v3.26.1
10-K Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
 [1]
Dec. 31, 2023
 [1]
Revenues, net:          
Total revenues, net $ 324,231 $ 306,624 $ 1,268,135 $ 1,334,299 $ 1,336,375
Cost of goods sold 166,941 151,058 637,113 693,522 726,794
Gross profit 157,290 155,566 631,022 640,777 609,581
Operating expenses:          
Selling, general and administrative 122,870 110,818 464,178 444,230 432,787
Depreciation and amortization 33,667 35,382 141,394 171,804 136,777
Total operating expenses 156,537 146,200 605,572 616,034 569,564
Income from continuing operations 753 9,366 25,450 24,743 40,017
Other income (expense):          
Interest income 212 171 663 776 23
Interest expense (15,024) (14,161) (56,753) (59,353) (57,966)
Interest expense related to lease liabilities and financial obligations (10,503) (11,084) (44,076) (41,263) (42,416)
Impairment loss 0 (3,695) (9,080) (54,245) (67,076)
Other income (expense), net (4,067) 3,003 5,582 15,984 (2,053)
Total other expense, net (29,382) (25,766) (103,664) (138,101) (169,488)
Loss before provision for income taxes (28,629) (16,400) (78,214) (113,358) (129,471)
Provision for income taxes 98,705 (33,653) (123,689) (98,251) (113,174)
Net income (loss) from continuing operations 70,076 (50,053) (201,903) (211,609) (242,645) [2]
Net loss from discontinued operations (293) (10,193) (26,250) (10,398) (47,692)
Net income (loss) 69,783 (60,246) (228,153) (222,007) (290,337)
Less: Net income (loss) attributable to non-controlling interest (16) 817 2,917 (6,584) (9,140)
Net loss attributable to Curaleaf Holdings, Inc. $ 69,799 $ (61,063) $ (231,070) $ (215,423) $ (281,197)
Per share — basic and diluted          
Net loss per share from continuing operations - basic (in dollars per share) $ 0.27 [3] $ (0.26) [3] $ (0.97) [4],[5] $ (0.92) [4],[5] $ (0.97) [4],[5]
Net loss per share from discontinued operations - basic (in dollars per share) 0 (0.04) (0.10) [5] (0.04) [5] (0.20) [5]
Net loss per share attributable to Curaleaf Holdings, Inc. - basic (in dollars per share) 0.27 [3] (0.30) [3] (1.07) [4],[5] (0.96) [4],[5] (1.17) [4],[5]
Net loss per share from continuing operations - diluted (in dollars per share) 0.26 [3],[6] (0.26) [3],[6] (0.97) [4],[5] (0.92) [4],[5] (0.97) [4],[5]
Net loss per share from discontinued operations - diluted (in dollars per share) 0 [6] (0.04) [6] (0.10) [5] (0.04) [5] (0.20) [5]
Net loss per share attributable to Curaleaf Holdings, Inc. - diluted (in dollars per share) $ 0.26 [3],[6] $ (0.30) [3],[6] $ (1.07) [4],[5] $ (0.96) [4],[5] $ (1.17) [4],[5]
Weighted average common shares outstanding - basic (in shares) 258,476,410 [7] 248,299,646 [7] 254,030,317 [5],[8] 246,941,700 [5],[8] 241,374,965 [5],[8]
Retail and wholesale revenues          
Revenues, net:          
Total revenues, net $ 320,910 $ 304,983 $ 1,254,821 $ 1,328,331 $ 1,330,820
Management fee income          
Revenues, net:          
Total revenues, net $ 3,321 $ 1,641 $ 13,314 $ 5,968 $ 5,555
[1]
(1) Amounts reported in the Company’s Annual Financial Statements for the years ended December 31, 2023 have been recast to reflect reclassification of Missouri and Hemp-derived THC operations as discontinued operations.
[2]
(1) Amounts reported in the Company’s Annual Financial Statements for the years ended December 31, 2023 have been recast to reflect reclassification of Missouri and Hemp-derived THC operations as discontinued operations.
[3]
(1) Certain non-controlling interests are redeemable at the option of the holders. When the estimated redemption value exceeds the recorded amount, the excess is charged directly to Shareholders' equity on the Condensed Consolidated Balance Sheets (Unaudited). This adjustment does not affect the Company's reported net loss; however, under ASC 480-10, Distinguishing Liabilities from Equity, the excess redemption value must be included in the calculation of earnings per share - basic and diluted. See Note 2 — Basis of presentation and consolidation and Note 24 — Earnings per share for additional information.
[4]
(2) Certain non-controlling interests are redeemable at the option of the holders. When the estimated redemption value exceeds the recorded amount, the excess is charged directly to Shareholders' equity on the Consolidated Balance Sheets. This adjustment does not affect the Company's reported net loss; however, under ASC 480-10, Distinguishing Liabilities from Equity, the excess redemption value must be included in the calculation of earnings per share - basic and diluted. See Note 2 — Basis of presentation and consolidation and Note 24 — Earnings per share for further details.
[5]
(3) As a result of the Company’s net losses from its continuing and discontinued operations for the years ended December 31, 2025, 2024 and 2023, all potentially dilutive securities were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive. Accordingly, basic and diluted net loss per share are the same for each period presented.
[6]
(2) As a result of the Company’s net losses from its continuing and discontinued operations for the three months ended March 31, 2025, all potentially dilutive securities were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive. Accordingly, basic and diluted net loss per share are the same for each period presented.
[7]
(3) All basic and diluted income (loss) per share calculations presented for the periods shown have been retrospectively adjusted to reflect the 1-for-3 reverse stock split effected on June 5, 2026. See Note 2 — Basis of presentation and consolidation for further details.
[8]
(4) All basic and diluted loss per share calculations presented for the periods shown have been retrospectively adjusted to reflect the 1-for-3 reverse stock split effected on June 5, 2026. See Note 2 — Basis of presentation and consolidation for further details.