Couche-Tard earnings: date, guidance and results
Couche-Tard's next results are expected on November 23, 2026. Watch whether its investments improve returns.
What has Couche-Tard guided for the year?
On February 11, 2026, Couche-Tard introduced Core + More, replacing its earlier outlook. “Core” means improving the businesses it already knows; “More” means adding growth opportunities and the capabilities to support them. Through fiscal 2030, management targets annualized adjusted EBITDA growth of 6.0%–8.0% and adjusted earnings-per-share growth of at least 10.0%, excluding major transactions.
The operating targets are comparable-store merchandise growth of 2%–3%, total merchandise and service revenue growth of 4%–5%, fuel gross profit growth with inflation, and normalized expenses at inflation or below. Comparable-store growth shows whether established locations are improving, rather than letting new stores do all the work.
| the period guided | low | high | the date it was given | |
|---|---|---|---|---|
| Annual synergies run rate — integration of certain European retail assets from TotalEnergies | Fiscal 2027 | 140.5 | 140.5 | Jun 22, 2026 |
| pro forma leverage | Fiscal 2027, at Żabka closing | 3.0x | 3.0x | Jul 31, 2026 |
What this means. The 3.0 leverage figure means the company expects its debt, including leases, to be three times its adjusted earnings before interest, taxes, depreciation, and amortization after the Żabka deal closes.
Did Couche-Tard keep its past promises?
Promises also need exact definitions. In March 2026, Alex Miller said the company was on track to build 100 new stores by fiscal year-end. The annual report later described 130 sites added or improved, including relocations and rebuilds. Those categories are not interchangeable, so the larger figure does not alone prove the new-build promise was met.
What do Couche-Tard's last eight quarters show?
Operating income rose to US$1,223.7 million, while net income reached US$828.5 million. Adjusted net income rose from US$737.0 million to US$827.0 million, showing that the improvement was stronger after removing the prior-year GetGo gain. Fewer shares also helped diluted EPS reach US$0.90.
| Jul 2026 | Apr 2026 | Feb 2026 | Oct 2025 | Jul 2025 | Apr 2025 | Feb 2025 | Oct 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 21,704.8 | 19,487.9 | 21,805.7 | 17,866.1 | 17,346.9 | 16,270.5 | 20,903.5 | 17,405.3 |
| Gross margin | 16.6% | 18.0% | 19.4% | 19.1% | 19.1% | 18.0% | 18.0% | 18.1% |
| Operating income | 1,223.7 | 1,272.3 | 1,144.6 | 1,087.2 | 1,137.0 | 661.1 | 968.3 | 1,038.7 |
| Net income | 828.5 | 863.4 | 757.2 | 740.6 | 782.5 | 439.4 | 641.4 | 708.8 |
| EPS, diluted | 0.90 | 0.94 | 0.82 | 0.79 | 0.82 | 0.46 | 0.68 | 0.75 |
What this means. Free cash flow is the cash left after the company pays for equipment, leases, and interest, not just equipment.
What should investors watch in Couche-Tard's next results?
The next verdict will come from closing conditions and evidence that the investments improve returns.