LAVAL, QC, March 17, 2026 /PRNewswire/ - Alimentation Couche-Tard Inc. ("Couche-Tard" or the "Corporation") (TSX: ATD) announces its results for its third quarter ended February 1, 2026.
Executive Comments on the Quarter
Alex Miller, President and Chief Executive Officer, said: "For the third consecutive quarter, we delivered positive same-store sales across every region and once again outperformed the broader industry. Customers continue to respond to the value and ease of our offer, from Meal Deals to our compelling Thirst and Nicotine programs, which along with healthy fuel margins and deepening loyalty program engagement are feeding our momentum as we execute our refreshed Core + More strategy. Heading into the fourth quarter of our fiscal year, I couldn't be prouder of the teams driving these results, focused on winning our customers and embracing our vision to become the world's favorite stop for people on the go."
Filipe Da Silva, Chief Financial Officer, added: "We delivered one of our best quarterly performance in over two years, with same-store sales accelerating as the quarter progressed and contributing to solid growth in both adjusted EBITDA(1) and earnings per share. These results validate that the actions outlined in our Business Strategy Update are translating into measurable outcomes. Continued focus on traffic, customer value and operational execution is strengthening our growth algorithm and driving long-term value creation."
Quarterly Highlights
-- Net earnings attributable to shareholders of the Corporation were $757.2
million for the third quarter of fiscal 2026 compared with $641.4 million
for the third quarter of fiscal 2025. Adjusted net earnings attributable
to shareholders of the Corporation1 were approximately $751.0 million
compared with $641.0 million for the corresponding quarter of last year,
representing an increase of 17.2%.
-- Net earnings attributable to shareholders of the Corporation were $0.82
per diluted share for the third quarter of fiscal 2026 compared with
$0.68 per diluted share for the third quarter of fiscal 2025. Adjusted
diluted net earnings per share1 were $0.81, representing an increase of
19.1% from $0.68 for the corresponding quarter of last year.
-- Total merchandise and service revenues of $5.8 billion, an increase of
8.7%. Same-store merchandise revenues2 increased by 2.8% in the United
States, by 0.4% in Europe and other regions1, and by 0.3% in Canada.
Consolidated same-store merchandise revenues1 increased by 2.0%.
-- Merchandise and service gross margin1 decreased by 0.1% in the United
States to 33.9%, and by 0.1% in Europe and other regions to 38.9%, while
it increased by 0.1% in Canada to 32.5%.
-- Same-store road transportation fuel volumes decreased by 0.4% in the
United States, and by 1.6% in Europe and other regions, while it
increased by 4.2% in Canada.
-- Road transportation fuel gross margin1 of 47.71c per gallon in the United
States, an increase of 3.43c per gallon, US 10.87c per liter in Europe
and other regions, an increase of US 1.58c per liter, and CA 15.82c per
liter in Canada, an increase of CA 2.28c per liter.
-- Solid pipeline execution with 37 new-to-industry openings, and 8
relocated or reconstructed stores, reaching a total of 80 stores since
the beginning of fiscal 2026. As of February 1, 2026, another 58 stores
were under construction and should open in the upcoming quarters.
______________________
(1) Please refer to the "Non-IFRS Accounting Standards Measures" section for
additional information on performance measures not defined by IFRS$(R)$
Accounting Standards.
(2) This measure represents the growth of (decrease in) cumulative merchandise
revenues between the current period and comparative period for those stores
that were open for at least 23 days out of every 28-day period included in the
reported periods. Merchandise revenues are defined as Merchandise and service
revenues excluding service revenues.
Summary of the Third Quarter of Fiscal 2026
For its third quarter ended February 1, 2026, Couche-Tard reported net earnings attributable to shareholders of the Corporation of $757.2 million, representing $0.82 per share on a diluted basis, compared with $641.4 million for the corresponding quarter of fiscal 2025, representing $0.68 per share on a diluted basis. The results for the third quarter of fiscal 2026 were affected by a pre-tax net foreign exchange gain of $13.5 million and by pre-tax acquisition costs of $3.9 million. The results for the comparable quarter of fiscal 2025 were affected by a pre-tax net foreign exchange gain of $12.3 million and by pre-tax acquisition costs of $8.7 million. Excluding these items, the adjusted net earnings attributable to shareholders of the Corporation(1) were approximately $751.0 million, or $0.81 per share on a diluted basis for the third quarter of fiscal 2026, compared with $641.0 million, or $0.68 per share on a diluted basis for the corresponding quarter of fiscal 2025, an increase of 19.1% in the adjusted diluted net earnings per share(1) . This increased is primarily driven by the contribution from acquisitions, by higher road transportation fuel gross margin(1) and by positive organic growth in our convenience activities across all our geographies, partly offset by the impact of inflation and strategic investments on our operating expenses and depreciation. All financial information presented is in US dollars unless stated otherwise.
______________________ (1) Please refer to the "Non-IFRS Accounting Standards Measures" section for additional information on performance measures not defined by IFRS Accounting Standards.
Significant Items of the Third Quarter of Fiscal 2026
-- During the third quarter and first three quarters of fiscal 2026, we
repurchased 12.9 million and 29.6 million shares, respectively. These
repurchases were settled for amounts of $684.4 million and $1.6 billion,
which includes associated taxes of $13.5 million and $30.9 million,
respectively. Subsequent to the end of the quarter, 0.4 million shares
were repurchased for an amount of $21.6 million.
Changes in our Network during the Third Quarter of Fiscal 2026
-- We acquired 12 company-operated stores, reaching a total of 26
company-operated stores acquired through various transactions since the
beginning of fiscal 2026. We settled these transactions using our
available cash.
-- During the quarter, we completed the construction of 37 stores and the
relocation or reconstruction of 8 stores, reaching a total of 80 stores
since the beginning of fiscal 2026. As of February 1, 2026, another 58
stores were under construction and should open in the upcoming quarters.
Summary of changes in our store network
The following table presents certain information regarding changes in our store network over the 16--week period ended February 1, 2026(1) :
16--week period ended February 1, 2026
--------------------------------------------------
Franchised and
Company- other
Type of site operated CODO DODO affiliated Total
--------- ----- ----- ----------------- ------
Number of sites,
beginning of
period 10,710 1,376 1,398 1,153 14,637
Acquisitions 12 -- -- -- 12
Openings /
constructions
/ additions 37 -- 3 10 50
Closures /
disposals /
withdrawals (46) (4) (24) (31) (105)
Store
conversions 9 (10) (3) 4 --
------------------ --------- ----- ----- ----------------- ------
Number of sites,
end of period 10,722 1,362 1,374 1,136 14,594
Circle K branded
sites under
licensing
agreements 2,682
------------------ --------- ----- ----- ----------------- ------
Total network 17,276
------------------ --------- ----- ----- ----------------- ------
Number of
automated fuel
stations included
in the period-end
figures 1,165 2 102 -- 1,269
------------------ --------- ----- ----- ----------------- ------
(1) Stores which are part of Circle K Belgium SA's network are included at
100%, while stores operated through our RDK joint venture are included at
50%.
Exchange Rate Data
We use the US dollar as our reporting currency, which provides more relevant information given the predominance of our operations in the United States.
The following table sets forth information about exchange rates based upon closing rates expressed as US dollars per comparative currency unit:
16--week periods ended 40-week periods ended
February 1, 2026 February 2, 2025 February 1, 2026 February 2, 2025
---------------- ---------------- ---------------- ----------------
Average for
the
period(1)
Canadian
dollar 0.7191 0.7073 0.7228 0.7223
Norwegian
krone 0.0993 0.0897 0.0990 0.0919
Swedish
krone 0.1072 0.0917 0.1057 0.0938
Danish
krone 0.1561 0.1414 0.1554 0.1443
Zloty 0.2757 0.2458 0.2732 0.2509
Euro 1.1658 1.0550 1.1604 1.0769
Hong Kong
dollar 0.1285 0.1286 0.1281 0.1283
---------------- ---------------- ---------------- ----------------
(1) Calculated by taking the average of the closing exchange rates of each day
in the applicable period.
For the analysis of consolidated results, the impact of the translation of our foreign currency operations into US dollars is defined as the impact from the translation of our Canadian, European, Asian, and corporate operations into US dollars. Variances of our foreign currency operations into US dollars are determined as being the difference between the corresponding period results in local currencies translated at the current period average exchange rate and the corresponding period results in local currencies translated at the corresponding period average exchange rate.
Summary Analysis of Consolidated Results for the Third Quarter and First Three Quarters of Fiscal 2026
The following table highlights certain information regarding our operations for the 16 and 40-week periods ended February 1, 2026 and February 2, 2025, and the results analysis in this section should be read in conjunction with this table. The results from our operations in Europe and Asia are presented together as Europe and other regions.
