TLDR
- Tilray reported record Q3 net revenue of $206.7M, up 11% year-over-year, beating the $201.35M analyst estimate
- Adjusted EPS came in at $0.02, a surprise profit versus Wall Street’s estimate of -$0.14
- Cannabis revenue grew 19% to $64.8M, driven by a 73% surge in international cannabis revenue
- Adjusted EBITDA rose 19% to $10.7M; fiscal 2026 guidance reaffirmed at $62M–$72M
- Tilray acquired BrewDog for ~£40M and announced a Carlsberg partnership starting 2027
Tilray Brands posted its best-ever quarterly revenue in Q3 fiscal 2026, with net revenue hitting $206.7 million. That’s an 11% jump from $185.8 million in the same quarter last year, and it came in ahead of what Wall Street was expecting.
$TLRY – Tilray Inc
Q3 2026🟩 Revenue: $206.73M Vs. $203M est.
🟩 Adj. EPS: $0.02 Vs. -$0.01 est👉 International cannabis surged 73% YoY, while distribution reached a record $83M, offsetting beverage weakness. pic.twitter.com/P20N5taXYa
— EarningsTime (@Earnings_Time) April 1, 2026
The earnings surprise was the headline. Analysts had penciled in a loss of 14 cents per share. Tilray came in with a $0.02 adjusted profit per share. That kind of beat tends to move a stock, and it did — TLRY jumped 8.01%.
Net loss for the quarter was $25.2 million, which sounds rough, but it’s a massive improvement from the $793.5 million loss in the same period a year ago.
Gross profit came in at $55.0 million, up 6% year-over-year, with a consolidated gross margin of 27%.
Cannabis revenue was a bright spot. Total cannabis revenue grew 19% to $64.8 million. International cannabis net revenue surged 73%, and cannabis flower sales volume doubled year-over-year.
Canadian adult-use and medical cannabis net revenue rose 8%, keeping Tilray in the number one cannabis revenue position in Canada.
The distribution segment had a strong quarter too. It hit a Q3 record of $83.0 million in net revenue, with distribution gross profit rising to $10.0 million and margin improving to 12%.
Tilray also wrapped up its Project 420 synergy program during the quarter. The program delivered approximately $33 million in annualized cost savings.
BrewDog Deal and Carlsberg Partnership
After the quarter closed, Tilray completed its acquisition of BrewDog, the UK craft beer brand, for approximately £40 million in cash. CEO Irwin Simon said the deal positions the company to build a “scaled global beverage platform.”
Tilray also announced a partnership with Carlsberg, set to begin in 2027. The company says the combination expands its reach across Europe, the Middle East, Australia, Asia-Pacific, and the U.S.
Adjusted EBITDA for Q3 came in at $10.7 million, up 19% from $9.0 million a year ago.
Guidance Reaffirmed
Management held its fiscal 2026 adjusted EBITDA guidance steady at $62 million to $72 million. That range represents growth of 13% to 31% compared to fiscal year 2025.
The Wall Street consensus on TLRY remains a Hold, based on one Buy and five Hold ratings over the past three months. The average price target sits at $8.97, implying roughly 38.64% upside from recent levels.
Despite the Q3 beat, TLRY is still down 28.35% year-to-date and 0.68% over the past 12 months.
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