
Alimentation Couche-Tard Inc. (ATD.TO) capped off its 45th anniversary with solid earnings and operational performance in a year marked by economic and geopolitical headwinds. With steady results in the U.S. and strong performance in Canada and Europe, the global convenience and fuel retailer continues to grow strategically while delivering shareholder value.
π§ CEO & CFO Remarks
Alex Miller, CEO, praised the companyβs resilience, citing strong food and beverage programs and fuel performance. He remains bullish on Couche-Tardβs global scale and long-term strategy.
Filipe Da Silva, CFO, highlighted disciplined financial execution, successful TotalEnergies integration, and efficiency-focused investments that sustain growth while protecting margins.
π° Financial Highlights
π Q4 2025 Results:
Net earnings: $439.4M or $0.46/share (β from $453M YoY) Adjusted net earnings: $441M or $0.46/share Total revenue: $16.3B (β 7.5% YoY) EBITDA: $1.2B (β 5.9%)
π FY 2025 Results:
Net earnings: $2.58B or $2.71/share (β 3.9%) Revenue: $72.9B (β 5.2%) Adjusted EBITDA: $5.96B (β 6.1%) Annual dividend: CA 76Β’ (β 14.3%)
πͺ Operational Metrics
Same-store merchandise sales: πΊπΈ U.S.: β 0.4% π¨π¦ Canada: β 3.5% πͺπΊ Europe: β 3.4% Same-store fuel volumes: πΊπΈ U.S.: β 1.9% π¨π¦ Canada: β 3.7% πͺπΊ Europe: β 0.6% Store network: 16,951 sites globally New builds: 97 new stores, 41 under construction
π Financial Health
Leverage ratio: 1.96 : 1 (β from 2.25) Net debt to capitalization: 0.44 : 1 ROE: 18.3% ROCE: 12.2%
π§Ύ Bottom Line
Despite slight YoY dips in net income, Couche-Tard delivered stable profitability, strong gross margins, and operational resilience thanks to scale, fuel strength, and a disciplined cost structure. Investors can expect continued focus on efficiency, strategic investments, and consistent dividend growth.
