Tilray Brands Inc
Q3 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: +9.58%.
Did TLRY Beat Earnings? Q3 2026 Results
Tilray Brands posted a mixed third fiscal quarter for the period ended February 28, 2026, delivering a revenue beat alongside a meaningful earnings miss that underscored the uneven nature of its recovery. The cannabis and beverage company reported net revenue of $206.73 million, topping the $201.30 million consensus by 2.70%, though the headline figure still represented a 23.0% decline year-over-year. On the bottom line, adjusted EPS of $0.02 fell well short of the $0.07 analyst estimate, a 71.43% miss, as margin compression in the beverage segment weighed on profitability despite international cannabis revenue surging more than 73% to a company record. The distribution segment also contributed record quarterly revenue of $82.96 million, up 35%, helping lift adjusted EBITDA 19% to $10.71 million. With the post-quarter acquisition of BrewDog and a Carlsberg partnership set for 2027, management reaffirmed full-year adjusted EBITDA guidance of $62 million to $72 million, though flagged Middle East geopolitical tensions as a potential headwind to that outlook; a price target cut by at least one analyst reflected lingering skepticism around the path to consistent profitability.
- International cannabis revenue grew 73% year-over-year with 100% increase in cannabis flower sales volume
- Canadian adult-use and medical cannabis combined revenue increased 8% year-over-year
- Distribution segment achieved record quarterly net revenue driven by Tilray Pharma
- Wellness segment revenue grew 16% year-over-year
- Project 420 synergy program completed, delivering approximately $33 million in annualized cost savings
- 11% organic revenue growth
“Our third quarter results demonstrated the strength of our global strategy in action, delivering our strongest Q3 net revenue and gross profit to date. Our international cannabis business delivered its best quarterly net revenue in Company history, with over 70% year-over-year growth, which reflects the disciplined execution of our strategy across key global markets. We are seeing that our strategy works, driving growth through scale, product innovation, and strong distribution.”
Tilray Brands CEO, on the earnings call
Forward Guidance & Outlook
Tilray reconfirmed fiscal year 2026 adjusted EBITDA guidance of $62 million to $72 million, representing growth of 13% to 31% compared to fiscal year 2025. The company noted it is monitoring Middle East geopolitical developments, including the escalation of hostilities involving Iran, which may impact energy, fuel, logistics, and supply chain costs and therefore adjusted EBITDA expectations. The BrewDog acquisition (closed after quarter end) and a Carlsberg partnership beginning in 2027 are expected to accelerate the buildout of a global beverage platform across Europe, the Middle East, Australia, Asia-Pacific, and the U.S.
TLRY YoY Financials
TLRY Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.