Alimentation Couche-Tard (ATD) Q4 2026 earnings summary

Executive summary

• Fiscal 2026 was exceptional, with strong execution of the Core + More strategy, driving growth, market share gains, and customer engagement across all regions.

• U.S. operations delivered their best performance in years, with 3.4% same-store merchandise sales growth in Q4, the highest in three years, and notable traffic growth.

• Loyalty program membership more than doubled in two years, nearing or surpassing 15 million members.

• Canada achieved record EBITDA, while Europe benefited from a diversified footprint and successful integration of acquired sites.

• Digital and loyalty initiatives, including Inner Circle and Extra, are driving customer engagement and pump-to-store conversions.

Financial highlights

• Q4 net earnings were $863.4 million ($0.94 per diluted share), up 96.5% year-over-year, including a $260 million one-time gain; adjusted net earnings were $667 million ($0.73 per share), up 58.7%.

• Fiscal 2026 net earnings reached $3.15 billion, up 21.8% from fiscal 2025; adjusted net earnings were $2.9 billion, up 12.1%.

• Adjusted EBITDA for Q4 rose 30.9% to $1.56 billion; for the year, adjusted EBITDA was $6.71 billion, up 10.8%.

• Merchandise and service revenues grew 5.8% in Q4 and 5.5% for the year; gross profit increased 7.1% in Q4 and 6.4% for the year.

• Road transportation fuel gross profit for FY26 was $7.3 billion, up 11.7%.

Outlook and guidance

• Management expressed strong confidence in achieving over 10% organic EPS growth in fiscal 2027, with momentum from Q4 continuing into Q1.

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

• Guidance assumes stable macroeconomic conditions, currency levels, and no significant regulatory or tax changes.

• Strategic focus on expanding food channels, leveraging digital and technology investments, and disciplined capital expenditures.