Executive Comments on the Quarter
Alex Miller, President and Chief Executive Officer, said: "With same-store sales1,2 growth across all our geographies for the second consecutive quarter, along with strong margins and sequential volume growth in fuel, we are encouraged by the positive momentum we're continuing to build in our business. We are outperforming our industry with an offer that is clearly resonating with our customers, from the continued growth of our Meal Deals and exclusive vendor partnerships to the success of our seasonal Fuel Day events, which are driving traffic and excitement at our sites. Looking ahead, we remain focused on delivering compelling value and investing in programs that drive operational excellence, optimize our supply chain, and enhance the customer experience in the store, at the pump, and digitally. I'm proud of our team's performance and the progress we're making together to win our customers."
Filipe Da Silva, Chief Financial Officer, added: "We closed the second quarter with growing optimism, reflecting steady progress supported by consistent execution and effective cost management across our operations. Core operating expenses growth remained under control, while we continued to advance our multi-year investment journey to unlock new capabilities that strengthen our network and create greater value for customers. This also marked the first full quarter from GetGo, which further broadens our food and convenience offering in the U.S. and opens new opportunities for customer engagement. During the second quarter, we also repurchased nearly $900 million of our shares through the buyback program, while, for the first half of the year, we invested close to $900 million in capital expenditures, reinforcing our balanced approach to capital allocation. As we look ahead, we remain committed to delivering earnings growth over the course of the year."
Quarterly Highlights
Net earnings attributable to shareholders of the Corporation were $740.6 million for the second quarter of fiscal 2026 compared with $708.8 million for the second quarter of fiscal 2025. Adjusted net earnings attributable to shareholders of the Corporation1 were approximately $734.0 million compared with $705.0 million for the corresponding quarter of last year, representing an increase of 4.1%.
Net earnings attributable to shareholders of the Corporation were $0.79 per diluted share for the second quarter of fiscal 2026 compared with $0.75 per diluted share for the second quarter of fiscal 2025. Adjusted diluted net earnings per share1 were $0.78, representing an increase of 5.4% from $0.74 for the corresponding quarter of last year.
Total merchandise and service revenues of $4.7 billion, an increase of 6.6%. Same-store merchandise revenues2 increased by 1.2% in the United States, by 0.5% in Europe and other regions1, and by 5.4% in Canada.
Merchandise and service gross margin1 increased by 0.9% in the United States to 34.7%, by 0.7% in Europe and other regions to 38.9%, and by 0.6% in Canada to 34.2%.
Same-store road transportation fuel volumes decreased by 0.6% in the United States, and by 1.8% in Europe and other regions, while it increased by 1.1% in Canada.
Road transportation fuel gross margin1 of 45.86¢ per gallon in the United States, a decrease of 0.24¢ per gallon, US 11.51¢ per liter in Europe and other regions, an increase of US 1.00¢ per liter, and CA 15.07¢ per liter in Canada, an increase of CA 1.72¢ per liter.
Successful issuance of US-dollar-denominated senior unsecured notes of $1.2 billion and Canadian-dollar-denominated senior unsecured notes of CA $500.0 million ($359.9 million).
____________________________________1 Please refer to the "Non-IFRS Accounting Standards Measures" section for additional information on performance measures not defined by IFRS® 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 Second Quarter of Fiscal 2026
For its second quarter ended October 12, 2025, Couche-Tard reported net earnings attributable to shareholders of the Corporation of $740.6 million, representing $0.79 per share on a diluted basis, compared with $708.8 million for the corresponding quarter of fiscal 2025, representing $0.75 per share on a diluted basis. The results for the second quarter of fiscal 2026 were affected by a pre-tax net foreign exchange gain of $8.9 million and by pre-tax acquisition costs of $0.3 million. The results for the comparable quarter of fiscal 2025 were affected by a pre-tax net foreign exchange gain of $9.0 million and by pre-tax acquisition costs of $2.9 million. Excluding these items, the adjusted net earnings attributable to shareholders of the Corporation3 were approximately $734.0 million, or $0.78 per share on a diluted basis for the second quarter of fiscal 2026, compared with $705.0 million, or $0.74 per share on a diluted basis for the corresponding quarter of fiscal 2025, an increase of 5.4% in the adjusted diluted net earnings per share1. This increase is primarily driven by the contribution from acquisitions, improved gross margins in our convenience and road transportation fuel activities and 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.
