ALIMENTATION COUCHE-TARD ANNOUNCES ITS RESULTS FOR ITS THIRD QUARTER OF FISCAL YEAR 2026

Executive Summary

• Couche‑Tard reported net earnings of $757.2 M ($0.82 per diluted share), up 18% YoY, with adjusted EBITDA of $1.88 B (+15%).
• Merchandise & service revenues rose 8.7% to $5.8 B; road‑fuel revenues increased 2.8% to $15.9 B despite lower average fuel prices.
• Same‑store sales grew in all regions (U.S. +2.8%, Europe +0.4%, Canada +0.3%). Store network added 12 company‑operated stores and 37 new constructions; 58 additional stores are under construction.

Key Details

• Net earnings: $757.2 M vs. $641.4 M (FY25); diluted EPS $0.82 vs. $0.68.
• Adjusted net earnings: $751.0 M vs. $641.0 M; adjusted diluted EPS $0.81 (+19.1%).
• EBITDA / Adjusted EBITDA: $1,878.0 M (↑15%) / $1,881.9 M (↑14.7%).
• Gross profit: $4.235 B (+12.5% YoY).
• Merchandise & service gross margin: 34.8% (flat YoY).
• Road‑fuel gross margin: U.S. 47.71¢/gal (+3.43¢), Europe €10.87 c/L (+1.58 c), Canada CA15.82 c/L (+2.28 c).
• Store network: Total sites 17,276 (incl. 1,165 automated fuel stations); net increase of 12 company‑operated stores; 37 new openings + 8 relocations/reconstructions = 80 total changes FY26 Q3. 58 stores under construction.
• Share repurchases: 12.9 M shares in Q3 (total FY ≈ 29.6 M) for $684.4 M; post‑quarter additional 0.4 M shares for $21.6 M.
• Dividends: Board declared CA 21.5¢ per share, payable April 9 2026.
• Balance sheet highlights: Total assets $40.894 B; interest‑bearing debt $15.779 B (up $1.823 B); net interest‑bearing debt $14.252 B; leverage ratio 2.25 × (vs. 1.96 × FY25).
• Capital allocation: Continued share repurchases, dividend payout, and investment in network expansion (58 stores slated to open in upcoming quarters).

Notable Quotes

• Alex Miller (President & CEO): Emphasized “positive same‑store sales across every region” and confidence heading into Q4 under the refreshed Core + More strategy.
• Filipe Da Silva (CFO): Highlighted “one of our best quarterly performances in over two years,” noting strong adjusted EBITDA growth driven by fuel margins, acquisitions, and organic traffic growth.