Tilray Brands Inc
Q4 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: +5.47%.
Did TLRY Beat Earnings? Q4 2026 Results
Tilray Brands delivered a split verdict for fiscal Q4 2026, posting revenue that cleared Wall Street's bar while earnings fell well short of expectations. The cannabis and beverage company reported net revenue of $281.71 million, beating the $246.30 million consensus by 14.38%, yet full-year revenue still declined 8.6% year-over-year, underscoring the uneven nature of the recovery. On the bottom line, adjusted EPS of $0.05 missed the $0.21 consensus by 76.19%, with the gap largely explained by a $37.93 million GAAP net loss driven by non-cash charges including amortization, stock-based compensation, and tax expense. The single biggest top-line catalyst was the BrewDog acquisition, which propelled beverage revenue 61% higher to $105.60 million and helped lift gross margin to 32% from 30%. Questions around persistent unprofitability continue to weigh on investor sentiment, even as management guided fiscal 2027 adjusted EBITDA of $68 million to $75 million and projected annual revenue exceeding $1 billion, signaling confidence in the diversified platform's trajectory.
- BrewDog acquisition driving 61% beverage revenue growth in Q4
- International medical cannabis revenue increased 34% for fiscal year
- CC Pharma gross profit increased 57% in fiscal Q4
- Distribution segment gross margin expanded to 14% from 10% in Q4
- Canadian adult-use cannabis revenue represented 80% of total cannabis revenue in Q4
“Fiscal 2026 marks an important milestone in Tilray's evolution. We didn't just deliver record revenue, record gross profit and record adjusted EBITDA, we demonstrated the strength of the diversified global platform we've been building for the last five years. Today, Tilray Brands is a fundamentally different company: a global business with leadership positions across medical and adult-use cannabis, beverage, hospitality and wellness. We have built multiple growth engines, strengthened our balance sheet, expanded our global reach and created the financial flexibility to invest where we see the greatest opportunities. That combination gives us the ability to create value regardless of market conditions or regulatory timelines.”
Tilray Brands CEO, on the earnings call
Forward Guidance & Outlook
For fiscal year 2027 (ending May 31, 2027), Tilray expects adjusted EBITDA of $68 million to $75 million, representing double-digit growth compared to fiscal 2026's $61.1 million. The company expects over $1 billion in annual revenue for fiscal 2027. Tilray is evaluating multiple pathways for U.S. medical cannabis participation following rescheduling developments, pursuing a medical-first strategy focused on research, cannabinoid-based medicine development, and compliant medical cannabis access. Meaningful regulatory uncertainty remains with ongoing legal challenges.
TLRY YoY Financials
TLRY Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.