Tilray Posts Record Revenue Amid Diverging Segment Performance

Cannabis and consumer packaged goods company Tilray Brands, Inc. has reported a new all-time high for quarterly revenue. The record was set in its second fiscal quarter of 2026, which concluded on November 30, 2025. The results highlight a period of strategic execution, though performance varied significantly across the company's diversified business segments.

For Q2 FY2026, Tilray achieved a total net revenue of $217.5 million, marking a 3% year-over-year increase. Management emphasized that disciplined execution across its portfolio was foundational to this quarterly record. The company also transitioned into a net cash position, ending the quarter with approximately $30 million in net cash. Liquidity remained strong, with cash, cash equivalents, and marketable securities totaling $292 million.

Concurrently, the leadership team reaffirmed its full-year adjusted EBITDA guidance for fiscal 2026, maintaining the projected range of $62 million to $72 million. Market observers are now focused on whether the company can sustain its operational momentum to underpin this EBITDA target in the coming quarters.

Segment Analysis: A Tale of Strength and Challenge

The record top-line figure was driven by two key divisions, while another faced persistent market headwinds.

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International Cannabis Leads Expansion
The international cannabis business emerged as the primary growth engine, with revenue surging 36% compared to the prior-year period. This robust recovery followed a temporary slowdown in the first quarter, which the company attributed to the timing of import and export permit approvals. In response to stronger international demand, Tilray has shifted some supply from the Canadian wholesale market to these overseas opportunities. Overall, cannabis net revenue rose 3% to $67.5 million.

Distribution Business Hits Historic High
Tilray's distribution segment also delivered a landmark performance, achieving its best quarter in corporate history. Revenue here climbed 26% year-over-year to reach $85.3 million, constituting a substantial contributor to the quarter's success.

Beverage Segment Under Pressure
In contrast, the beverage division experienced a notable decline. Revenue fell by 20.6% on an annual basis, a result management links to ongoing challenges within the craft beer market.

Key Metrics at a Glance (Q2 FY2026)

• Total Net Revenue: Record $217.5 million (+3% YoY)
• International Cannabis Revenue: +36% YoY
• Distribution Revenue: $85.3 million (+26% YoY)
• Beverage Revenue: -20.6% YoY
• Liquidity: $292 million in cash and marketable securities
• Net Cash Position: Approximately $30 million

The Path Forward

The sustainability of Tilray's current trajectory appears to hinge on two critical factors. First, the company's ability to maintain the accelerated growth pace of its international cannabis operations will be closely watched. Second, investors will monitor how effectively Tilray can translate its operational progress into the step-by-step achievement of its stated EBITDA goals. The strengthened balance sheet provides a foundation as the company navigates these dual objectives.