Alimentation Couche-Tard (ATD) Q3 2026 earnings summary

Executive summary

• Delivered one of the best quarterly performances in over two years, with accelerating same-store sales and strong growth in adjusted EBITDA and EPS, outperforming the broader industry.

• Strategic Core + More initiatives and disciplined capital allocation are driving measurable results in customer engagement, store performance, and operational momentum.

• Expansion continues with 37 new stores opened in Q3, 80 year-to-date, and 58 under construction, targeting 100 new sites this fiscal year and 750 by 2030.

• Recognition for workplace culture with Gallup Exceptional Workplace Award for the fifth consecutive year, now with distinction.

• Achieved strong year-over-year growth in net earnings (up to $757.2 million, 18.1%) and diluted EPS (up to $0.82, 20.6%), with adjusted EBITDA up 14.7%.

Financial highlights

• Net earnings attributable to shareholders were $757.2 million (CAD 0.82 per diluted share); adjusted net earnings were $751 million (CAD 0.81 per adjusted diluted share), up 19.1% year-over-year.

• Adjusted EBITDA increased by 14.7% to $1.88 billion, driven by higher fuel margins, acquisitions, and organic growth.

• Merchandise and service revenues reached $5.8 billion, up 8.7%; same-store merchandise revenues increased 2.8% in the US, 0.4% in Europe/other, and 0.3% in Canada.

• Road transportation fuel gross margin increased in all regions: US ($0.4771/gal, +$0.0343), Europe ($0.1087/L, +$0.0158), Canada (CAD 0.1582/L, +CAD 0.0228).

• Normalized expenses grew 4% year-over-year, mainly due to inflation and investments in strategic initiatives and supply chain.

Outlook and guidance

• Cautiously optimistic outlook, with positive trends continuing into Q4 and confidence in Core + More strategy to drive sustainable growth.

• FY2026–FY2030 CAGR targets: 2–3% for same-store merchandise revenues, 4–5% for total merchandise and service revenues, 6–8% for adjusted EBITDA, and >10% for adjusted diluted EPS.

• Expense growth expected to align with or remain below inflation (~3%) in coming quarters, supported by ongoing cost management programs.

• Continued focus on expanding store network, supply chain optimization, and digital engagement.

• Fit-to-Serve program aims to unlock ~$850M in EBITDA by FY30.