Tilray Brands Inc
Q2 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: −0.30%.
Did TLRY Beat Earnings? Q2 2026 Results
Tilray Brands delivered a revenue beat in its fiscal second quarter of 2026, posting net revenue of $217.51 million against a consensus estimate of $211.15 million, though the company still reported an adjusted loss of $0.02 per share, missing the breakeven estimate analysts had expected. Revenue fell 26.3% year over year on a reported basis, but the quarter's headline figure masked a more nuanced story beneath the surface. The Distribution segment was the standout driver, reaching a record $85.32 million, up 26% year over year, while international cannabis revenue surged 36% to $20.18 million as the company strategically redirected supply toward higher-margin global markets, a pivot that helped cannabis gross margins expand to 39% from 35%. Offsetting that momentum, the Beverage segment struggled, with revenue declining 21% to $50.08 million and gross margin compressing sharply to 31% from 40%, pressuring consolidated margins. The company's recent launch of Tilray Medical Italia signals continued investment in European expansion. Tilray reaffirmed full-year fiscal 2026 adjusted EBITDA guidance of $62 million to $72 million, with management pointing to anticipated U.S. federal cannabis rescheduling as a meaningful catalyst ahead.
- International cannabis revenue increased 36% year-over-year
- Canadian adult-use cannabis revenue grew 6%
- Distribution segment achieved highest revenue quarter ever, up 26% YoY
- Cannabis gross margin expanded to 39% from 35%
- Operating expenses decreased 23% year-over-year
- Cash used in operations improved $32.2 million to $(8.5) million
“We achieved another record quarter with net revenue reaching $218 million, a result of disciplined execution within our diversified portfolio spanning cannabis, beverage, wellness and distribution sectors. Our business model supports scalability, adaptability in challenging markets, and long-term value creation, as demonstrated by our ability to perform while reinforcing our core operations. The quarter concluded with a strong balance sheet and ample liquidity, highlighting our prudent financial management and affording us flexibility for selective investment in strategic growth initiatives. As we continue expanding our operations and pursuing our priorities, we remain committed to achieving sustainable profitability and enhancing long-term shareholder value.”
Tilray Brands CEO, on the earnings call
Forward Guidance & Outlook
Tilray reaffirmed its full-year fiscal 2026 adjusted EBITDA guidance of $62 million to $72 million. The company anticipates U.S. federal cannabis rescheduling will unlock new market opportunities for Tilray Medical's expansion into the United States, where it plans to leverage its expected $150 million global medical cannabis business and $300 million Tilray Pharma distribution platform to roll out its repeatable medical model, initiate FDA trials, and pursue partnerships for product development.
TLRY YoY Financials
TLRY Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.