Significant Items of the Second Quarter of Fiscal 2026
On September 26, 2025, we issued Canadian-dollar-denominated senior unsecured notes totaling CA $500.0 million ($359.9 million) with a coupon rate of 3.86% and maturing in 2032.On September 29, 2025, we also issued US-dollar-denominated senior unsecured notes totaling $1.2 billion, consisting of a $700.0 million tranche with a coupon rate of 4.15% and maturing in 2028, as well as a $500.0 million tranche with a coupon rate of 5.08% and maturing in 2035.The $1.6 billion net proceeds from the issuance were used to repay indebtedness under our United States commercial paper program.
On July 21, 2025, the Toronto Stock Exchange approved the renewal of our share repurchase program, which took effect on July 23, 2025. The renewed share repurchase program allows us to repurchase up to 77.1 million shares, representing 10% of our public float outstanding as at July 14, 2025, and the share repurchase period will end no later than July 22, 2026. During the second quarter and first half-year of fiscal 2026, we repurchased 16.6 million shares for an amount of $886.7 million, which includes associated taxes of $17.4 million. Subsequent to the end of the quarter, 6.1 million shares were repurchased for an amount net of taxes paid of $306.3 million.
____________________________________3 Please refer to the "Non-IFRS Accounting Standards Measures" section for additional information on performance measures not defined by IFRS Accounting Standards.
Changes in our Network during the Second Quarter of Fiscal 2026
We acquired 14 company-operated stores, including 7 company-owned and operated convenience retail and fuel sites operating under the Texaco brand and located in Ireland and 7 company-operated stores located in the United States. We settled these transactions using our available cash.
During the quarter, we completed the construction of 19 stores and the relocation or reconstruction of 3 stores, reaching a total of 35 stores since the beginning of fiscal 2026. As of October 12, 2025, another 73 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 12-week period ended October 12, 2025(1):
12-week period ended October 12, 2025
Type of site
Company-operated
CODO
DODO
Franchised and
other affiliated
Total
Number of sites, beginning of period
10,708
1,386
1,408
1,162
14,664
Acquisitions
14
—
—
—
14
Openings / constructions / additions
19
—
2
12
33
Closures / disposals / withdrawals
(37)
(2)
(13)
(22)
(74)
Store conversions
6
(8)
1
1
—
Number of sites, end of period
10,710
1,376
1,398
1,153
14,637
Circle K branded sites under licensing agreements
2,633
Total network
17,270
Number of automated fuel stations included in the period-end
figures
1,170
2
106
—
1,278
(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:
12-week periods ended
24‑week periods ended
October 12, 2025
October 13, 2024
October 12, 2025
October 13, 2024
Average for the period(1)
Canadian dollar
0.7236
0.7335
0.7253
0.7323
Norwegian krone
0.0993
0.0934
0.0988
0.0935
Swedish krone
0.1053
0.0963
0.1047
0.0953
Danish krone
0.1564
0.1477
0.1550
0.1462
Zloty
0.2741
0.2571
0.2717
0.2542
Euro
1.1674
1.1021
1.1569
1.0911
Hong Kong dollar
0.1281
0.1283
0.1279
0.1282
(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 Second Quarter and First Half-year of Fiscal 2026
The following table highlights certain information regarding our operations for the 12 and 24‑week periods ended October 12, 2025 and October 13, 2024, 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.
