Revenue growth has decelerated significantly from 34.9% in 2024Q2 to 3.0% in 2026Q2, while gross margins remain pressured at 26.4% due to the dilutive impact of low-margin business segments.
| Sales/Revenue | 1.17B | 1.13B | 1.07B | 844.72M | 792.12M | 619.67M | 405.33M | 179.3M | 28.63M | 15.17M | 6.47M | 443.7K | 0 |
| Revenue Growth % | 3.03% | 4.84% | 27.26% | 6.64% | 27.83% | 52.88% | 126.06% | 526.29% | 88.71% | 134.61% | 1357.38% | - | - |
| Cost of Goods Sold | 840.88M | 796.88M | 770.66M | 646.77M | 644.86M | 470.9M | 309.27M | 135.79M | -3.08M | 2.33M | 1.88M | -195.87K | 0 |
| COGS % of Revenue | - | 70.71% | 71.69% | 76.57% | 81.41% | 75.99% | 76.3% | 75.73% | -10.75% | 15.37% | 29.13% | -44.14% | - |
| Gross Profit | 327.19M | 330.11M | 304.33M | 197.95M | 147.26M | 148.77M | 96.05M | 43.51M | 31.71M | 12.84M | 4.58M | 639.57K | 0 |
| Gross Margin % | 28.01% | 29.29% | 28.31% | 23.43% | 18.59% | 24.01% | 23.7% | 24.27% | 110.75% | 84.63% | 70.87% | 144.14% | - |
| Gross Profit Growth % | - | 8.47% | 53.74% | 34.43% | -1.02% | 54.88% | 120.76% | 37.22% | 146.96% | 180.15% | 616.58% | - | - |
| Operating Expenses | 3.43B | 3.46B | 542.43M | 2.04B | 916.72M | 308.4M | 200.06M | 182.44M | 41.35M | 13.87M | 5.42M | 3.37M | 98.51K |
| OpEx % of Revenue | - | 307.23% | 50.46% | 241.84% | 115.73% | 49.77% | 49.36% | 101.75% | 144.42% | 91.44% | 83.81% | 759.93% | - |
| Selling, General & Admin | 359.1M | 356.06M | 341.63M | 311.13M | 294.19M | 188.03M | 129.86M | 96.99M | 33.85M | 10.2M | 4.97M | 5.91M | 98.51K |
| SG&A % of Revenue | - | 31.59% | 31.78% | 36.83% | 37.14% | 30.34% | 32.04% | 54.09% | 118.23% | 67.23% | 76.9% | 1331.5% | - |
| Research & Development | 334.71K | 389.7K | 865.23K | 918.63K | 1.91M | 1M | 1.92M | 1.05M | 380K | 365.21K | 168.99K | 55.95K | 0 |
| R&D % of Revenue | - | 0.03% | 0.08% | 0.11% | 0.24% | 0.16% | 0.47% | 0.59% | 1.33% | 2.41% | 2.61% | 12.61% | - |
| Other Operating Expenses | 2M | 3.11B | 199.94M | 1.73B | 620.62M | 119.36M | 68.28M | 84.4M | 7.12M | 3.31M | 277.37K | -2.59M | 0 |
| Operating Income | -3.11B | -3.13B | -238.1M | -1.84B | -769.46M | -159.63M | -104.01M | -138.93M | -9.64M | -1.03M | -836.23K | -2.73M | -98.51K |
| Operating Margin % | -266.02% | -277.94% | -22.15% | -218.41% | -97.14% | -25.76% | -25.66% | -77.48% | -33.66% | -6.81% | -12.93% | -615.78% | - |
| Operating Income Growth % | - | -1215.53% | 87.09% | -139.77% | -382.03% | -53.47% | 25.14% | -1341.48% | -832.77% | -23.56% | 69.39% | -2673.55% | - |
| EBITDA | -2.97B | -2.95B | -65.17M | -1.67B | -574.59M | -77.7M | -68.34M | -121.72M | -4.46M | 408.26K | -106.18K | -2.43M | -608.47K |
| EBITDA Margin % | -254.13% | -261.68% | -6.06% | -197.65% | -72.54% | -12.54% | -16.86% | -67.89% | -15.58% | 2.69% | -1.64% | -546.71% | - |
| EBITDA Growth % | -4539.51% | -4424.98% | 96.1% | -190.58% | -639.45% | -13.7% | 43.86% | -2629.66% | -1192.24% | 484.51% | 95.62% | -298.67% | - |
| D&A (Non-Cash Add-back) | 138.89M | 183.17M | 172.93M | 175.31M | 194.88M | 81.92M | 35.67M | 17.21M | 5.18M | 1.44M | 730.05K | 306.47K | 0 |