16--week periods ended 40-week periods ended
(in millions of US
dollars, unless February February Variation February February Variation
otherwise stated) 1, 2026 2, 2025 % 1, 2026 2, 2025 %
-------- -------- --------- -------- -------- ---------
Statement of Operations
Data:
Merchandise and service
revenues(1) :
United States 3,888.2 3,591.0 8.3 10,128.1 9,564.4 5.9
Europe and other
regions 1,193.1 1,036.3 15.1 3,110.3 2,758.5 12.8
Canada 669.8 665.3 0.7 1,883.2 1,849.7 1.8
Total merchandise and
service revenues 5,751.1 5,292.6 8.7 15,121.6 14,172.6 6.7
-------- -------- --------- -------- -------- ---------
Road transportation
fuel revenues:
United States 8,442.7 8,205.5 2.9 22,442.4 22,639.5 (0.9)
Europe and other
regions 5,869.7 5,556.1 5.6 15,009.2 14,860.7 1.0
Canada 1,545.7 1,657.1 (6.7) 3,990.9 4,458.8 (10.5)
Total road
transportation fuel
revenues 15,858.1 15,418.7 2.8 41,442.5 41,959.0 (1.2)
-------- -------- --------- -------- -------- ---------
Other revenues(2) :
United States 15.0 12.6 19.0 39.2 36.6 7.1
Europe and other
regions 171.3 169.4 1.1 390.9 392.0 (0.3)
Canada 10.2 10.2 -- 24.5 26.1 (6.1)
Total other revenues 196.5 192.2 2.2 454.6 454.7 --
-------- -------- --------- -------- -------- ---------
Total revenues 21,805.7 20,903.5 4.3 57,018.7 56,586.3 0.8
-------- -------- --------- -------- -------- ---------
Merchandise and service
gross profit(1)(3) :
United States 1,316.4 1,220.2 7.9 3,478.9 3,237.3 7.5
Europe and other
regions 464.6 404.5 14.9 1,210.4 1,075.8 12.5
Canada 218.0 215.6 1.1 630.7 620.7 1.6
Total merchandise and
service gross profit 1,999.0 1,840.3 8.6 5,320.0 4,933.8 7.8
-------- -------- --------- -------- -------- ---------
Road transportation
fuel gross profit(3) :
United States 1,387.9 1,204.6 15.2 3,437.0 3,253.7 5.6
Europe and other
regions 574.2 483.2 18.8 1,525.8 1,307.5 16.7
Canada 205.5 166.3 23.6 493.7 427.0 15.6
Total road
transportation fuel
gross profit 2,167.6 1,854.1 16.9 5,456.5 4,988.2 9.4
-------- -------- --------- -------- -------- ---------
Other revenues gross
profit(2)(3) :
United States 14.9 11.7 27.4 39.1 30.4 28.6
Europe and other
regions 44.8 49.1 (8.8) 117.9 111.9 5.4
Canada 9.1 9.0 1.1 22.7 24.0 (5.4)
Total other revenues
gross profit 68.8 69.8 (1.4) 179.7 166.3 8.1
-------- -------- --------- -------- -------- ---------
Total gross profit(3) 4,235.4 3,764.2 12.5 10,956.2 10,088.3 8.6
Operating, selling,
general and
administrative
expenses 2,364.6 2,136.0 10.7 5,860.8 5,418.4 8.2
Loss (gain) on disposal
of property and
equipment and other
assets 2.3 3.7 (37.8) (59.2) (39.7) 49.1
Depreciation,
amortization and
impairment 723.9 656.2 10.3 1,785.8 1,564.6 14.1
Operating income 1,144.6 968.3 18.2 3,368.8 3,145.0 7.1
-------- -------- --------- -------- -------- ---------
Net financial expenses 185.5 159.6 16.2 439.2 392.5 11.9
-------- -------- --------- -------- -------- ---------
Net earnings 757.5 645.0 17.4 2,286.9 2,150.1 6.4
-------- -------- --------- -------- -------- ---------
Less: Net earnings
attributable to
non-controlling
interests (0.3) (3.6) (91.7) (6.6) (9.1) (27.5)
-------- -------- --------- -------- -------- ---------
Net earnings
attributable to
shareholders of the
Corporation 757.2 641.4 18.1 2,280.3 2,141.0 6.5
-------- -------- --------- -------- -------- ---------
Per Share Data:
Basic net earnings per
share (dollars per
share) 0.82 0.68 20.6 2.44 2.25 8.4
Diluted net earnings
per share (dollars per
share) 0.82 0.68 20.6 2.43 2.25 8.0
Adjusted diluted net
earnings per share
(dollars per
share)(3) 0.81 0.68 19.1 2.37 2.25 5.3
16--week periods ended 40-week periods ended
(in millions of US
dollars, unless February February Variation February February Variation
otherwise stated) 1, 2026 2, 2025 % 1, 2026 2, 2025 %
-------- -------- --------- -------- -------- ---------
Other Operating Data:
Merchandise and service
gross margin(1)(3) :
Consolidated 34.8 % 34.8 % -- 35.2 % 34.8 % 0.4
United States 33.9 % 34.0 % (0.1) 34.3 % 33.8 % 0.5
Europe and other
regions 38.9 % 39.0 % (0.1) 38.9 % 39.0 % (0.1)
Canada 32.5 % 32.4 % 0.1 33.5 % 33.6 % (0.1)
Growth of (decrease in)
same-store merchandise
revenues(4) :
Consolidated(3)(5) 2.0 % 0.5 % 1.8 % (1.0 %)
United States(5)(6) 2.8 % (0.1 %) 1.5 % (0.9 %)
Europe and other
regions(3)(7) 0.4 % 0.2 % 1.5 % (1.0 %)
Canada(5)(6) 0.3 % 2.8 % 3.1 % (1.0 %)
Road transportation
fuel gross margin(3) :
United States (cents
per gallon) 47.71 44.28 7.7 46.02 46.02 --
Europe and other
regions (cents per
liter) 10.87 9.29 17.0 11.23 9.48 18.5
Canada (CA cents per
liter) 15.82 13.54 16.8 15.11 13.35 13.2
Total volume of road
transportation fuel
sold:
United States
(millions of
gallons) 2,909.2 2,720.7 6.9 7,467.7 7,069.5 5.6
Europe and other
regions (millions of
liters) 5,283.5 5,204.0 1.5 13,586.9 13,791.7 (1.5)
Canada (millions of
liters) 1,804.1 1,735.9 3.9 4,518.6 4,425.9 2.1
Growth of (decrease in)
same-store road
transportation fuel
volumes(5) :
United States (0.4 %) (3.0 %) (0.6 %) (2.1 %)
Europe and other
regions(7) (1.6 %) (0.9 %) (1.5 %) (0.8 %)
Canada 4.2 % 3.6 % 2.7 % 0.9 %
-------- -------- --------- -------- -------- ---------
(in millions of US
dollars, unless As at As at Variation
otherwise stated) February 1, 2026 April 27, 2025 $
--------------------- --------------------- ---------
Balance Sheet Data:
Total assets 40,893.5 38,301.9 2,591.6
Interest-bearing
debt(3) 15,778.9 13,956.3 1,822.6
Equity attributable
to shareholders of
the Corporation 15,591.1 14,946.8 644.3
Indebtedness
Ratios(3) :
Net interest-bearing
debt/total
capitalization 0.48 : 1 0.44 : 1
Leverage ratio 2.25 : 1 1.96 : 1
Returns(3) :
Return on equity 18.3 % 18.3 %
Return on capital
employed 12.4 % 12.2 %
--------------------- --------------------- --------------------- ---------
(1) Includes revenues derived from franchise fees, royalties, suppliers'
rebates on some purchases made by franchisees and licensees, as well as
from wholesale of merchandise. Franchise fees from international licensed
stores are presented in the United States.
(2) Includes revenues from the rental of assets and from the sale of energy
for stationary engines and aviation fuel.
(3) Please refer to the "Non-IFRS Accounting Standards Measures" section for
additional information on our performance measures not defined by IFRS
Accounting Standards, as well as our capital management measure.
(4) This measure represents the growth of (decrease in) cumulative
merchandise revenues between the current period and comparative period
for those stores that were open for at least 23 days out of every 28-day
period included in the reported periods. Merchandise revenues are defined
as Merchandise and service revenues excluding service revenues.
(5) For company-operated stores only.
(6) Calculated based on respective functional currencies.
