Alimentation Couche-Tard (ATD) Q3 2026 earnings summary

Executive summary

• Delivered one of the best quarterly performances in over two years, with accelerating same-store sales and strong growth in adjusted EBITDA and EPS, driven by acquisitions, higher fuel margins, and organic expansion across geographies.

• Strategic Core + More initiatives and digital engagement are driving measurable results in customer engagement, store performance, and operational momentum.

• Expansion continues with 37 new stores opened in Q3, 80 year-to-date, and 58 under construction, targeting 100 new sites this fiscal year and 750 by 2030.

• Recognition for workplace culture with Gallup Exceptional Workplace Award for the fifth consecutive year, now with distinction.

• Major acquisitions completed, including 270 GetGo sites and 2,175 retail assets in Germany and Benelux, with regulatory divestitures.

Financial highlights

• Net earnings attributable to shareholders were $757.2 million ($0.82 per diluted share), up 18.1% year-over-year; adjusted net earnings were $751.0 million ($0.81 per diluted share), up 19.1%.

• Q3 2026 revenues: $21.8 billion, up 4.3% year-over-year; gross profit: $4.2 billion, up 12.5%.

• Adjusted EBITDA increased by 14.7% to $1.88 billion, driven by higher fuel margins, acquisitions, and organic growth.

• Merchandise and service revenues rose to $5.8 billion (+8.7%), with gross profit up $150 million or 6.2%.

• Road transportation fuel gross margin increased in all regions: US 47.71¢/gallon (+3.43¢), Europe 10.87¢/liter (+1.58¢), Canada CA 15.82¢/liter (+CA 2.28¢).

Outlook and guidance

• Cautiously optimistic outlook, with positive trends continuing into Q4 and confidence in Core + More strategy to drive sustainable growth.

• FY2026–FY2030 CAGR targets: 2–3% for same-store merchandise revenues, 4–5% for total merchandise and service revenues, 6–8% for adjusted EBITDA, and >10% for adjusted diluted EPS.

• Normalized expense growth expected to align with inflation (~3%) in coming quarters, supported by ongoing cost management programs.

• Continued focus on expanding store network, supply chain optimization, and digital engagement.

• Guidance is based on stable macroeconomic conditions, currency levels, and ongoing strategic investments.