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Visual21 Nov 2025
Data center suppliers
Alimentation Couche-Tard (ATD) investor relations material
Alimentation Couche-Tard Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary25 Nov, 2025
Executive summary
Achieved positive same-store sales growth in all geographies for the second consecutive quarter, with strong performance in food, packaged beverages, and nicotine categories, and sequential fuel volume growth.
Operates approximately 17,300 stores in 29 countries, serving 8.5 million customers daily and selling 42 million gallons of fuel per day.
Completed transformative acquisitions, notably 2,175 retail assets from TotalEnergies in Europe, expanding network and B2B capabilities.
Launched new distribution centers in the U.S., supporting 1,600 stores and enhancing supply chain efficiency.
Loyalty program Inner Circle surpassed 12.5 million U.S. members, now available at over 5,000 sites.
Financial highlights
Net earnings attributable to shareholders reached $741 million ($0.79 per diluted share) for Q2 FY2026, with adjusted net earnings of $734 million ($0.78 per share), up 5.4% year-over-year.
FY2025 revenues were $72.9 billion, gross profit $13.0 billion, and EBITDA $5.94 billion, all showing strong multi-year CAGRs.
Merchandise and service revenues increased by $254 million (5.8%) in Q2, with gross profit up $126 million (8.3%).
U.S. merchandise and service gross margin increased by 0.9% to 34.7%; food service gross margin expanded by over 400 basis points year-over-year.
Road transportation fuel gross margin in the US was 45.86 cents per gallon for the latest period.
Outlook and guidance
Management remains optimistic for the remainder of the year, focusing on cost discipline, margin enhancement, and continued investment in digital and operational capabilities.
Maintains a disciplined capital allocation strategy, targeting 35–40% of EBITDA for reinvestment and a 15% ROCE hurdle for new projects.
Expects to capture €170 million in synergies from the TotalEnergies acquisition over five years.
Ongoing expansion in e-mobility, aiming to scale EV charging infrastructure in Europe and North America.
Meal deals and food penetration targeted for further expansion, aiming for 20% penetration in North America.
Strategy for managing the leverage ratio?
Reconcile regional fuel volume trends.
Detail E-Mobility investment plans.
Detail remaining upside for U.S. merch margins
What explains U.S. SSS regional performance gaps?
What ensures sustained food program performance?
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Next Alimentation Couche-Tard earnings date
Q3 202618 Mar, 2026
Next Alimentation Couche-Tard earnings date
Q3 202618 Mar, 2026
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Frequently asked questions
Gas station and convenience store operators
Couche-Tard is one of the world's largest gas station and convenience store operators and the parent company behind gas station chains Circle K, Couche-Tard, and Ingo.
You have most certainly visited one of Couche-Tard’s 14,000 locations, spread over a dozen countries, and you probably agree that gas stations and convenience stores are a complete necessity. They are in transit to any destination.
A great role in the expansion of electric cars
As we are adapting to the use of electric vehicles, Couche-Tard plays a major role in making superchargers as convenient and accessible as possible. They have experience with this by already being present in Norway–the country with the highest electric vehicle penetration in the world.
Increased sales during historical recessions
Couche-Tard has also proven to be a recession-resilient business and posted sales increases of 5 percent and 8 percent, respectively, during the Dot-Com Bubble and the Great Recession.
Businesses that can earn a high return on their capital employed (ROCE) and at the same time increase the amount of capital employed are often able to multiply in value over time.
Founded by Alain Bouchard
Alain Bouchard founded Couche-Tard 42 years ago and is still active in the company as Executive Chairman. Couche-Tard grew steadily over the first two decades after its inception, organically and through acquisitions. The company has continued to grow and has incredibly enough been profitable every year since their IPO in 1986.
Couche-Tard has increased the amount of capital employed by 115 percent over the past five years and earned a return of roughly 15 percent on that capital. This steady growth is also reflected in the stock price, which is up 270 percent over the same period.
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