| EBIT | -3.06B | -3.1B | -272.18M | -1.89B | -505.49M | -379.33M | -83.54M | -32.26M | 28.85M | 3.5M | -614.94K | -5.37M | -94.35K |
| Net Interest Income | -34.25M | -41.1M | -49.64M | -18.3M | -35.23M | -33.79M | -19.37M | 5.26M | 3.89M | 540.39K | 215.83K | 104.79K | 0 |
| Interest Income | 0 | 15.61M | 17.48M | 44.48M | 14.79M | 3.53M | 6.27M | 11.14M | 4.93M | 827.65K | 215.83K | 104.79K | 2.08K |
| Interest Expense | 34.25M | 56.71M | 67.13M | 62.79M | 50.02M | 37.32M | 25.64M | 5.88M | 1.05M | 287.27K | 0 | 0 | 2.08K |
| Other Income/Expense | -5.53M | -26.99M | -101.2M | -108.43M | 213.96M | -257.02M | -5.18M | 100.79M | 37.44M | 4.25M | 221.29K | -2.53M | 2.08K |
| Pretax Income | -3.11B | -3.16B | -339.31M | -1.95B | -555.51M | -416.65M | -109.19M | -38.14M | 27.81M | 3.22M | -614.94K | -5.27M | -96.43K |
| Pretax Margin % | -266.49% | -280.33% | -31.56% | -231.24% | -70.13% | -67.24% | -26.94% | -21.27% | 97.13% | 21.2% | -9.51% | -1186.63% | - |
| Income Tax | -168.17M | -166.06M | -36.27M | -9.67M | -8.25M | -10.84M | -8.35M | -2.04M | 4.97M | 99.47K | -920.06K | 0 | 0 |
| Effective Tax Rate % | 5.4% | 5.26% | 10.69% | 0.5% | 1.48% | 2.6% | 7.65% | 5.36% | 17.87% | 3.09% | 149.62% | 0% | 0% |
| Net Income | -2.95B | -3B | -333.8M | -1.96B | -601.05M | -443.75M | -102.54M | -25.04M | 22.84M | 3.12M | 305.12K | -5.27M | -96.43K |
| Net Margin % | -252.55% | -266.25% | -31.05% | -231.64% | -75.88% | -71.61% | -25.3% | -13.96% | 79.77% | 20.54% | 4.72% | -1186.63% | - |
| Net Income Growth % | -764.38% | -798.92% | 82.94% | -225.55% | -35.45% | -332.76% | -309.55% | -209.63% | 632.87% | 921.27% | 105.8% | -5360.15% | - |
| Net Income (Continuing) | -2.94B | -2.99B | -303.04M | -1.94B | -547.26M | -405.82M | -100.83M | -36.09M | 22.84M | 3.12M | 305.12K | -5.27M | -96.43K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -46.54M | -30.05M | 370.62K | 19.2M | 53.65M | 6.24M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -26.73 | -33.80 | -4.50 | -31.70 | -11.30 | -15.10 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -0.42 |
| EPS Growth % | -649.35% | -651.7% | 85.82% | -180.53% | 25.17% | - | - | - | - | - | - | 100% | - |
| EPS (Basic) | - | -33.80 | -4.50 | -31.70 | -11.30 | -15.10 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -0.29 |
| Diluted Shares Outstanding | 110.34M | 89.03M | 74.26M | 61.8M | 48.12M | 26.95M | 22.82M | 20.35M | 13.91M | 9.34M | 4.9M | 3.8M | 334.61K |
| Basic Shares Outstanding | 110.34M | 89.03M | 74.26M | 61.8M | 48.12M | 26.95M | 22.8M | 20.35M | 13.5M | 8.74M | 4.9M | 3.8M | 334.61K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - |
Persistent Operating Margin Deficits
As reported in recent financial filings, Tilray's revenue growth has decelerated significantly from 34.9% in 2024Q2 to 3.0% by 2026Q2, reflecting the difficulty of maintaining top-line momentum amidst a challenging Canadian cannabis market and the integration of diverse, non-cannabis business segments across multiple international jurisdictions.