(7) Growth of (decrease in) same-store merchandise revenues and growth of
(decrease in) same-store road transportation fuel volumes for Europe and
other regions include results from the acquisition of certain European
retail assets from TotalEnergies SE starting December 28, 2023
Revenues
Our revenues were $21.8 billion for the third quarter of fiscal 2026, up by $902.2 million, an increase of 4.3% compared with the corresponding quarter of fiscal 2025, mainly attributable to the impact from the translation of our European operations into US dollars, the contribution from acquisitions, organic growth and higher revenues in our wholesale fuel business, partly offset by a lower average road transportation fuel selling price and the impact of regulatory divestiture related to the GetGo acquisition. The translation of our foreign currency operations into US dollars had a net positive impact of approximately $811.0 million on our revenues for the third quarter.
For the first three quarters of fiscal 2026, our revenues increased by $432.4 million, or 0.8%, compared with fiscal 2025, mainly attributable to the impact from the translation of our European operations into US dollars, the contribution from acquisitions, organic growth and the net impact from organic changes to our network, partly offset by a lower average road transportation fuel selling price, softness in fuel demand in Europe and other regions and the impact of regulatory divestiture related to the GetGo acquisition. The translation of our foreign currency operations into US dollars had a net positive impact of approximately $1.5 billion on our revenues.
Merchandise and service revenues
Total merchandise and service revenues for the third quarter of fiscal 2026 were $5.8 billion, an increase of $458.5 million compared with the corresponding quarter of fiscal 2025. The translation of our foreign currency operations into US dollars had a net positive impact of approximately $108.0 million. The remaining increase of approximately $351.0 million, or 6.6%, is primarily attributable to the contribution from acquisitions, which amounted to approximately $205.0 million and organic growth, partly offset by the impact of regulatory divestiture related to the GetGo acquisition, which amounted to approximately $23.0 million. Same-store merchandise revenues increased by 2.8% in the United States, driven by good execution of our food service program and the continued success of our Meal Deals offers. In Europe and other regions(1) , same-store merchandise revenues increased by 0.4% and by 0.3% in Canada. The growing success of our food service program, as well as, the expansion of the packaged beverages and the other nicotine products category contributed to the growth of most regions but were partly offset by the challenges of the cigarette industry.
For the first three quarters of fiscal 2026, merchandise and service revenues increase by $949.0 million, or 6.7%, compared with fiscal 2025. The translation of our foreign currency operations into US dollars had a net positive impact of approximately $187.0 million. Same-store merchandise revenues increased by 1.5% in the United States, by 1.5% in Europe and other regions(1) and by 3.1% in Canada.
Road transportation fuel revenues
Total road transportation fuel revenues for the third quarter of fiscal 2026 were $15.9 billion, an increase of $439.4 million compared with the corresponding quarter of fiscal 2025. The translation of our foreign currency operations into US dollars had a net positive impact of approximately $685.0 million. The remaining decrease of approximately $246.0 million, or 1.6%, is mainly attributable to a lower average road transportation fuel selling price, which amounted to approximately $952.0 million and the impact of regulatory divestiture related to the GetGo acquisition, which amounted to approximately $51.0 million, partly offset by the contribution from acquisitions, which amounted to approximately $571.0 million, and higher revenues in our wholesale fuel business. Same-store road transportation fuel volumes decreased by 0.4% in the United States and by 1.6% in Europe and other regions, both driven by lower demand, while it increased by 4.2% in Canada, favorably impacted by good execution and market growth.
For the first three quarters of fiscal 2026, the road transportation fuel revenues decreased by $516.5 million, or 1.2% compared with fiscal 2025, is mainly attributable to similar factors as those of the third quarter. The translation of our foreign currency operations into US dollars had a net positive impact of approximately $1.3 billion. Same-store road transportation fuel volumes decreased by 0.6% in the United States and by 1.5% in Europe and other regions, while it increased by 2.7% in Canada.
__________________ (1) Please refer to the "Non-IFRS Accounting Standards Measures" section for additional information on performance measures not defined by IFRS Accounting Standards.
The following table shows the average selling price of road transportation fuel of our company-operated stores in our various markets for the last eight quarters. The average selling price of road transportation fuel consists of the road transportation fuel revenues divided by the volume of road transportation fuel sold:
Weighted
Quarter 4 1 2 3 average
---------------------------------- ------ ------ ------ ------ --------
52-week period ended
February 1, 2026
---------------------------------- ------ ------ ------ ------ --------
United States (US dollars per
gallon) 3.09 3.06 3.07 2.89 3.02
Europe and other regions (US
cents per liter) 115.07 118.99 124.25 124.86 121.04
Canada (CA cents per liter) 133.74 125.55 126.13 120.48 125.88
--------------------------------- ------ ------ ------ ------ --------
52--week period ended
February 2, 2025
---------------------------------- ------ ------ ------ ------ --------
United States (US dollars per
gallon) 3.40 3.44 3.22 3.03 3.26
Europe and other regions (US
cents per liter) 125.90 120.73 115.46 114.06 118.84
Canada (CA cents per liter) 143.91 149.20 140.32 137.05 142.19
Other revenues
Total other revenues for the third quarter of fiscal 2026 were $196.5 million, an increase of $4.3 million compared with the corresponding quarter of fiscal 2025. The translation of our foreign currency operations into US dollars had a net positive impact of approximately $19.0 million. The remaining decrease of $15.0 million, or 7.8%, is primarily driven by lower revenues from our heating oil fuel products following a decrease in both demand and retail prices.
For the first three quarters of fiscal 2026, total other revenues were $454.6 million, a decrease of $0.1 million compared with fiscal 2025. The translation of our foreign currency operations into US dollars had a net positive impact of approximately $33.0 million. The remaining decrease of $33.0 million, or 7.3%, is mainly attributable to similar factors as those of the third quarter.
Gross profit(1)
____________________ (1) Please refer to the "Non-IFRS Accounting Standards Measures" section for additional information on performance measures not defined by IFRS Accounting Standards.
Our gross profit was $4.2 billion for the third quarter of fiscal 2026, up by $471.2 million, or 12.5%, compared with the corresponding quarter of fiscal 2025, mainly attributable to the contribution from acquisitions, higher road transportation fuel gross margin(1) , as well as organic growth, partly offset by the impact of regulatory divestiture related to the GetGo acquisition. The translation of our foreign currency operations into US dollars had a net positive impact of approximately $104.0 million.
For the first three quarters of fiscal 2026, our gross profit increased by $867.9 million, or 8.6%, compared with the first three quarters of fiscal 2025, mainly attributable to similar factors as those of the third quarter. The translation of our foreign currency operations into US dollars had a net positive impact of approximately $191.0 million.
Merchandise and service gross profit
In the third quarter of fiscal 2026, our merchandise and service gross profit was $2.0 billion, an increase of $158.7 million compared with the corresponding quarter of fiscal 2025. The translation of our foreign currency operations into US dollars had a net positive impact of approximately $44.0 million. The remaining increase of approximately $115.0 million, or 6.2%, is mainly driven by the contribution from acquisitions, which amounted to approximately $71.0 million, as well as by organic growth, partly offset by the impact of regulatory divestiture related to the GetGo acquisition which amounted to approximately $8.0 million. Our merchandise and service gross margin(1) decreased by 0.1% in the United States to 33.9%, by 0.1% in Europe and other regions to 38.9%, and increased by 0.1% in Canada to 32.5%.
During the first three quarters of fiscal 2026, our merchandise and service gross profit was $5.3 billion, an increase of $386.2 million compared with the first three quarters of fiscal 2025. The translation of our foreign currency operations into US dollars had a net positive impact of approximately $77.0 million. Our merchandise and service gross margin(1) increased by 0.5% to 34.3% in the United States, decreased by 0.1% in Europe and other regions to 38.9%, and by 0.1% in Canada to 33.5%.
Road transportation fuel gross profit
In the third quarter of fiscal 2026, our road transportation fuel gross profit was $2.2 billion, an increase of $313.5 million compared with the corresponding quarter of fiscal 2025. The translation of our foreign currency operations into US dollars had a net positive impact of approximately $55.0 million. The remaining increase of approximately $259.0 million, or 14.0%, is mainly driven by the contribution from acquisitions, which amounted to approximately $100.0 million, as well as by improved road transportation fuel gross margin(1) in all of our geographies, partly offset by the impact of regulatory divestiture related to the GetGo acquisition which amounted to approximately $8.0 million. In the United States, our road transportation fuel gross margin(1) was 47.71c per gallon, an increase of 3.43c per gallon, in Europe and other regions, it was US 10.87c per liter, an increase of US 1.58c per liter, and in Canada, it was CA 15.82c per liter, an increase of CA 2.28c per liter. Fuel margins remained healthy throughout our network, due to the continued work on the optimization of our supply chain and strong execution in our stores.
