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 EBITDA1 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 47.71¢ per gallon in the United States, an increase of 3.43¢ per gallon, US 10.87¢ per liter in Europe and other regions, an increase of US 1.58¢ per liter, and CA 15.82¢ per liter in Canada, an increase of CA 2.28¢ 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® 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 Corporation1 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 share1. This increased is primarily driven by the contribution from acquisitions, by higher road transportation fuel gross margin1 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
Type of site
Company-operated
CODO
DODO
Franchised and
other 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 otherwise stated)
February 1,
2026
February 2,
2025
Variation
%
February 1,
2026
February 2,
2025
Variation
%
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 otherwise stated)
February 1,
2026
February 2,
2025
Variation
%
February 1,
2026
February 2,
2025
Variation
%
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
