The earnings call reflected a mixed performance with strong international cannabis revenue and improved financial metrics, but was offset by significant noncash impairment charges and underperformance in the beverage segment.

Company Guidance -

Q1 2026

During the call discussing Tilray Brands' financial results for the fourth quarter and fiscal year 2025, several key metrics and guidance were highlighted. Tilray achieved record annual revenue of $821 million, marking a 4% increase year-over-year on a constant currency basis. The international cannabis business reached a record revenue of $22.4 million in Q4, up 71% year-over-year. Total cannabis gross margin increased by 400 basis points to 44% in Q4, with a 700 basis point increase over the fiscal year. The company reported its second-highest quarterly consolidated adjusted EBITDA of nearly $28 million. For fiscal 2025, Tilray's highest gross profit to date was $241 million, an 8% increase year-over-year. The company maintained a strong balance sheet with approximately $256 million in cash and reduced its debt by about $100 million, improving its net debt-to-EBITDA ratio to 0.3x from 1.7x the previous year. Looking ahead to fiscal 2026, Tilray anticipates adjusted EBITDA between $62 million and $72 million.

Record International Cannabis Revenue

Tilray achieved a record revenue of $22.4 million in the international cannabis business in Q4, up 71% year-over-year.

Improved Gross Margins

Total cannabis gross margin increased by 400 basis points to 44% in Q4, and by 700 basis points for the fiscal year.

Strong Adjusted EBITDA Performance

Achieved the second-highest ever quarterly consolidated adjusted EBITDA of almost $28 million in Q4.

Debt Reduction and Financial Stability

Reduced debt by approximately $100 million and improved net debt-to-EBITDA ratio to 0.3x from 1.7x last year.

Expansion and Growth in Key Markets

European cannabis revenue increased organically by 112% in Q4, excluding Australia, and Germany achieved a revenue growth of 134% over the prior year quarter.

Tilray (TLRY) Earnings, Revenues Date & History

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TLRY Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 02, 2025	2026 (Q1)	-0.03 / -	-0.04	―	―	―
Jul 28, 2025	2025 (Q4)	-0.02 / -1.30	-0.04	-3150.00% (-1.26)	―
Apr 08, 2025	2025 (Q3)	-0.04 / -0.87	-0.12	-625.00% (-0.75)	―
Jan 10, 2025	2025 (Q2)	-0.03 / -0.10	-0.07	-42.86% (-0.03)	―
Oct 10, 2024	2025 (Q1)	-0.04 / -0.04	-0.1	60.00% (+0.06)	―
Jul 29, 2024	2024 (Q4)	-0.02 / -0.04	-0.15	73.33% (+0.11)	―
Apr 09, 2024	2024 (Q3)	-0.05 / -0.12	-1.9	93.68% (+1.78)	―
Jan 09, 2024	2024 (Q2)	-0.05 / -0.07	-0.11	36.36% (+0.04)	―
Oct 04, 2023	2024 (Q1)	-0.05 / -0.10	-0.13	23.08% (+0.03)	―
Jul 26, 2023	2023 (Q4)	-0.04 / -0.15	-0.9	83.33% (+0.75)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

TLRY Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 28, 2025	$0.70	$0.58	-17.14%
Apr 08, 2025	$0.58	$0.46	-20.69%
Jan 10, 2025	$1.37	$1.23	-10.22%
Oct 10, 2024	$1.63	$1.59	-2.45%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.