Couche-Tard dividend
Couche-Tard's latest annualized dividend is about US$0.60 per share, rising to US$0.80 per share in the base case. Fiscal 2026 dividends used only about one fifth of free cash flow.
How much does Couche-Tard pay per share?
Dividends rise in the base case from US$0.66 to US$0.80 per share, using roughly 10% annual growth from the latest annualized rate of about US$0.60. That is below the prior five-year growth rate, but fiscal 2026 dividends used only about one fifth of free cash flow. The bear case holds dividends at US$0.60 because debt and investment take priority. The bull case reaches US$0.92 on 15% annual growth, requiring stronger cash earnings and acquisition synergies.
| Apr 2026 | Apr 2025 | Apr 2024 | Apr 2023 | Apr 2022 | |
|---|---|---|---|---|---|
| EPS, diluted | 3.37 | 2.71 | 2.82 | 3.06 | 2.52 |
| − Dividends paid, per share | 0.59 | 0.53 | 0.47 | 0.37 | 0.31 |
| = FCF not paid out, per share | 0.68 | 1.21 | 0.61 |
What this means. The company's own free cash flow per share is higher because it uses a different formula that leaves out changes in day-to-day business cash and subtracts dividends and other items differently.
Is Couche-Tard's dividend covered by its cash?
Shareholders received US$2,125.6 million, or 76.2% of free cash flow. Dividends accounted for US$553.3 million, while repurchases and related taxes accounted for US$1,572.3 million. Repurchases reduce the number of shares, increasing each remaining share’s claim on future profits, but fewer shares do not prove that the company bought them cheaply.
Investment then claims cash. Capital spending was US$1,990.5 million, and lease payments were US$581.7 million. The resulting free cash flow was US$2,791.0 million. Deducting stock-based pay as an economic cost leaves real free cash flow of US$2,763.9 million, although that deduction is not an additional cash payment.
| Apr 2026 | Apr 2025 | Apr 2024 | Apr 2023 | Apr 2022 | |
|---|---|---|---|---|---|
| Free cash flow | 2,791.0 | 2,197.3 | 2,395.2 | 2,101.9 | 1,836.8 |
| − Dividends paid | 553.3 | 505.3 | 453.0 | 377.7 | 330.1 |
| − Share buybacks | 1,572.3 | 538.3 | 1,349.4 | 2,392.5 | 1,842.3 |
| = Free cash flow not paid out | 635.5 | 1,153.7 | 592.8 | ||
| = Paid out more than the free cash flow | 668.3 | 335.6 | |||
| Paid out, % of free cash flow | 76.2% | 47.5% | 75.3% | 131.8% | 118.3% |
What this means. The company's net debt is higher because it includes lease payments as debt and does not subtract short-term investments, while our count does the opposite.
What could change Couche-Tard's dividend?
The verdict is modest upside to C$89.81 in October 2029, hinging on durable store cash generation and successful acquisitions. Through fiscal 2030, management targets 6%–8% annualized adjusted EBITDA growth and at least 10% adjusted EPS growth, excluding major transactions. Fiscal 2027 guidance includes a US$140.5 million annualized TotalEnergies synergy run rate and 3.0x pro forma leverage at Żabka closing.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Earnings | 3,106 (2,911 / 3,211) | 3,332 (2,848 / 3,580) | 3,620 (2,816 / 3,990) |
| Shares (millions) | 915 (917 / 907) | 908 (916 / 891) | 898 (914 / 873) |
| Dividends per share | 0.66 (0.60 / 0.69) | 0.73 (0.60 / 0.80) | 0.80 (0.60 / 0.92) |
| Price to earnings | 16.00 (13.50 / 18.00) | 16.00 (12.50 / 19.00) | 16.20 (11.50 / 20.00) |
What is Couche-Tard's dividend yield today?
At C$78.64, market value is C$72,188.6 million. Enterprise value is C$82,343.8 million; trailing and forward P/E are 16.0x and 16.7x. The company’s free cash flow yield and real free cash flow yield are both 5.5%. Dividend yield is 1.1%; buyback yield is 3.1%. Fiscal 2026 revenue reached US$76,506.6 million, while the company’s real free cash flow was 3.6% of revenue. Diluted EPS rose to US$3.37 and real free cash flow per share to US$2.96. The turn is higher profit alongside weaker comparable fuel volumes.