The transition from high double-digit growth to low single-digit expansion suggests that the company's inorganic growth strategy is struggling to offset organic volume declines in its core cannabis segment. Investors should monitor whether the recent pivot toward beverage alcohol can provide a more durable revenue base, as the current trajectory indicates that the initial benefits of M&A-led expansion are rapidly fading.
Based on the company's reported figures, gross margins have fluctuated between 24.5% and 35.8% over the last ten quarters, with the most recent 26.4% margin highlighting the dilutive impact of the low-margin pharmaceutical distribution business on the overall consolidated profitability profile of the firm.
The inability to consistently expand gross margins suggests that the company's product mix remains heavily weighted toward commoditized distribution rather than high-margin branded goods. This structural limitation warrants further investigation into whether the beverage alcohol segment can eventually achieve the scale necessary to lift consolidated margins above the current mid-twenties range.
According to the income statement data, Tilray continues to struggle with operating leverage, as SG&A expenses of $102.1M in 2026Q2 frequently outpace gross profit generation, resulting in persistent operating losses that suggest the company has yet to achieve the necessary scale to cover its fixed cost base.
The recurring operating losses, despite significant revenue scale, indicate that the company's cost structure is not yet optimized for its current multi-segment footprint. Analysts should be wary of the disconnect between top-line growth and operating income, as the current trend suggests that incremental revenue is not flowing through to the bottom line with sufficient efficiency.
As evidenced by the extreme net income swings, including a $1.7B loss in 2025Q4, the company's bottom-line performance is heavily impacted by non-operating items and impairment charges that make normalized earnings assessment difficult for investors attempting to gauge the underlying health of the core business operations.
The frequent use of non-cash charges and the recent emergence of stock-based compensation suggest that reported net income is a poor proxy for operational success. Investors should focus on the underlying cash burn rather than headline EPS, as the current accounting noise appears to mask the true cost of maintaining the company's aggressive acquisition-led strategy.
Based on an analysis of the income statement, the primary risk to the current narrative is the 'complexity trap,' where the management of four distinct business models across different regulatory environments creates a permanent drag on profitability that may never be resolved through simple scale.
Short-sellers would likely focus on the persistent negative operating margins and the potential for further inventory write-downs as the company struggles to integrate its disparate assets. The reliance on M&A to drive growth, coupled with the lack of a clear path to operating breakeven, suggests that the company's current valuation may be disconnected from its fundamental ability to generate sustainable cash flow.
Quick answers to the most common questions about buying TLRY stock.
For fiscal year 2025, Tilray Brands, Inc. (TLRY) reported total revenue of $1.13B.
Tilray Brands, Inc. (TLRY) reported a net loss of $3.00B for the fiscal year ending 2025.
Tilray Brands, Inc. (TLRY) reported an operating income of $-3132.3M, resulting in an operating profit margin of -277.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Tilray Brands, Inc. (TLRY) generated $330.1M in gross profit for the year, representing a gross profit margin of 29.3%. This demonstrates the company's core pricing power and production efficiency.