George Weston earnings: November 17, 2026
George Weston’s next results are expected on November 17, 2026. The one thing to watch is whether the First Capital acquisition closes on terms that leave enough cash for the retail plan.
What has George Weston guided for 2026?
Weston’s longer-range framework targets annual adjusted diluted EPS growth of 8%–10%. Loblaw guided to C$2,400 million of fiscal 2026 capital expenditures. Choice targets 2.0%–3.0% same-asset cash NOI growth, C$1.08–C$1.10 diluted FFO—property-company operating earnings adjusted for recurring cash costs—and adjusted debt to EBITDAFV no higher than 7.5x.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| Loblaw — gross capital expenditures (C$ millions) | Fiscal 2026 | 2,400 | 2,400 | Jul 31, 2026 |
| Choice Properties — Same-Asset NOI, cash basis growth (%) | Fiscal 2026 | 2.0% | 3.0% | Jul 31, 2026 |
| Choice Properties — annual Funds from Operations per unit diluted (C$) | Fiscal 2026 | 1.08 | 1.10 | Jul 31, 2026 |
| Choice Properties — Adjusted Debt to EBITDAFV | Fiscal 2026 | 7.5x | Jul 31, 2026 |
What this means. Choice Properties’ debt limit means its debt must stay below seven and a half times its property operating earnings, excluding the First Capital transaction.
Has George Weston kept its past promises?
One promise can be tested directly. Performance awards granted in 2023, based partly on return on capital, paid out at 103.6% of target. That shows delivery slightly above the plan’s baseline, but it does not prove exceptional investment returns. The targets and accounting adjustments still matter.
What do George Weston’s last eight quarters show?
Revenue rose approximately 4.1% from June 2025 to June 2026, and operating income was essentially unchanged. Net income nevertheless fell sharply. The central reason was a C$301 million Trust-unit remeasurement expense. Removing that item alone would raise net income to C$428 million and diluted EPS to C$1.10, but that is an item sensitivity, not normalized growth; the comparison quarter needs the same treatment.
Cash offered the more encouraging signal. Operating cash rose and capital spending fell, so free cash flow improved substantially. A quarter can benefit from working-capital timing, however, and the earlier settlement payment distorted the comparison. The improvement is meaningful, but it should be tested across more than one quarter.
| Jun 2026 | Mar 2026 | Dec 2025 | Oct 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Oct 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 15,201 | 14,639 | 16,536 | 19,313 | 14,608 | 14,054 | 14,874 | 18,479 |
| Operating income | 1,367 | 1,150 | 1,176 | 1,546 | 1,369 | 1,009 | 933 | 1,392 |
| Net income | 127 | 112 | 266 | 466 | 257 | 81 | 669 | -53 |
| EPS, diluted | 0.30 | 0.26 | 0.66 | 1.17 | 0.62 | 0.18 | 1.67 | -0.18 |
| Cash from operations | 1,772 | 1,085 | 2,516 | 1,739 | 1,518 | 170 | 1,903 | |
| = Free cash flow | 885 | 314 | 1,318 | 448 | 502 | -571 | 881 |
What this means. The table’s free cash flow is cash left after equipment spending, lease payments, and interest, so it is lower than the simpler definition given below.
What should I watch in George Weston’s next results?
The expected fourth-quarter closing should be followed by the financing terms, the resulting leverage and the separation of old-portfolio performance from acquired-property performance. Before then, investors should watch whether Loblaw reaches its store-opening target and whether Caledon progresses toward useful capacity. A completed warehouse is not enough; it must attract volume and lower operating costs.