Loblaw earnings
Loblaw’s next results are expected on November 18, 2026. Watch whether growth reflects stronger customer demand or simply higher prices.
What has Loblaw guided for fiscal 2026?
Loblaw could reach C$80.59 by October 2029, a 29% total return including dividends, if earnings grow while the premium valuation holds. For fiscal 2026, management guides to C$2,400 million of gross capital expenditures, C$2,100 million of share repurchases for cancellation and 75 new locations. Its longer-term framework targets adjusted EPS growth of 8%–10% annually, with spending on stores, warehouses and equipment.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| gross capital expenditures | Fiscal 2026 | 2,400 | 2,400 | Sep 1, 2026 |
| Common share repurchases for cancellation | Fiscal 2026 | 2,100 | 2,100 | Jul 30, 2026 |
| adjusted net earnings per common share growth | Fiscal 2026 | Jul 30, 2026 | ||
| new locations (number) | Fiscal 2026 | 75 | 75 | Sep 1, 2026 |
What this means. The 1.2 billion Canadian dollars of capital spending planned for the rest of 2026 is part of the 2.4 billion Canadian dollar full-year plan, not extra spending.
Has Loblaw kept its past promises?
Management planned approximately 80 new food and drug stores in 2025 and delivered 77. That was close to plan, but openings must still prove profitable. Dufresne also said on the July 2026 call that East Gwillimbury distribution-centre costs should ease in the second half. That remained a commitment to test against later results.
What has Loblaw’s revenue and profit trend been over the last eight quarters?
Revenue rose, and gross margin edged higher, but operating income grew more slowly than sales. That means Loblaw sold more without turning every additional sales dollar into a larger operating gain. Selling, general and administrative costs held steady as a share of sales while new stores and the automated distribution network added costs.
EPS grew faster than net income because repurchases reduced the share count. A deferred-tax recovery and costs connected with the departing PC Financial also affected the comparison. These items should not be treated as evidence of ordinary grocery earnings.
| Jun 2026 | Mar 2026 | Jan 2026 | Oct 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Oct 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 15,046 | 14,484 | 16,382 | 19,160 | 14,457 | 13,904 | 14,725 | 18,332 |
| Operating income | 1,202 | 1,010 | 1,134 | 1,284 | 1,168 | 838 | 793 | 1,095 |
| Net income | 720 | 587 | 611 | 746 | 693 | 481 | 459 | 625 |
| EPS, diluted | 0.61 | 0.50 | 0.51 | 0.62 | 0.57 | 0.40 | 0.37 | 0.51 |
What this means. These are fiscal quarters of different lengths, so one quarter’s sales and cash flow cannot always be compared directly with another’s.
What should investors watch in Loblaw’s next results?
The next results should show whether growth reflects stronger customer demand or simply more expensive shopping. Comparable-store sales measure established locations, while total sales also include new stores. In Q2, Food comparable sales rose 1.6% and total Food sales rose 3.3%, suggesting that new locations contributed to the difference.