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

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 (TSE:TLRY) Earnings, Revenues Date & History

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TSE:TLRY Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 02, 2025	2026 (Q1)	-0.04 / -	-0.055	―	―	―
Jul 28, 2025	2025 (Q4)	-0.03 / -1.80	-0.055	-3150.00% (-1.74)	―
Apr 08, 2025	2025 (Q3)	-0.05 / -1.20	-0.166	-625.00% (-1.04)	―
Jan 10, 2025	2025 (Q2)	-0.05 / -0.14	-0.097	-42.86% (-0.04)	―
Oct 10, 2024	2025 (Q1)	-0.05 / -0.06	-0.138	60.00% (+0.08)	―
Jul 29, 2024	2024 (Q4)	-0.03 / -0.06	-0.208	73.33% (+0.15)	―
Apr 09, 2024	2024 (Q3)	-0.07 / -0.17	-2.63	93.68% (+2.46)	―
Jan 09, 2024	2024 (Q2)	-0.07 / -0.10	-0.152	36.36% (+0.06)	―
Oct 04, 2023	2024 (Q1)	-0.07 / -0.14	-0.18	23.08% (+0.04)	―
Jul 26, 2023	2023 (Q4)	-0.06 / -0.21	-1.246	83.33% (+1.04)	―

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

TSE:TLRY Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 28, 2025	C$0.95	C$0.79	-16.84%
Apr 08, 2025	C$0.81	C$0.64	-20.99%
Jan 10, 2025	C$1.99	C$1.75	-12.06%
Oct 10, 2024	C$2.25	C$2.19	-2.67%

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.