During the first three quarters of fiscal 2026, our road transportation fuel gross profit was $5.5 billion, an increase of $468.3 million compared with the first three quarters of fiscal 2025. The translation of our foreign currency operations into US dollars had a net positive impact of approximately $102.0 million. The road transportation fuel gross margin(1) was 46.02c per gallon in the United States, US 11.23c per liter in Europe and other regions, and CA 15.11c per liter in Canada.
The road transportation fuel gross margin(1) of our company-operated stores in the United States and the impact of expenses related to electronic payment modes for the last eight quarters, were as follows:
(US cents per gallon)
Weighted
Quarter 4 1 2 3 average
---------------------------------------- ----- ----- ----- ----- --------
52-week period ended February 1, 2026
Before deduction of expenses related to
electronic payment modes 43.86 44.81 46.92 49.26 46.47
Expenses related to electronic payment
modes(1) 6.09 5.34 5.62 5.49 5.62
----- ----- ----- ----- --------
After deduction of expenses related to
electronic payment modes 37.77 39.47 41.30 43.77 40.85
---------------------------------------- ----- ----- ----- ----- --------
52--week period ended February 2, 2025
Before deduction of expenses related to
electronic payment modes 39.28 49.49 47.57 45.35 45.45
Expenses related to electronic payment
modes(1) 6.03 6.16 6.02 5.84 6.00
----- ----- ----- ----- --------
After deduction of expenses related to
electronic payment modes 33.25 43.33 41.55 39.51 39.45
---------------------------------------- ----- ----- ----- ----- --------
(1) Expenses related to electronic payment modes are determined by allocating
the portion of total electronic payment modes, which are included in
Operating, selling, general and administrative expenses, deemed related
to our United States company-operated stores road transportation fuel
transactions.
The road transportation fuel gross margin(1) of our network in Europe and other regions and in Canada for the last eight quarters, were as follows:
Weighted
Quarter 4 1 2 3 average
---------------------------------------- ----- ----- ----- ----- --------
52-week period ended February 1, 2026
Europe and other regions (US cents per
liter) 9.57 11.41 11.51 10.87 10.84
Canada (CA cents per liter) 14.05 14.21 15.07 15.82 14.88
---------------------------------------- ----- ----- ----- ----- --------
52--week period ended February 2, 2025
Europe and other regions (US cents per
liter) 8.30 8.68 10.51 9.29 9.21
Canada (CA cents per liter) 13.68 13.11 13.35 13.54 13.42
---------------------------------------- ----- ----- ----- ----- --------
Generally, road transportation fuel gross margins(1) can be volatile from one quarter to another but tend to be more stable over longer periods. In Europe and other regions, fuel margin volatility is impacted by a longer supply chain due to a more integrated model. In Europe and other regions and in Canada, expenses related to electronic payment modes are not as volatile as in the United States.
_________________ (1) Please refer to the "Non-IFRS Accounting Standards Measures" section for additional information on performance measures not defined by IFRS Accounting Standards.
Other revenues gross profit
In the third quarter of fiscal 2026, other revenues gross profit was $68.8 million, a decrease of $1.0 million, or 1.4%, compared with the corresponding quarter of fiscal 2025. The translation of our foreign currency operations into US dollars had a net positive impact of approximately $6.0 million.
During the first three quarters of fiscal 2026, other revenues gross profit was $179.7 million, an increase of $13.4 million, or 8.1%, compared with fiscal 2025. The translation of our foreign currency operations into US dollars had a net positive impact of approximately $10.0 million.
Operating, selling, general and administrative expenses ("expenses")
For the third quarter and first three quarters of fiscal 2026, expenses increased by 10.7% and 8.2%, respectively, compared with the corresponding periods of fiscal 2025. Normalized growth of expenses(1) was 4.0% and 3.3%, respectively, as shown in the table below:
________________
(1) Please refer to the "Non-IFRS Accounting Standards Measures" section for
additional information on performance measures not defined by IFRS Accounting
Standards.
16--week periods ended 40-week periods ended
February 1, 2026 February 2, 2025 February 1, 2026 February 2, 2025
--------------- ---------------- ---------------- ---------------- ----------------
Growth of
expenses, as
reported 10.7 % 8.1 % 8.2 % 11.0 %
--------------- ---------------- ---------------- ---------------- ----------------
Adjusted for:
Increase from
incremental
expenses
related to
acquisitions (4.4 %) (6.1 %) (3.4 %) (8.4 %)
(Increase)
decrease from
the net
impact of
foreign
exchange
translation (2.8 %) 1.0 % (2.0 %) 0.4 %
Decrease from
changes in
electronic
payment fees,
excluding
acquisitions
and
disposals 0.4 % -- 0.6 % --
Increase from
changes in
incremental
system
integration
costs related
to
acquisitions (0.3 %) (0.3 %) (0.3 %) (0.2 %)
Decrease from
expenses
related to
disposals 0.3 % -- 0.3 % --
Decrease
(increase)
from changes
in
acquisition
costs
recognized to
earnings 0.2 % (0.1 %) -- --
(Increase)
decrease of
net impact
from changes
in corporate
stores
network,
excluding
acquisitions,
disposals and
electronic
payment fees (0.1 %) 0.3 % (0.1 %) 0.2 %
--------------- ---------------- ---------------- ---------------- ----------------
Normalized
growth of
expenses(1) 4.0 % 2.9 % 3.3 % 3.0 %
--------------- ---------------- ---------------- ---------------- ----------------
Normalized growth of expenses(1) for the third quarter of fiscal 2026 was mainly driven by inflationary pressures, incremental investments to support our strategic initiatives, as well as investments to support the acceleration of our food service program and ensure our stores remain customer ready, partly offset by the continued strategic efforts to control our expenses.
For the first three quarters of fiscal 2026, our disciplined approach over expenses remained evidenced by our normalized growth of expenses(1) remaining close to the average inflation observed throughout our network. This proven approach positions us well to control our normalized growth of expense(1) over time.
Earnings before interest, taxes, depreciation, amortization and impairment ("EBITDA(1) ") and adjusted EBITDA(1)
During the third quarter of fiscal 2026, EBITDA stood at $1.9 billion, an increase of $245.6 million, or 15.0%, compared with the corresponding quarter of fiscal 2025. Adjusted EBITDA for the third quarter of fiscal 2026 increased by $240.7 million, or 14.7%, compared with the corresponding quarter of fiscal 2025, mainly due to higher road transportation fuel gross margin(1) , the contribution from acquisitions, which amounted to approximately $79.0 million, as well as to organic growth in our convenience activities, partly offset by the increase in operating expenses and by the impact of regulatory divestiture related to the GetGo acquisition which amounted to approximately $9.0 million. The translation of our foreign currency operations into US dollars had a net positive impact of approximately $45.0 million.
During the first three quarters of fiscal 2026, EBITDA stood at $5.2 billion, an increase of $445.3 million, or 9.4%, compared with the first three quarters of fiscal 2025. Adjusted EBITDA for the first three quarters of fiscal 2026 increased by $380.3 million, or 8.0%, compared with the first three quarters of fiscal 2025, mainly attributable to similar factors as those of the third quarter. The translation of our foreign currency operations into US dollars had a net positive impact of approximately $88.0 million.
Depreciation, amortization and impairment ("depreciation")
For the third quarter of fiscal 2026, our depreciation expense increased by $67.7 million, or 10.3%, compared with the third quarter of fiscal 2025, mainly driven by the impact from investments made through business acquisitions, which amounted to approximately $28.0 million, the replacement of equipment, as well as the ongoing improvements made to our network. The translation of our foreign currency operations into US dollars had a net unfavorable impact of approximately $22.0 million on depreciation.
For the first three quarters of fiscal 2026, our depreciation expense increased by $221.2 million, compared with the first three quarters of fiscal 2025. The translation of our foreign currency operations into US dollars had a net unfavorable impact of approximately $37.0 million. The remaining increase of $184.0 million, or 11.8%, is mainly attributable to similar factors as those of the third quarter.
