 8.74M | 4.9M | 3.8M | 21.33M | 333.98K | 334.61K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying TLRY stock.
For fiscal year 2026, Tilray Brands, Inc. (TLRY) reported total revenue of $915.5M.
Tilray Brands, Inc. (TLRY) reported a net loss of $122.6M for the fiscal year ending 2026.
Tilray Brands, Inc. (TLRY) reported an operating income of $-63.0M, resulting in an operating profit margin of -6.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Tilray Brands, Inc. (TLRY) generated $260.4M in gross profit for the year, representing a gross profit margin of 28.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent operating losses and margin compression
Metrics are mathematically derived from official filings.
Revenue Growth Decelerates Amidst Volatility
Tilray's revenue growth has decelerated sharply, turning negative in the most recent quarter with an 8.6% year-over-year decline, a stark reversal from the double-digit growth seen in early 2024.
The company's top-line trajectory has shifted from robust expansion to contraction, with the most recent quarter showing the first negative year-over-year growth in the dataset. This deceleration suggests the company may be facing market saturation, competitive pressures, or operational challenges in its core segments, making the sustainability of its revenue base a key concern for investors.
Gross Margin Erosion Undermines Profitability
Gross margins have compressed significantly from a peak of 35.8% in 2024Q4 to 29.9% in 2026Q4, indicating a loss of pricing power or unfavorable product mix shifts that are directly impacting the company's ability to generate profit from sales.
The structural decline in gross margin, now well below the 40%+ levels achieved by peers like Aurora Cannabis and Cronos, suggests Tilray is operating in a more competitive or commoditized segment of the market. This margin pressure, combined with high operating expenses, has locked the company into a cycle of operating losses, as the gross profit generated is insufficient to cover its overhead.
Negative Operating Leverage Amplifies Losses
Operating losses have persisted despite revenue fluctuations, with the operating margin swinging from a brief positive 1.0% in 2026Q1 to -1.6% in 2026Q4, demonstrating a lack of scalable cost structure.
The company's cost base appears rigid, as operating income has not scaled with revenue movements. The significant negative operating income in quarters like 2025Q2 (-$59.1M) and 2025Q3 (-$1.1B) highlights that fixed costs and overhead are not being efficiently managed relative to the revenue base, preventing any path to profitability even during periods of modest top-line growth.
Net Losses Distorted by Non-Operating Items
Reported net losses are heavily influenced by massive non-operating charges, such as the $1.7 billion loss in 2025Q4, which dwarfs the underlying operational performance and complicates the assessment of core business viability.
The extreme volatility in net income, with losses ranging from near breakeven to billions, indicates that non-cash impairments, restructuring charges, or other non-recurring items are the primary drivers of the bottom line. This makes the reported EPS figures unreliable for forecasting future performance and suggests investors should focus on operating metrics to gauge the true health of the business.
SG&A Burden Consumes Gross Profit
Selling, General & Administrative expenses consistently consume over 30% of revenue, with the 2026Q4 SG&A of $88.6M representing 31.4% of sales, leaving minimal room to cover other costs or generate a profit.
The company's primary cost challenge is its high SG&A burden, which has remained elevated even as revenue has grown or contracted. This suggests a lack of expense discipline or an inefficient corporate structure, as the overhead required to run the business is not scaling down with revenue declines, directly contributing to the persistent operating losses.
Path to Profitability Remains Elusive
The strongest challenge to any positive narrative is that Tilray has not demonstrated a sustainable path to profitability, with operating losses in nine of the last ten quarters and gross margins that are structurally lower than key competitors.
A short-seller would focus on the company's inability to convert revenue into operating profit, highlighting that even in its best recent quarter (2026Q1), operating income was a mere $2.9M on $287.8M of revenue. The combination of decelerating growth, margin compression, and a rigid cost structure suggests that without a significant strategic shift or market change, the company may continue to burn cash and dilute shareholders.