Tilray Brands, Inc. (TLRY) Earnings
Tilray Brands, Inc. is expected to report next earnings on July 27, 2026 (in NaN days), with a consensus EPS estimate of $-0.01. TLRY has beaten EPS estimates in 2 of its last 12 reported quarters (average surprise -79.0% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 1, 2026 | $-0.14 | $-0.24 | -71.4% | $207M | +2.7% |
| Jan 8, 2026 | $-0.14 | $-0.41 | -192.9% | $304M | +51.0% |
| Oct 9, 2025 | $-0.27 | $-0.00 | +98.4% | $288M | +40.7% |
| Apr 8, 2025 | $-0.04 | $-0.10 | -150.0% | $186M | -25.6% |
| Jan 10, 2025 | $-0.04 | $-0.10 | -150.0% | $211M | -2.5% |
| Oct 10, 2024 | $-0.04 | $-0.04 | -11.1% | $200M | -8.5% |
| Apr 9, 2024 | $-0.05 | $-0.12 | -140.0% | $188M | -16.4% |
| Jan 9, 2024 | $-0.06 | $-0.07 | -11.6% | $194M | -0.8% |
| Oct 4, 2023 | $-0.05 | $-0.10 | -100.0% | $177M | +1.9% |
| Jul 26, 2023 | $-0.05 | $-0.15 | -200.0% | $184M | +19.6% |
| Apr 10, 2023 | $-0.05 | $-0.04 | +20.0% | $146M | -28.1% |
| Jan 9, 2023 | $-0.05 | $-0.06 | -20.0% | $144M | -6.9% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q3 FY2026 · April 1, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Erwin Simon highlighted record Q3 results, international expansion, BrewDog acquisition positioning Tilray as ~$1.2 billion global revenue company. - Cannabis business had strong results in Canada and international markets, with Tilray Pharma growing and partnerships strengthening distribution. - Beverage business focused on integration, margin-focused actions, and strategic partnerships like with Carlsberg and acquisition of BrewDog. - Wellness business saw growth from high-value innovations. - Carl Martin reviewed financials, reaffirmed adjusted EBITDA guidance, and discussed segment performances.
Guidance
Reaffirmed fiscal 2026 adjusted EBITDA guidance of $62 to $72 million. Carlsberg partnership offers opportunity to improve overhead utilization and create operational leverage. BrewDog acquisition accelerates global strategy.
Segment performance
Cannabis: Net revenue $64.8 million, 19% year-over-year growth. International cannabis net sales $24.1 million, 73% year-over-year growth. Medical cannabis flower volume up 100% YOY, oil volume up 90% YOY. Tilray Pharma grew 35% YOY to $83 million. Canada: Reinforced leading position by revenue. Adult use medical grew 8% YOY to almost $40 million. Beverage: Net revenue $43 million in Q3, impacted by margin-focused actions and industry-wide softness. Distribution: Net revenue $83 million, 35% growth. Wellness: Net revenue $16.4 million, 16% year-over-year growth. Revenue contribution: Cannabis 31%, beverage 21%, distribution 40%, wellness 8%.
Risks & headwinds
Operate in highly regulated environments globally, face cannabis regulatory reform in the US, navigate constraints across international markets. Challenges with integration. Headwinds from industry and macroeconomic factors, including price compression, aluminum costs, and potential regulatory changes affecting HDD9 products.
Analyst Q&A
Q: About balancing support for international and Canada cannabis business.
A: Discussed supply from Canadian facilities, yields in European facilities, and dealing with price compression.
Q: On Project 420 and productivity.
A: There's ongoing cost-saving projects with BrewDog integration.
Q: On international growth drivers.
A: Supply, demand, permits, and vertical integration.
Q: On beverage segment aluminum hedging and scale.
A: Hedging 65%-75% of aluminum buy month-to-month and a year out, and benefits of scale with Carlsberg and BrewDog.
Q: On distribution gains in craft beer.
A: Gains and losses, focus on new products and innovation.
Q: On Tilray Pharma SKUs and leveraging CC Pharma.
A: Focus on high-velocity SKUs, cross margins, and distribution expansion.
Q: On BrewDog revenue bridge.
A: BrewDog assets contribute between $225M - $250M.
Q: On hemp and CMS program.
A: Monitoring regulatory changes and prepared for CMS program.
Q: On beverage segment margins and brew pubs.
A: Trough margins excluding BrewDog and Carlsberg, and plans for brew pubs.
Q: On Germany vertical integration and route to market.
A: Advantages of supply and vertical integration, route to market teams, and pharmacy reach importance.