NASDAQ$TLRY

Tilray Brands Inc · Q4 2025 earnings

Q4 2025 earnings · · Before market open · Investor relations

Briefing

Tilray Brands reported Q4 2025 net revenue of $224.5 million and Adjusted EBITDA of $27.6 million.

Tilray Brands posted Q4 net revenue of $224.5 million, down 2% year-over-year, with gross profit of $67.6 million. The quarter included a large non-cash impairment charge leading to a net loss of $1.27 billion. Adjusted EBITDA reached $27.6 million, the second highest in company history, while international cannabis revenue grew 71%.

  • Q4 net revenue $224.5 million with cannabis gross margin expanding to 44%.
  • International cannabis revenue rose 71% year-over-year in Q4.
  • Adjusted EBITDA of $27.6 million was the second highest quarterly result ever.
  • Balance sheet strengthened with $256.4 million in cash and marketable securities after ~$100 million debt repayments.

Headline financials

Total Revenue

$225M

Previous: $230M-2.3%
EPS (adj)

$0.02

Previous: $0.04-50.0%
Gross Margin

30.0%

No prior period
Adjusted EBITDA

$27.6M

No prior period
Cannabis Gross Margin

44.0%

No prior period
Net Income

-$1.27B

Previous: -$31.7M-3893.7%
Operating Income

-$1.44B

Previous: -$20.6M-6910.3%
Gross Profit

$67.6M

Previous: $63.3M+6.8%
Cash & Equivalents

$222M

No prior period
Total Assets

$2.07B

No prior period

Revenue & EPS history

Tilray · Revenue · Quarterly

$225M

Q4 2025-2.3%vs Q4 2024
Beat estimate in 6 of 14 quarters(43%)
ActualEstimate

Revenue by segment

Tilray · $225M total across 4 segments · Q4 2025

  • Distribution
    $74.1M
  • Cannabis
    $67.8M
  • Beverage
    $65.6M
  • Wellness
    $17M

Forward guidance

Fiscal 2026 Adjusted EBITDA expected between $62 million and $72 million.

Tailwinds

  • 13% to 31% growth versus fiscal 2025

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 19 quarterly earnings reports · overlaid with Q4 2025

Historical avgQ4 2025

-2.0%

Avg return

Earnings day

-4.6%

Avg return

5 days after

-0.3%

Avg return

30 days after

36%

12 / 33 earnings

Positive

+27.4%

Q4 2023

Best reaction

-22.0%

Q3 2024

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q3 2026-2.9%-9.2%
Q2 2026+0.2%+8.4%-17.0%
Q1 2026+21.2%-7.0%-27.9%
Q4 2025+1.4%-17.4%+98.6%
Q3 2025-21.2%-15.5%-24.1%
Q2 2025-13.9%-13.9%-27.0%
Q1 2025+0.0%-3.7%-8.6%
Q4 2024+9.8%+1.6%-7.1%
Q3 2024-22.0%-29.7%-23.6%
Q2 2024-14.5%-20.1%-19.2%
Q1 2024-5.4%-9.4%-14.3%
Q4 2023+27.4%+50.6%+39.3%
Q3 2023-3.1%-8.8%+5.8%
Q2 2023-5.4%+7.5%+2.7%
Q1 2023-21.3%-21.0%-2.3%
Q4 2022+12.0%+19.6%+17.5%
Q3 2022-7.8%-9.4%-32.6%
Q2 2022+15.0%+6.9%+7.8%
Q1 2022-2.8%-4.7%-0.8%
Q4 2021+21.1%+14.8%+5.4%
Q3 2021+1.4%+0.1%-16.8%
Q4 2020-21.7%-24.1%-26.8%
Q2 2021+4.3%+10.2%+109.7%
Q3 2020-13.5%-20.6%-17.8%
Q2 2020-7.1%-2.8%-24.3%
Q1 2020-4.0%-0.1%+24.6%
Q4 2019-9.8%-30.6%-59.1%
Q3 2019-4.5%-9.1%-13.6%
Q2 2019-8.1%-26.3%-28.0%
Q1 2019+5.2%-1.7%-12.4%
Q4 2018-3.7%-7.4%-30.1%
Q3 2018-9.8%-2.6%-33.4%
Q2 2018+16.3%+22.0%+145.7%
Q1 2018
Q4 2017
Q3 2017
Q2 2017
Q1 2017
Q4 2016
Q3 2016
Q2 2016
Q1 2016
Q4 2015
Q3 2015
Q2 2015
Q1 2015
Q4 2014
Q3 2014
Q2 2014
Q1 2014
Q4 2013
Q3 2013
Q2 2013
Q1 2012
Q4 2012
Q3 2011
Q2 2011

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