Net financial expenses
Net financial expenses for the third quarter and first three quarters of fiscal 2026 were $185.6 million and $439.2 million, respectively, an increase of $26.0 million and $46.7 million, respectively, compared with the corresponding periods of fiscal 2025. A portion of the variation is explained by certain items that are not considered indicative of future trends, as shown in the table below:
16--week periods ended 40-week periods ended
----------------------------------- -----------------------------------
(in millions of February 1, February 2, February 1, February 2,
US dollars) 2026 2025 Variation 2026 2025 Variation
---------------- ----------- ----------- --------- ----------- ----------- ---------
Net financial
expenses, as
reported 185.6 159.6 26.0 439.2 392.5 46.7
---------------- ----------- ----------- --------- ----------- ----------- ---------
Explained by:
Net foreign
exchange gain 13.4 12.3 1.1 36.6 23.5 13.1
Change in fair
value of
financial
instruments
classified at
fair value
through
earnings or
loss (0.1) 0.8 (0.9) 0.9 (1.1) 2.0
Remaining
variation 198.9 172.7 26.2 476.7 414.9 61.8
---------------- ----------- ----------- --------- ----------- ----------- ---------
The remaining variation of the third quarter and first three quarters of fiscal 2026 is partly driven by higher average short-term and long-term debt in connection with our recent acquisitions.
Income taxes
The income tax rate for the third quarter was 21.8% compared with 21.0% for the corresponding quarter of fiscal 2025. The increase is mainly stemming from the impact of a different mix in our earnings across the various jurisdictions in which we operate.
The income tax rate for the first three quarters of fiscal 2026 was 22.6%, similar to the corresponding period of fiscal 2025.
__________________ (1) Please refer to the "Non-IFRS Accounting Standards Measures" section for additional information on performance measures not defined by IFRS Accounting Standards.
Net earnings attributable to shareholders of the Corporation and adjusted net earnings attributable to shareholders of the Corporation(1)
Net earnings attributable to shareholders of the Corporation for the third quarter of fiscal 2026 were $757.2 million, compared with $641.4 million for the third quarter of fiscal 2025, an increase of $115.8 million, or 18.1%. Diluted net earnings per share stood at $0.82, compared with $0.68 for the corresponding quarter of the previous fiscal year. The translation of our foreign currency operations into US dollars had a net positive impact of approximately $22.0 million on net earnings attributable to shareholders of the Corporation for the third quarter of fiscal 2026.
Adjusted net earnings attributable to shareholders of the Corporation for the third quarter of fiscal 2026 were approximately $751.0 million, compared with $641.0 million for the third quarter of fiscal 2025, an increase of $110.0 million, or 17.2%. Adjusted diluted net earnings per share(1) were $0.81 for the third quarter of fiscal 2026, compared with $0.68 for the corresponding quarter of fiscal 2025, an increase of 19.1%.
For the first three quarters of fiscal 2026, net earnings attributable to shareholders of the Corporation stood at $2.3 billion, an increase of $139.3 million, or 6.5%, compared with the first three quarters of fiscal 2025. Diluted net earnings per share stood at $2.43, compared with $2.25 for the corresponding period of fiscal 2025. The translation of our foreign currency operations into US dollars had a net positive impact of approximately $48.0 million on net earnings attributable to shareholders of the Corporation for the first three quarters of fiscal 2026.
Adjusted net earnings attributable to shareholders of the Corporation for the first three quarters of fiscal 2026 stood at $2.2 billion, an increase of $86.0 million, or 4.0%, compared with the first three quarters of fiscal 2025. Adjusted diluted net earnings per share[9] were $2.37 for the first three quarters of fiscal 2026, compared with $2.25 for the first three quarters of fiscal 2025, an increase of 5.3%.
______________________ (1) Please refer to the "Non-IFRS Accounting Standards Measures" section for additional information on performance measures not defined by IFRS Accounting Standards.
Dividends
During its March 17, 2026 meeting, the Board of Directors declared a quarterly dividend of CA 21.5c per share for the third quarter of fiscal 2026 to shareholders on record as at March 26, 2026, and approved its payment effective April 9, 2026. This is an eligible dividend within the meaning of the Income Tax Act (Canada).
Non-IFRS Accounting Standards Measures
To provide more information for evaluating the Corporation's performance, the financial information included in our financial documents contains certain data that are not performance measures under IFRS(R) Accounting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards"), which are also calculated on an adjusted basis to exclude specific items. Those performance measures are called "Non-IFRS Accounting Standards measures". We believe that providing those Non-IFRS Accounting Standards measures is useful to management, investors, and analysts, as they provide additional information to measure the performance and financial position of the Corporation.
The following Non-IFRS Accounting Standards financial measures are used in our financial disclosures:
-- Gross profit;
-- Earnings before interest, taxes, depreciation, amortization and
impairment ("EBITDA") and adjusted EBITDA;
-- Adjusted net earnings attributable to shareholders of the Corporation;
-- Interest-bearing debt.
The following Non-IFRS Accounting Standards ratios are used in our financial disclosures:
-- Merchandise and service gross margin and Road transportation fuel gross
margin;
-- Normalized growth of operating, selling, general and administrative
expenses;
-- Growth of (decrease in) consolidated same-store merchandise revenues;
-- Growth of (decrease in) same-store merchandise revenues for Europe and
other regions;
-- Adjusted diluted net earnings per share;
-- Leverage ratio;
-- Return on equity and return on capital employed.
The following capital management measure is used in our financial disclosures:
-- Net interest-bearing debt/total capitalization.
Supplementary financial measures are also used in our financial disclosures and those measures are described where they are presented.
Non-IFRS Accounting Standards financial measures and ratios, as well as the capital management measure, are mainly derived from the consolidated financial statements but do not have standardized meanings prescribed by IFRS Accounting Standards. These Non-IFRS Accounting Standards measures should not be considered in isolation or as a substitute for financial measures prepared in accordance with IFRS Accounting Standards. In addition, our definitions of Non-IFRS Accounting Standards measures may differ from those of other public corporations. Any such modification or reformulation may be significant. These measures may also be adjusted for the pro forma impact of our acquisitions and impacts of new accounting standards if they are considered to be material.
Gross profit. Gross profit consists of Revenues less the Cost of sales, excluding depreciation, amortization and impairment. This measure is considered useful for evaluating the underlying performance of our operations.
The table below reconciles Revenues and Cost of sales, excluding depreciation, amortization and impairment, as per IFRS Accounting Standards, to Gross profit:
16--week periods ended 40-week periods ended
(in millions of February 1, February 2, February 1, February 2,
US dollars) 2026 2025 2026 2025
---------------- ------------- ------------- -------------- --------------
Revenues 21,805.7 20,903.5 57,018.7 56,586.3
---------------- ------------- ------------- -------------- --------------
Cost of sales,
excluding
depreciation,
amortization
and impairment 17,570.3 17,139.3 46,062.5 46,498.0
---------------- ------------- ------------- -------------- --------------
Gross profit 4,235.4 3,764.2 10,956.2 10,088.3
---------------- ------------- ------------- -------------- --------------
Please note that the same reconciliation applies in the determination of gross profit by category and by geography presented in the section "Summary Analysis of Consolidated Results".
Merchandise and service gross margin. Merchandise and service gross margin consists of Merchandise and service gross profit divided by Merchandise and service revenues, both measures are presented in the section "Summary Analysis of Consolidated Results". Merchandise and service gross margin is considered useful for evaluating how efficiently we generate gross profit by dollar of revenue.
Road transportation fuel gross margin. Road transportation fuel gross margin consists of Road transportation fuel gross profit divided by Total volume of road transportation fuel sold. For the United States and Europe and other regions, both measures are presented in the section "Summary Analysis of Consolidated Results". For Canada, this measure is presented in functional currency and the table below reconciles, for road transportation fuel, Revenues and Cost of sales, excluding depreciation, amortization and impairment, as per IFRS Accounting Standards, to Gross profit and the resulting road transportation fuel gross margin. This measure is considered useful for evaluating how efficiently we generate gross profit by gallon or liter of road transportation fuel sold.
16--week periods ended 40-week periods ended
(in millions of
Canadian
dollars, unless
otherwise February 1, February 2, February 1, February 2,
noted) 2026 2025 2026 2025
---------------- ------------- ------------- -------------- --------------
Road
transportation
fuel revenues 2,149.2 2,342.8 5,520.5 6,169.6
---------------- ------------- ------------- -------------- --------------
Road
transportation
fuel cost of
sales,
excluding
depreciation,
amortization
and impairment 1,863.8 2,107.7 4,837.6 5,578.6
---------------- ------------- ------------- -------------- --------------
Road
transportation
fuel gross
profit 285.4 235.1 682.9 591.0
---------------- ------------- ------------- -------------- --------------
Total road
transportation
fuel volume
sold (in
millions of
liters) 1,804.1 1,735.9 4,518.6 4,425.9
---------------- ------------- ------------- -------------- --------------
Road
transportation
fuel gross
margin (CA
cents per
liter) 15.82 13.54 15.11 13.35
---------------- ------------- ------------- -------------- --------------
Normalized growth of operating, selling, general and administrative expenses ("normalized growth of expenses"). Normalized growth of expenses consists of the growth of Operating, selling, general and administrative expenses adjusted for the impact of the changes in our network, the impact from changes in accounting policies and adoption of accounting standards, the impact of more volatile items over which we have limited control including, but not limited to, the net impact of foreign exchange translation, electronic payment fees excluding acquisitions, acquisition costs, and incremental system integration costs related to acquisitions, as well as other specific items for which the impact on consolidated results is not deemed indicative of future trends. Please note that the composition of this measure was adjusted to include the incremental system integration costs related to acquisitions, given the level of associated efforts is related to the magnitude and complexity of the acquired businesses. Moreover, the "impact of the changes in our network" component of this measure has been modified to systematically consider the impact of openings, constructions, additions, closures, disposals and withdrawals of company operated stores occurring during the reported period until such openings, constructions, additions, closures, disposals or withdrawals for company operated stores have cycled one fiscal year. This modification is reflected on the line "(Increase) decrease of net impact from changes in corporate stores network, excluding acquisitions, disposals and electronic payment fees" in the table below and is aimed at improving the comparability of expenses in our store network. This measure is considered useful for evaluating our ability to control our expenses on a comparable basis.
