Tilray Brands (TSX:TLRY) Operating Income: C$-88 Mil (TTM As of Feb. 2026)


TSX:TLRY Tilray Brands Inc TSX:TLRY
58 GF Score
Price C$6.23
GF Value C$17.39
Valuation Possible Value Trap
! 5 Warning Signs
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What is Tilray Brands Operating Income?

Tilray Brands TSX:TLRY +0.32% 58 Operating Income is C$-88 Mil as of Feb. 2026. GuruFocus rates TSX:TLRY with a GF Score™ of 58/100 and a GF Value™ of C$17.39 (Possible Value Trap). The stock has 5 warning signs investors should review.

Tilray Brands's Operating Income for the three months ended in Feb. 2026 was C$-27 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Feb. 2026 was C$-88 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Tilray Brands's Operating Income for the three months ended in Feb. 2026 was C$-27 Mil. Tilray Brands's Revenue for the three months ended in Feb. 2026 was C$282 Mil. Therefore, Tilray Brands's Operating Margin % for the quarter that ended in Feb. 2026 was -9.61%.

Tilray Brands's 5-Year average Growth Rate for Operating Margin % was -0.50% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Tilray Brands's annualized ROC % for the quarter that ended in Feb. 2026 was -4.88%. Tilray Brands's annualized ROC (Joel Greenblatt) % for the quarter that ended in Feb. 2026 was -8.92%.

Tilray Brands  (TSX:TLRY) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Tilray Brands's annualized ROC % for the quarter that ended in Feb. 2026 is calculated as:

ROC % (Q: Feb. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Nov. 2025 ) + Invested Capital (Q: Feb. 2026 ))/ count )
=-108.468 * ( 1 - 0% )/( (2221.728 + 2225.708)/ 2 )
=-108.468/2223.718
=-4.88 %

where

Invested Capital(Q: Nov. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=2949.791 - 318.259 - ( 409.804 - max(0, 364.493 - 1025.128+409.804))
=2221.728

Invested Capital(Q: Feb. 2026 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=2831.581 - 305.71 - ( 300.163 - max(0, 351.493 - 980.964+300.163))
=2225.708

Note: The Operating Income data used here is four times the quarterly (Feb. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

Tilray Brands's annualized ROC (Joel Greenblatt) % for the quarter that ended in Feb. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Feb. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Nov. 2025  Q: Feb. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=-99.872/( ( (801.056 + max(297.065, 0)) + (765.58 + max(375.092, 0)) )/ 2 )
=-99.872/( ( 1098.121 + 1140.672 )/ 2 )
=-99.872/1119.3965
=-8.92 %

where Working Capital is:

Working Capital(Q: Nov. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(153.31 + 398.063 + 63.951) - (318.259 + 0 + 0)
=297.065

Working Capital(Q: Feb. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(161.554 + 398.935 + 120.312) - (305.71 + 0 + -0.00099999999997635)
=375.092

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Feb. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Tilray Brands's Operating Margin % for the quarter that ended in Feb. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Feb. 2026 )/Revenue (Q: Feb. 2026 )
=-27.117/282.148
=-9.61 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Tilray Brands Operating Income Related Terms

Tilray Brands Operating Income Historical Data

* Premium members only.

The historical data trend for Tilray Brands's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Tilray Brands Operating Income Chart

Tilray Brands Annual Data
Trend May16 May17 May18 May19 May20 May21 May22 May23 May24 May25
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only -83.13 -299.96 -240.87 -154.11 -149.50

Tilray Brands Quarterly Data
May21 Aug21 Nov21 Feb22 May22 Aug22 Nov22 Feb23 May23 Aug23 Nov23 Feb24 May24 Aug24 Nov24 Feb25 May25 Aug25 Nov25 Feb26
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -44.90 -17.56 -15.00 -28.13 -27.12
TSX:TLRY
58GF Score
Tilray Brands Inc TSX:TLRY
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Tilray Brands Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Feb. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was C$-88 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about Operating Income →
What does a Operating Income of C$-88 Mil mean?
Tilray Brands (TSX:TLRY) has a Operating Income of C$-88 Mil as of Feb. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Tilray Brands and its competitors.
Is Tilray Brands' Operating Income too high?
Tilray Brands' current Operating Income is C$-88 Mil. Overall, Tilray Brands has a GF Score™ of 58/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Tilray Brands' Operating Income compare to AQST and EOLS?
Tilray Brands' Operating Income of C$-88 Mil can be compared against companies in the Drug Manufacturers industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Income for a Drug Manufacturers company?
A good Operating Income depends on the Drug Manufacturers industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Income mean?
A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Tilray Brands and its competitors. Tilray Brands's current Operating Income is C$-88 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Tilray Brands stock overvalued right now?
Based on GuruFocus' analysis, Tilray Brands (TSX:TLRY) is currently considered Possible Value Trap. The stock's GF Value™ is C$17.39, compared to a current price of C$6.23 — trading 64.2% below its estimated fair value. The current Operating Income is C$-88 Mil. Tilray Brands' overall GF Score™ is 58/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For Tilray Brands (TSX:TLRY), the current Operating Income is C$-88 Mil as of Feb. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Tilray Brands (TSX:TLRY) Overvalued in 2026?

Based on GuruFocus' analysis, Tilray Brands stock appears to be undervalued. The current stock price of C$6.23 is trading 64.2% below its estimated GF Value™ of C$17.39. GuruFocus considers Tilray Brands to be Possible Value Trap.

Key valuation signals for TSX:TLRY:

  • Operating Income: C$-88 Mil
  • GF Value™: C$17.39 vs. price of C$6.23 (64.2% below fair value)
  • GF Score™: 58/100 with 5 warning signs

No single metric tells the full story. See the TSX:TLRY stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Tilray Brands Business Description

Address 265 Talbot Street West, Leamington, ON, CAN, N8H 5L4
Tilray is a Canadian producer that cultivates and sells medical and recreational cannabis. In 2021, legacy Aphria acquired legacy Tilray in a reverse merger and renamed itself Tilray. The bulk of its sales are in Canada and in the international medical cannabis export market. US exposure comes mainly from alcohol.
58GF Score

Get the complete analysis for TSX:TLRY

Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

C$6.23
Price
C$17.39
GF Value