Alimentation Couche-Tard (ATD) Q1 2026 earnings summary

Executive summary

• Net earnings attributable to shareholders for Q1 FY2026 were $782.5 million ($0.82 diluted EPS), down 1.0% year-over-year, with adjusted net earnings at $737.0 million ($0.78 diluted EPS), down 6.7% year-over-year, impacted by lower US fuel margins and higher expenses, partially offset by European fuel profit and organic growth.

• Merchandise and service revenues rose 4.5% to $4.7 billion, with positive same-store sales in all regions, led by Canada and Europe.

• Road transportation fuel revenues declined 8.2% to $12.5 billion, mainly due to lower average selling prices and softer demand.

• Completed acquisition of 270 GetGo stores for $1.6 billion, expanding the US network; 34-35 sites divested for $158 million as part of regulatory approval.

• Launched new food innovation partnerships and expanded digital loyalty platforms, enhancing customer engagement.

Financial highlights

• Adjusted EBITDA was $1.59 billion, up 1.6% year-over-year; EBITDA reached $1.7 billion, up 5.2%.

• Merchandise and services gross margin: US 34.6% (up 0.9%), Europe 38.9% (down 0.9%), Canada 33.9% (down 0.9%).

• Road transportation fuel gross margin: US 44.00¢/gallon (down 4.13¢), Europe 11.41¢/liter (up 2.73¢), Canada 14.21¢/liter (up 1.10¢).

• Gross profit increased 4.4% to $3.3 billion, driven by improved European fuel margins and organic growth.

• Operating expenses grew 4.7%, with normalized growth at 2.4%, below inflation.

Outlook and guidance

• Management remains focused on disciplined cost control, operational efficiency, and expanding food, beverage, and loyalty programs.

• Continued integration of GetGo stores and synergy delivery from TotalEnergies assets ahead of plan.

• Anticipate further consolidation opportunities in North America and Europe, leveraging a strong balance sheet.