The tables below reconcile growth of Operating, selling, general and administrative expenses to normalized growth of expenses:
16--week periods ended
---------------------------------------------------------------------
(in millions of
US dollars,
unless otherwise February 1, February 2, February 2, February
noted) 2026 2025 Variation 2025 4, 2024 Variation
---------------- ----------- ----------- --------- ----------- -------- ---------
Operating,
selling,
general and
administrative
expenses, as
published 2,364.6 2,136.0 10.7 % 2,136.0 1,975.3 8.1 %
---------------- ----------- ----------- --------- ----------- -------- ---------
Adjusted for:
Increase from
incremental
expenses
related to
acquisitions (93.2) -- (4.4 %) (119.8) -- (6.1 %)
(Increase)
decrease from
the net impact
of foreign
exchange
translation (60.4) -- (2.8 %) 19.4 -- 1.0 %
Decrease from
changes in
electronic
payment fees,
excluding
acquisitions
and disposals 7.6 -- 0.4 % 0.4 -- --
Decrease from
expenses
related to
disposals 7.2 -- 0.3 % -- -- --
Increase from
changes in
incremental
system
integration
costs related
to
acquisitions (6.7) -- (0.3 %) (6.7) -- (0.3 %)
Decrease
(increase)
from changes
in acquisition
costs
recognized to
earnings 4.8 -- 0.2 % (2.9) -- (0.1 %)
(Increase)
decrease of
net impact
from changes
in corporate
stores
network,
excluding
acquisitions,
disposals and
electronic
payment fees (3.2) -- (0.1 %) 6.3 -- 0.3 %
---------------- ----------- ----------- --------- ----------- -------- ---------
Normalized
growth of
expenses 2,220.7 2,136.0 4.0 % 2,032.7 1,975.3 2.9 %
---------------- ----------- ----------- --------- ----------- -------- ---------
40-week periods ended
(in millions of
US dollars,
unless otherwise February 1, February 2, February 2, February
noted) 2026 2025 Variation 2025 4, 2024 Variation
---------------- ----------- ----------- --------- ----------- -------- ---------
Operating,
selling,
general and
administrative
expenses, as
published 5,860.8 5,418.4 8.2 % 5,418.4 4,882.7 11.0 %
---------------- ----------- ----------- --------- ----------- -------- ---------
Adjusted for:
Increase from
incremental
expenses
related to
acquisitions (185.9) -- (3.4 %) (410.6) -- (8.4 %)
(Increase)
decrease from
the net impact
of foreign
exchange
translation (103.8) -- (2.0 %) 22.1 -- 0.4 %
Decrease
(increase)
from changes
in electronic
payment fees,
excluding
acquisitions
and disposals 33.8 -- 0.6 % (1.2) -- --
Increase from
changes in
incremental
system
integration
costs related to acquisitions (15.6) -- (0.3 %) (8.9) -- (0.2 %) Decrease from expenses related to disposals 13.9 -- 0.3 % -- -- -- (Increase) decrease of net impact from changes in corporate stores network, excluding acquisitions, disposals and electronic payment fees (4.6) -- (0.1 %) 10.0 -- 0.2 % (Increase) decrease from changes in acquisition costs recognized to earnings (1.5) -- -- 0.8 -- -- Normalized growth of expenses 5,597.1 5,418.4 3.3 % 5,030.6 4,882.7 3.0 % ---------------- ----------- ----------- --------- ----------- -------- ---------
Growth of (decrease in) consolidated same-store merchandise revenues. Consolidated same-store merchandise revenues represents the cumulative consolidated merchandise revenues between the current period and comparative period for those corporate stores that were open for at least 23 days out of every 28-day period included in the reported periods. Consolidated merchandise revenues are defined as Merchandise and service revenues excluding service revenues. Growth of (decrease in) consolidated same-store merchandise revenues is calculated based on constant currencies using the respective current period average exchange rate for both the current and corresponding period. This measure is considered useful for evaluating our ability to generate organic growth on a comparable basis in our network.
The table below reconciles Merchandise and service revenues, as per IFRS Accounting Standards, to the consolidated same-store merchandise revenues and the resulting percentage rate of growth (decrease):
16--week periods ended
------------------------------------------------------------
(in millions of
US dollars,
unless otherwise February 2, February 4,
noted) February 1, 2026 February 2, 2025 2025 2024
---------------- ---------------- ---------------- ----------- -----------
Merchandise and
service
revenues 5,751.1 5,292.6 5,292.7 5,039.5
---------------- ---------------- ---------------- ----------- -----------
Adjusted for:
Service
revenues (379.9) (333.5) (333.4) (277.5)
Net foreign
exchange
impact -- 95.5 -- (38.7)
Merchandise
revenues not
meeting the
definition of
same-store (349.6) (130.9) (318.7) (104.8)
---------------- ---------------- ---------------- ----------- -----------
Total same-store
merchandise
revenues 5,021.6 4,923.7 4,640.6 4,618.5
---------------- ---------------- ---------------- ----------- -----------
Growth of
consolidated
same-store
merchandise
revenues 2.0 % 0.5 %
---------------- ---------------- ---------------- ----------- -----------
40-week periods ended
------------------------------------------------------------
(in millions of
US dollars,
unless otherwise February 2, February 4,
noted) February 1, 2026 February 2, 2025 2025 2024
---------------- ---------------- ---------------- ----------- -----------
Merchandise and
service
revenues 15,121.6 14,172.6 14,172.6 13,429.2
---------------- ---------------- ---------------- ----------- -----------
Adjusted for:
Service
revenues (925.0) (829.7) (829.6) (687.6)
Net foreign
exchange
impact -- 163.3 -- (47.8)
Merchandise
revenues not
meeting the
definition of
same-store (839.5) (388.4) (1,048.6) (277.9)
---------------- ---------------- ---------------- ----------- -----------
Total same-store
merchandise
revenues 13,357.1 13,117.8 12,294.4 12,415.9
---------------- ---------------- ---------------- ----------- -----------
Growth of
(decrease in)
consolidated
same-store
merchandise
revenues 1.8 % (1.0 %)
---------------- ---------------- ---------------- ----------- -----------
Growth of (decrease in) same-store merchandise revenues for Europe and other regions. Same-store merchandise revenues represent cumulative merchandise revenues between the current period and comparative period for those stores that were open for at least 23 days out of every 28-day period included in the reported periods. Merchandise revenues are defined as Merchandise and service revenues excluding service revenues. For Europe and other regions, the growth of (decrease in) same-store merchandise revenues is calculated based on constant currencies using the respective current period average exchange rate for both the current and corresponding period. In Europe and other regions, same-store merchandise revenues include same-store revenues from company-operated stores, as well as CODO and DODO stores which are not included in our consolidated results. This measure is considered useful for evaluating our ability to generate organic growth on a comparable basis in our overall European and other regions store network. Growth of (decrease in) same-store merchandise revenues for Europe and other regions include results from the acquisition of certain European retail assets from TotalEnergies SE starting December 28, 2023.
