LAVAL, Quebec — Alimentation Couche-Tard relies on food, value, and disciplined investing to boost growth as it reports higher profits and stronger merchandise performance in its second quarter of fiscal 2026.
For the quarter ending Oct. 12, net earnings attributable to shareholders increased to $740.6 million, up from $708.8 million a year earlier. Adjusted net earnings rose 4.1 percent to $734 million, while adjusted diluted net earnings per share grew 5.4 percent to 78 cents.
“With same-store sales 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 are continuing to build in our business,” said Alex Miller, president and chief executive officer. “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.”
Total revenues for the quarter reached $17.9 billion, an increase of 2.6 percent. Merchandise and service revenues contributed significantly, totaling $4.7 billion, a 6.6 percent rise, as same-store merchandise sales grew for the second consecutive quarter across all regions. Same-store merchandise revenues increased by 1.2 percent in the United States, 0.5 percent in Europe and other regions, and 5.4 percent in Canada.
Miller said the company will continue emphasizing its customer-focused approach throughout the fiscal year.
“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,” he said. “I am proud of our team’s performance and the progress we are making together to win our customers.”
Merchandise and service gross margin grew across the network, increasing by 0.9 percentage points in the United States to 34.7 percent, by 0.7 points in Europe and other regions to 38.9 percent, and by 0.6 points in Canada to 34.2 percent. The company attributed this growth to successful Meal Deals, strong foodservice execution, growth in packaged beverages, and a favorable shift in mix away from cigarettes in several markets.
Chief financial officer Filipe Da Silva said the quarter highlights the advantages of a steady strategy that balances growth investments, cost management, and returns to shareholders.
“We closed the second quarter with growing optimism, reflecting steady progress supported by consistent execution and effective cost management across our operations,” Da Silva said. “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,” he added. “During the second quarter, we also repurchased nearly 900 million dollars of our shares through the buyback program, while, for the first half of the year, we invested close to 900 million dollars 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.”
Couche-Tard continued to reshape and expand its physical network during the quarter. It acquired 14 company-operated stores, including seven convenience retail and fuel sites under the Texaco brand in Ireland and seven company-operated locations in the United States. It completed construction of 19 stores and the relocation or reconstruction of three units, bringing the total of new or rebuilt stores to 35 since the start of fiscal 2026. Another 73 stores were under construction as of Oct. 12 and are expected to open in the upcoming quarters.
The company is also investing heavily in its distribution infrastructure to support future growth. Last week, Couche-Tard opened a new distribution center in Otsego, Minn., that will serve nearly 500 Holiday Station and Circle K stores throughout the Twin Cities and the upper Midwest. It is the first of three new distribution centers scheduled to open in Missouri and Ohio in the coming months.
At the same time, Couche-Tard has been active in the capital markets, issuing $1.2 billion in U.S. dollar senior unsecured notes and 500 million Canadian dollars in Canadian dollar senior unsecured notes, while continuing to reduce debt through its commercial paper program. The board also approved a 10.3 percent increase in the quarterly dividend, to 21.5 Canadian cents per share.
With meal deals and Fuel Day events attracting more traffic, GetGo integration expanding food and convenience options across the United States, and a pipeline of new stores and distribution centers coming online, executives said Couche-Tard is positioned to maintain its momentum in both convenience and mobility in the second half of the fiscal year.
