Curaleaf stock in focus after record third-quarter revenue

Curaleaf Holdings reported record third-quarter revenue on Tuesday, November 3, 2026, as growth in both its domestic and international businesses lifted sales. The results were published by Morningstar, carrying the company release.

Revenue growth broadens

Net revenue reached 352.7 million US dollars in the quarter ended September 30, up 10.9 percent from the year-earlier period and 3.6 percent from the second quarter. Domestic revenue rose to 294.0 million US dollars, while international revenue increased to 58.7 million US dollars.

Retail revenue was 242.6 million US dollars, including domestic and international sales, while wholesale revenue reached 106.2 million US dollars. Curaleaf said international growth was supported by activity across Europe, with the United Kingdom, Germany and Poland among the key markets.

Adjusted profit remains resilient

Gross profit rose to 170.5 million US dollars, but the gross margin declined year over year. Adjusted gross profit was 171.8 million US dollars, producing an adjusted margin of 48.7 percent. Adjusted EBITDA increased to 77.6 million US dollars, although its margin eased to 22.0 percent.

The company reported a net loss attributable to Curaleaf of 32.7 million US dollars, compared with a loss of 57.0 million US dollars a year earlier. Cash and cash equivalents totaled 104.9 million US dollars at September 30, while outstanding debt stood at 636.9 million US dollars net of discounts and financing fees.

Expansion continues after quarter

Curaleaf expanded its operated and managed dispensary footprint during and after the quarter. The company also acquired an equity interest in Boone Town Provisions, taking its New Jersey presence to four dispensaries, and said it had begun receiving registrations for medical marijuana dispensaries from the U.S. Drug Enforcement Administration.

Curaleaf's operating platform

Curaleaf provides consumer and medical cannabis products through brands including Curaleaf, Select, Grassroots and Find. Its business serves medical and adult-use markets through cultivation, retail, wholesale and international distribution activities.

Headquartered in Stamford, Connecticut, the company operates across U.S. states and has an international presence spanning Europe, Australasia and North America. Its U.S. footprint is concentrated in highly populated markets, while Curaleaf International connects cultivation, production and distribution across multiple countries.

For investors, the results point to broad sales momentum but also continued pressure on margins and a balance sheet carrying substantial debt. The next focus will be whether Curaleaf can convert its expanding retail and international platform into stronger cash generation.