The tables below reconcile Merchandise and service revenues, as per IFRS Accounting Standards, to same-store merchandise revenues for Europe and other regions and the resulting percentage of growth (decrease):
16--week periods ended
------------------------------------------------------------
(in millions of
US dollars,
unless otherwise February 2, February 4,
noted) February 1, 2026 February 2, 2025 2025 2024
---------------- ---------------- ---------------- ----------- -----------
Merchandise and
service
revenues for
Europe and
other regions 1,193.1 1,036.3 1,036.3 787.5
---------------- ---------------- ---------------- ----------- -----------
Adjusted for:
Service
revenues (171.3) (136.9) (136.9) (78.7)
Net foreign
exchange
impact -- 82.6 -- (12.6)
Merchandise
revenues not
meeting the
definition of
same-store (69.8) (32.9) (212.6) (17.6)
Same-store
merchandise
revenues from
stores not
included in
our
consolidated
results,
including the
impact of
store
conversions 405.1 402.0 157.5 164.3
---------------- ---------------- ---------------- ----------- -----------
Total same-store
merchandise
revenues for
Europe and
other regions 1,357.1 1,351.1 844.3 842.9
---------------- ---------------- ---------------- ----------- -----------
Growth of
same-store
merchandise
revenues for
Europe and
other regions 0.4 % 0.2 %
---------------- ---------------- ---------------- ----------- -----------
40-week periods ended
(in millions of
US dollars,
unless otherwise February 2, February 4,
noted) February 1, 2026 February 2, 2025 2025 2024
---------------- ---------------- ---------------- ----------- -----------
Merchandise and
service
revenues for
Europe and
other regions 3,110.3 2,758.5 2,758.5 1,980.4
---------------- ---------------- ---------------- ----------- -----------
Adjusted for:
Service
revenues (408.6) (334.4) (334.4) (176.0)
Net foreign
exchange
impact -- 161.0 -- (2.1)
Merchandise
revenues not
meeting the
definition of
same-store (171.9) (104.7) (702.0) (56.2)
Same-store
merchandise
revenues from
stores not
included in
our
consolidated
results,
including the
impact of
store
conversions 1,087.3 1,083.2 326.0 322.8
---------------- ---------------- ---------------- ----------- -----------
Total same-store
merchandise
revenues for
Europe and
other regions 3,617.1 3,563.6 2,048.1 2,068.9
---------------- ---------------- ---------------- ----------- -----------
Growth of
(decrease in)
same-store
merchandise
revenues for
Europe and
other regions 1.5 % (1.0 %)
---------------- ---------------- ---------------- ----------- -----------
Earnings before interest, taxes, depreciation, amortization and impairment ("EBITDA") and adjusted EBITDA. EBITDA represents Net earnings plus Income taxes, Net financial expenses, and Depreciation, amortization and impairment. Adjusted EBITDA represents the EBITDA adjusted for acquisition costs, the impact from changes in accounting policies and adoption of accounting standards, as well as other specific items for which the impact on consolidated results is not deemed indicative of future trends. These performance measures are considered useful to facilitate the evaluation of our ongoing operations and our ability to generate cash flows to fund our cash requirements, including our capital expenditures program, share repurchases, and payment of dividends.
The table below reconciles Net earnings, as per IFRS Accounting Standards, to EBITDA and adjusted EBITDA:
16--week periods ended 40-week periods ended
---------------------------- -----------------------------
(in millions of February 1, February 2, February 1, February 2,
US dollars) 2026 2025 2026 2025
----------------- ------------- ------------- ------------- --------------
Net earnings 757.5 645.0 2,286.9 2,150.1
----------------- ------------- ------------- ------------- --------------
Add:
Income taxes 211.1 171.6 668.2 627.6
Net financial
expenses 185.5 159.6 439.2 392.5
Depreciation,
amortization
and
impairment 723.9 656.2 1,785.8 1,564.6
----------------- ------------- ------------- ------------- --------------
EBITDA 1,878.0 1,632.4 5,180.1 4,734.8
----------------- ------------- ------------- ------------- --------------
Adjusted for:
Acquisition
costs 3.9 8.7 14.2 12.7
Gain on
regulatory
divestiture
related to
GetGo
acquisition -- -- (66.4) --
Adjusted EBITDA 1,881.9 1,641.1 5,127.9 4,747.5
----------------- ------------- ------------- ------------- --------------
Adjusted net earnings attributable to shareholders of the Corporation and adjusted diluted net earnings per share. Adjusted net earnings attributable to shareholders of the Corporation represents Net earnings attributable to shareholders of the Corporation adjusted for net foreign exchange gains or losses, acquisition costs, the impact from changes in accounting policies and adoption of accounting standards, impairment on goodwill, investments in subsidiaries, joint ventures and associated companies, as well as other specific items for which the impact on consolidated results is not deemed indicative of future trends, and the impact of the non-controlling interests on the items mentioned previously. These measures are considered useful for evaluating the underlying performance of our operations on a comparable basis.
The table below reconciles Net earnings attributable to shareholders of the Corporation, as per IFRS Accounting Standards, with adjusted net earnings attributable to shareholders of the Corporation and adjusted diluted net earnings per share:
16--week periods ended 40-week periods ended
---------------- ----------------------------- -----------------------------
(in millions of
US dollars,
except per share
amounts, or
unless otherwise February 2, February 2,
noted) February 1, 2026 2025 February 1, 2026 2025
---------------- ---------------- ----------- ---------------- -----------
Net earnings
attributable to
shareholders of
the
Corporation 757.2 641.4 2,280.3 2,141.0
---------------- ---------------- ----------- ---------------- -----------
Adjusted for:
Net foreign
exchange
gain (13.5) (12.3) (36.6) (23.5)
Acquisition
costs 3.9 8.7 14.2 12.7
Gain on
regulatory
divestiture
related to
GetGo
acquisition -- -- (66.4) --
Tax impact of
the items
above and
rounding 3.4 3.2 30.5 5.8
---------------- ---------------- ----------- ---------------- -----------
Adjusted net
earnings
attributable to
shareholders of
the
Corporation 751.0 641.0 2,222.0 2,136.0
---------------- ---------------- ----------- ---------------- -----------
Weighted average
number of
shares -
diluted (in
millions) 924.5 948.7 936.6 951.3
---------------- ---------------- ----------- ---------------- -----------
Adjusted diluted
net earnings
per share 0.81 0.68 2.37 2.25
---------------- ---------------- ----------- ---------------- -----------
Interest-bearing debt. This measure represents the sum of the following balance sheet accounts: Short-term debt and current portion of long-term debt, Long-term debt, Current portion of lease liabilities and Lease liabilities. This measure is considered useful to facilitate the understanding of our financial position in relation with financing obligations. The calculation of this measure of financial position is detailed in the "Net interest-bearing debt/total capitalization" section below.
Net interest-bearing debt/total capitalization. This measure represents the basis for monitoring our capital and is considered useful to assess our financial health, risk profile, and ability to meet our financing obligations. It also provides insights into how our financing obligations are structured in relation with our total capitalization.
The table below presents the calculation of this capital management measure:
(in millions of US dollars, except ratio data) As at February 1, 2026 As at April 27, 2025 -------------------------------- ---------------------- -------------------- Short-term debt and current portion of long-term debt 1,235.9 690.2 Current portion of lease liabilities 542.2 523.9 Long-term debt 9,589.3 8,776.8 Lease liabilities 4,411.5 3,965.4 -------------------------------- ---------------------- -------------------- Interest-bearing debt 15,778.9 13,956.3 -------------------------------- ---------------------- -------------------- Less: Cash and cash equivalents (1,527.3) (2,263.0) Net interest-bearing debt 14,251.6 11,693.3 -------------------------------- ---------------------- -------------------- Equity attributable to shareholders of the Corporation 15,591.1 14,946.8 Net interest-bearing debt 14,251.6 11,693.3 -------------------------------- ---------------------- -------------------- Total capitalization 29,842.7 26,640.1 -------------------------------- ---------------------- -------------------- Net interest-bearing debt to 0.48 : 1 0.44 : 1 total capitalization ratio -------------------------------- ---------------------- --------------------
Leverage ratio. This measure represents a measure of financial condition considered useful to assess our financial leverage and our ability to cover our net financing obligations in relation to our adjusted EBITDA.
The table below reconciles net interest-bearing debt and adjusted EBITDA, for which the calculation methodologies are described in other tables of this section, with the leverage ratio:
52-week periods ended
(in millions of US dollars, except ratio
data) February 1, 2026 April 27, 2025
-------------------------------------------- ---------------- --------------
Net interest-bearing debt 14,251.6 11,693.3
Adjusted EBITDA 6,339.7 5,959.4
-------------------------------------------- ---------------- --------------
Leverage ratio 2.25 : 1 1.96 : 1
-------------------------------------------- ---------------- --------------
Return on equity. This measure is considered useful to assess the relationship between our profitability and our net assets and it also provides insights into how efficiently we are using our equity to generate returns for our shareholders. Average equity attributable to shareholders of the Corporation is calculated by taking the average of the opening and closing balance for the 52-week periods.