12-week periods ended
24‑week periods ended
(in millions of US dollars, unless otherwise stated)
October 12,
2025
October 13,
2024
Variation
%
October 12,
2025
October 13,
2024
Variation
%
Statement of Operations Data:
Merchandise and service revenues(1):
United States
3,144.9
2,951.2
6.6
6,239.9
5,973.4
4.5
Europe and other regions
934.0
855.0
9.2
1,917.2
1,722.2
11.3
Canada
597.8
580.7
2.9
1,213.4
1,184.4
2.4
Total merchandise and service revenues
4,676.7
4,386.9
6.6
9,370.5
8,880.0
5.5
Road transportation fuel revenues:
United States
7,179.9
6,974.3
2.9
13,999.7
14,434.0
(3.0)
Europe and other regions
4,647.6
4,546.4
2.2
9,139.5
9,304.6
(1.8)
Canada
1,221.9
1,363.0
(10.4)
2,445.2
2,801.7
(12.7)
Total road transportation fuel revenues
13,049.4
12,883.7
1.3
25,584.4
26,540.3
(3.6)
Other revenues(2):
United States
11.4
12.6
(9.5)
24.2
24.0
0.8
Europe and other regions
121.6
114.0
6.7
219.6
222.6
(1.3)
Canada
7.0
8.1
(13.6)
14.3
15.9
(10.1)
Total other revenues
140.0
134.7
3.9
258.1
262.5
(1.7)
Total revenues
17,866.1
17,405.3
2.6
35,213.0
35,682.8
(1.3)
Merchandise and service gross profit(1)(3):
United States
1,092.0
998.0
9.4
2,162.5
2,017.1
7.2
Europe and other regions
363.4
326.3
11.4
745.8
671.3
11.1
Canada
204.2
195.1
4.7
412.7
405.1
1.9
Total merchandise and service gross profit
1,659.6
1,519.4
9.2
3,321.0
3,093.5
7.4
Road transportation fuel gross profit(3):
United States
1,066.9
1,000.8
6.6
2,049.1
2,049.1
—
Europe and other regions
476.2
451.5
5.5
951.6
824.3
15.4
Canada
147.8
132.0
12.0
288.2
260.7
10.5
Total road transportation fuel gross profit
1,690.9
1,584.3
6.7
3,288.9
3,134.1
4.9
Other revenues gross profit(2)(3):
United States
11.3
10.0
13.0
24.2
18.7
29.4
Europe and other regions
38.3
29.6
29.4
73.1
62.8
16.4
Canada
6.7
7.7
(13.0)
13.6
15.0
(9.3)
Total other revenues gross profit
56.3
47.3
19.0
110.9
96.5
14.9
Total gross profit(3)
3,406.8
3,151.0
8.1
6,720.8
6,324.1
6.3
Operating, selling, general and administrative expenses
1,787.0
1,649.9
8.3
3,496.2
3,282.4
6.5
Gain on disposal of property and equipment and other assets
(1.5)
(5.1)
(70.6)
(61.5)
(43.4)
41.7
Depreciation, amortization and impairment
534.1
467.5
14.2
1,061.9
908.4
16.9
Operating income
1,087.2
1,038.7
4.7
2,224.2
2,176.7
2.2
Net financial expenses
135.4
117.8
14.9
253.7
232.9
8.9
Net earnings
743.3
712.0
4.4
1,529.4
1,505.1
1.6
Less: Net earnings attributable to non-controlling interests
(2.7)
(3.2)
(15.6)
(6.3)
(5.5)
14.5
Net earnings attributable to shareholders of the Corporation
740.6
708.8
4.5
1,523.1
1,499.6
1.6
Per Share Data:
Basic net earnings per share (dollars per share)
0.79
0.75
5.3
1.61
1.57
2.5
Diluted net earnings per share (dollars per share)
0.79
0.75
5.3
1.61
1.57
2.5
Adjusted diluted net earnings per share (dollars per share)(3)
0.78
0.74
5.4
1.56
1.57
(0.6)
12-week periods ended
24‑week periods ended
(in millions of US dollars, unless otherwise stated)
October 12,
2025
October 13,
2024
Variation
%
October 12,
2025
October 13,
2024
Variation
%
Other Operating Data:
Merchandise and service gross margin(1)(3):
Consolidated
35.5 %
34.6 %
0.9
35.4 %
34.8 %
0.6
United States
34.7 %
33.8 %
0.9
34.7 %
33.8 %
0.9
Europe and other regions
38.9 %
38.2 %
0.7
38.9 %
39.0 %
(0.1)
Canada
34.2 %
33.6 %
0.6
34.0 %
34.2 %
(0.2)
Growth of (decrease in) same-store merchandise revenues(4):
United States(5)(6)
