Alimentation Couche-Tard (ATD) Q2 2026 earnings summary

Executive summary

• Achieved positive same-store sales growth across all geographies for the second consecutive quarter, with strong performance in food, packaged beverages, and nicotine categories, and sequential fuel volume growth reflecting positive business momentum.

• Operates approximately 17,300 stores in 29 countries, serving 8.5 million customers daily and selling 42 million gallons of fuel per day.

• Completed major acquisitions, including 2,175 TotalEnergies sites in Europe and 270 GetGo Café + Market sites in the US, expanding network and B2B capabilities.

• Loyalty program Inner Circle surpassed 12.5 million U.S. members, now available at over 5,000 sites.

• Strong ESG achievements, including a 52% decrease in robberies, 26% drop in injuries, and over 6,000 renewable dispensers installed.

Financial highlights

• Q2 FY2026 net earnings attributable to shareholders were $740.6 million ($0.79/share diluted), up from $708.8 million, with adjusted net earnings of $734.0 million ($0.78/share diluted), up 4.1% year-over-year.

• Q2 FY2026 revenues were $17.87 billion, up 2.6% year-over-year; gross profit was $3.41 billion, up 8.1%; EBITDA was $1.63 billion, up 7.7%.

• Merchandise and service gross margin rose to 35.5% in Q2, up 0.9pp year-over-year; road transportation fuel gross margin in the US was 45.86¢/gallon.

• Merchandise and service revenues increased by $254 million (5.8%), with gross profit up $126 million (8.3%).

• Free cash flow was approximately $1.8 billion, and return on equity stood at 17.7%.

Outlook and guidance

• Management remains optimistic for continued earnings growth, focusing on cost discipline, margin enhancement, digital and operational investments, and customer experience.

• SG&A growth expected to remain in line with inflation, with ongoing productivity improvements and strategic investments in food and digital platforms.

• Expects to capture €170 million in synergies from the TotalEnergies acquisition over five years.

• Targeting 500 new store openings over five years and further expansion of meal deals and food penetration in North America.

• Ongoing expansion in e-mobility, aiming to scale EV charging infrastructure in Europe and North America.