The table below reconciles Net earnings attributable to shareholders of the Corporation, as per IFRS Accounting Standards, with the ratio of return on equity:
52-week periods ended
(in millions of US dollars, unless otherwise
noted) February 1, 2026 April 27, 2025
-------------------------------------------- ---------------- --------------
Net earnings attributable to shareholders of
the Corporation 2,719.7 2,580.4
Equity attributable to shareholders of the
Corporation - Opening balance 14,202.6 13,189.2
Equity attributable to shareholders of the
Corporation - Ending balance 15,591.1 14,946.8
-------------------------------------------- ---------------- --------------
Average equity attributable to shareholders
of the Corporation 14,896.9 14,068.0
-------------------------------------------- ---------------- --------------
Return on equity 18.3 % 18.3 %
-------------------------------------------- ---------------- --------------
Return on capital employed. This measure is considered useful as it provides insights into our ability to generate returns from the total amount of capital invested in our operations and it also helps in assessing our operational efficiency and capital allocation decisions. Earnings before interest and taxes ("EBIT") represents Net earnings plus Income taxes and Net financial expenses. Capital employed represents total assets less short-term liabilities not bearing interest, which excludes the Short-term debt and current portion of long-term debt and Current portion of lease liabilities. Average capital employed is calculated by taking the average of i) the opening balance of capital employed for the 52-week periods and ii) the ending balance of capital employed for the 52-week periods.
The table below reconciles Net earnings, as per IFRS Accounting Standards, to EBIT with the ratio of Return on capital employed:
52-week periods ended
(in millions of US dollars, unless otherwise
noted) February 1, 2026 April 27, 2025
-------------------------------------------- ---------------- --------------
Net earnings 2,729.2 2,592.4
-------------------------------------------- ---------------- --------------
Add:
Income taxes 770.3 729.7
Net financial expenses 559.2 512.5
-------------------------------------------- ---------------- --------------
EBIT 4,058.7 3,834.6
Capital employed - Opening balance(1) 30,979.0 30,962.0
Capital employed - Ending balance(1) 34,678.1 31,898.7
-------------------------------------------- ---------------- --------------
Average capital employed 32,828.6 31,430.4
-------------------------------------------- ---------------- --------------
Return on capital employed 12.4 % 12.2 %
-------------------------------------------- ---------------- --------------
(1) The table below reconciles balance sheet line items, as per IFRS
Accounting Standards, to capital employed:
As at
(in millions of As at As at As at April 28,
US dollars) February 1, 2026 February 2, 2025 April 27, 2025 2024(1)
---------------- ---------------- ---------------- -------------- ---------
Total Assets 40,893.5 36,566.5 38,301.9 37,218.0
---------------- ---------------- ---------------- -------------- ---------
Less: Current
liabilities (7,993.5) (7,084.1) (7,617.3) (7,832.9)
Add:
Short-term
debt and
current
portion of
long-term
debt 1,235.9 1,001.3 690.2 1,066.8
Add: Current
portion of
lease
liabilities 542.2 495.3 523.9 510.1
---------------- ---------------- ---------------- -------------- ---------
Capital employed 34,678.1 30,979.0 31,898.7 30,962.0
---------------- ---------------- ---------------- -------------- ---------
____________________________
(1) The information as at April 28, 2024 has been adjusted based on our final
estimates of the fair value of assets acquired and liabilities assumed for the
acquisition of convenience retail and fuel sites operating under the MAPCO
brand, and for the acquisition of certain European retail assets from
TotalEnergies SE.
Profile
Couche-Tard is a global leader in convenience and mobility, operating in 27 countries and territories, with close to 17,300 stores, of which approximately 13,200 offer road transportation fuel. With its well-known Couche-Tard and Circle K banners, it is one of the largest independent convenience store operators in the United States and it is a leader in the convenience store industry and road transportation fuel retail in Canada, Scandinavia, the Baltics, Belgium, as well as in Ireland. It also has an important presence in Luxembourg, Germany, the Netherlands, Poland, as well as in Hong Kong Special Administrative Region of the People's Republic of China. Approximately 149,500 people are employed throughout its network.
For more information on Alimentation Couche-Tard Inc., or to consult its audited annual Consolidated Financial Statements, unaudited interim condensed consolidated financial statements and Management Discussion and Analysis or other filings made with Canadian securities regulatory authorities, please visit: https://corpo.couche-tard.com or SEDAR+ under Couche-Tard's profile at www.sedarplus.ca.
Webcast on March 18, 2026 at 8:00 A.M. (EDT)
Couche-Tard invites analysts known to the Corporation to ask their questions to its management on March 18, 2026, during the question and answer period of the webcast.
Financial analysts, investors, media, and other interested parties are invited to join the webcast on March 18, 2026, at 8:00 A.M. (EDT). A presentation will include slides detailing the quarterly and fiscal year results. The webcast can be accessed via the "Investors/Events & Presentations" section on the Corporation's website https://corpo.couche-tard.com/ or directly via this link https://emportal.ink/3HqoQrB to join the call without operator assistance.
Another option could be to access the conference call through an operator by dialing 1-289-819-1299 or the international number 1-800-990-4777.
Rebroadcast: For individuals who will not be able to listen to the live webcast, a recording of the webcast will be available on the Corporation's website for a period of 90 days.
Forward-looking statements
The statements set forth in this press release, which describes Couche-Tard's objectives, projections, estimates, expectations, or forecasts, may constitute forward-looking statements within the meaning of securities legislation. Positive or negative verbs such as "believe", "can", "shall", "intend", "expect", "estimate", "assume", and other related expressions are used to identify such statements. Although we base the forward-looking statements contained in this press release on assumptions that we believe are reasonable, by their very nature, forward-looking statements involve risks and uncertainties such that actual results (including our results of operations, financial condition and liquidity, the achievement of our targets, goals and commitments, the development of the industry in which we operate or the measures we adopt) could differ materially from those indicated in or underlying these statements, or could have an impact on the degree of realization of a particular projection or expectation. Couche-Tard's guidance is notably based on the following material assumptions: our ability to execute development initiatives across same-store operations and merchandise to drive growth and enhance profitability; our ability to leverage the nicotine transition, increase our growth from thirst and deliver through the 4 Growth Pillars of our food journey; our ability to manage total road transportation fuel gross profit and volume through Supply Chain, B2C, B2B, and Development initiatives to sustain growth and profitability; our ability to strategically invest in and expand sites, distribution centers, eMobility, Car Wash businesses, new revenue initiatives such as Full Circle Media and technology initiatives to support long-term growth; our ability to generate sufficient cash flows each year to support share repurchases; our capacity to expand our network on the basis of development initiatives, targeted investments, selective acquisitions of individual sites, and organic franchise growth (provided that our guidance does not take into account the completion of any transactions that would significantly alter our portfolio, business segments, or strategic direction); the growth of revenues from our food channels to outperform merchandise revenues; sustained efforts towards technology investments in fiscal 2026; our ability to achieve our objectives with respect to controlling incremental operating, selling, general and administrative expenses and our Fit-to-Serve program which we expect to constitute EBITDA value of approximately US$850M by fiscal 2030; our ability to bolster our working capital through optimized receivables and payables structures, enhanced inventory management, and to implement a disciplined approach to capital expenditures; and long-term volume assumptions based on market
trends and third-party reporting and analysis. Couche-Tard's guidance is also based on a number of market and economic assumptions, including without limitation: the primary currencies used in the Corporation's operations remaining at near-current levels; stable industry trends and macroeconomic environment; the absence of significant changes in tax laws or treaties applicable to the Corporation; the absence of material financial, operational or competitive consequences resulting from changes in, or the implementation of, regulations affecting the Corporation's worldwide operations; and consumer price index ("CPI"), defined as the official consumer price index published by the relevant governmental or statistical authority in each country in which the Corporation operates (which the Corporation uses as the basis for inflation determinations), remaining at or near current levels. Further information relating to Couche-Tard's guidance and related assumptions is provided in the 2026 Business Strategy Update presentation materials, which are publicly available on the Corporation's website. Major factors that may lead to a material difference between Couche-Tard's long-term and fiscal 2026 and actual results include such risks as described in detail from time to time in the reports filed by Couche-Tard with securities authorities in Canada available on SEDAR+ under Couche-Tard's profile at www.sedarplus.ca, including under "Business Risks" in our management discussion and analysis for the 52-week period ended April 27, 2025. The risks described therein are not the only ones that we face. Additional risks not presently known to us or that we currently deem immaterial may also significantly impair our business, financial position or results of operations. Unless otherwise required by applicable securities laws, Couche-Tard disclaims any intention or obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking information in this release is based on information available as of the date of the release.
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SOURCE Alimentation Couche-Tard Inc.
(END) Dow Jones Newswires
March 17, 2026 17:05 ET (21:05 GMT)