Couche-Tard to add 500 new stores by 2028
Alimentation Couche-Tard Inc. announced the results for its second quarter ended October 12, 2025, posting revenues of $17.9 billion for the second quarter of fiscal 2026, up by $460.8 million, an increase of 2.6% compared with the corresponding quarter of fiscal 2025.
Net earnings came in at $740.6 million for the second quarter of fiscal 2026 compared with $708.8 million for the second quarter of fiscal 2025. Total merchandise and service revenues were $4.7 billion, an increase of 6.6%, and same-store merchandise revenues increased by 1.2% in the United States, by 0.5% in Europe and other regions, and by 5.4% in Canada.
All financial information presented is in U.S. dollars.
"With same-store sales growth across all our geographies for the second consecutive quarter, along with strong margins and sequential volume growth in fuel, we are encouraged by the positive momentum we're continuing to build in our business,” said Alex Miller, president and chief executive officer in a statement released along with the results. “We are outperforming our industry with an offer that is clearly resonating with our customers — from the continued growth of our Meal Deals and exclusive vendor partnerships to the success of our seasonal Fuel Day events, which are driving traffic and excitement at our sites. Looking ahead, we remain focused on delivering compelling value and investing in programs that drive operational excellence, optimize our supply chain, and enhance the customer experience in the store, at the pump, and digitally. I'm proud of our team's performance and the progress we're making together to win our customers."
During an analyst briefing to discuss the financial results, Miller said that despite the continuing challenging consumer environment, the company continues to focus on expanding its footprint to meet growing demand from consumers.
“As we strengthen our value proposition and continue enhancing the customer experience across our network, we're also expanding our reach through disciplined organic growth,” Miller told analysts and business reporters during the briefing. “Together, these efforts are creating meaningful opportunities to welcome new customers and deepen the relationship with those we already serve. We are well on our way to reaching our goal of 500 new stores in five years with 29 new stores open since May, and we are on track for more than a hundred new locations in North America this fiscal year.”
The company reported that during the second quarter the company acquired 14 company-operated stores, including seven company-owned and operated convenience retail and fuel sites operating under the Texaco brand and located in Ireland and seven company-operated stores located in the United States.
READ: Couche-Tard looks to sell 36 locations in the United States
Miller added that Couche-Tard celebrated the opening of the first of three new distribution centers it plans for North America. The opening of the 266,000 sq.-ft. centre in Otsego, Minnesota will support some 500 Holiday Stationstores and Circle K stores in the Upper-Midwest in the United States, followed by distribution centres opening in Hazelwood, Missouri, and Lockbourne, Ohio. When these centres open, Couche-Tard will be able to support 3,200 stores across North America. These distribution centres will complement Couche-Tard’s existing centres located in Texas, Arizona, and Quebec.
“It is an important milestone in our efforts to strengthen and better align our North America supply chain, enhancing speed, accuracy and product availability while enabling the broadening of product assortment,” Miller said.
This will be especially important in meeting the demand by Couche-Tard’s customers for a wider range of affordable meal options to be available at its stores.
“Looking at our food category, as consumers look for ways to stretch their dollars, and our meal deals are meeting their needs with choices and options they want at an attractive price point,” Miller added. “Meal deals are winning with . . . [and] food penetration continues to rise and the strong adoption of meal deals across markets further highlights the increasing contribution of food to our overall growth trajectory in North America. Same-store food growth had its best performance in well over a year, fueled by the ongoing strength of our Meal Deals platform. This quarter we sold over 10 million bundles up from 8.6 million in Q1 averaging over 850,000 bundles per week.”
While fiscal Q3 for 2026 has only just begun, Miller reported that meal sales had already blown past the one million per week mark. “This milestone underscores the growing relevance of our food offering and the value we are bringing to our customers and we're just getting started. In the months ahead, we'll continue expanding the Meal Meals platform, introducing greater variety and innovation, strengthening vendor partnerships and offering customers unmatched optionality.
"We closed the second quarter with growing optimism, reflecting steady progress supported by consistent execution and effective cost management across our operations,” Filipe Da Silva, chief financial officer, added in a note when the results were announced. “Core operating expenses growth remained under control, while we continued to advance our multi-year investment journey to unlock new capabilities that strengthen our network and create greater value for customers. This also marked the first full quarter from GetGo, which further broadens our food and convenience offering in the U.S. and opens new opportunities for customer engagement.
“During the second quarter, we also repurchased nearly $900 million of our shares through the buyback program, while, for the first half of the year, we invested close to $900 million in capital expenditures, reinforcing our balanced approach to capital allocation. As we look ahead, we remain committed to delivering earnings growth over the course of the year."
Couch-Tard added that its revenue numbers were also driven from acquisitions and the net impact from organic changes to its network, “partly offset by a lower average road transportation fuel selling price, lower revenues in our wholesale fuel business and the impact of regulatory divestiture related to the GetGo acquisition. The translation of our foreign currency operations into U.S. dollars had a net positive impact of approximately $332.0 million on our revenues for the second quarter.”
“For the first half-year of fiscal 2026, our revenues decreased by $469.8 million, or 1.3%, compared with fiscal 2025, mainly attributable to a lower average road transportation fuel selling price, softness in fuel demand and traffic in the United States and the impact of regulatory divestiture related to the GetGo acquisition, partly offset by the contribution from acquisitions as well as the net impact from organic changes to our network. The translation of our foreign currency operations into US dollars had a net positive impact of approximately $680.0 million on our revenues.”
“Same-store merchandise revenues increased by 1.2% in the United States, driven by successful promotions, more specifically with our Meal Deals offers, as well as within the other nicotine products category,” the company added. “In Canada, same-store merchandise revenues increased by 5.4%, driven by the growth in the alcohol category.”
Miller said that he expects to see continued healthy beer and wine growth in Canada, helping to offset the declines in nicotine sales. The decline in the nicotine category is driven, he said, by increasing government regulation around its sales and around such products as nicotine pouches.
He also expects to continue to see strong growth in fuel sales in Canada with the popular Circle K Fuel Day program. “We remain focused on unlocking additional value from our fuel supply chain across our global operations with our supply trading and logistics teams working to expand lower cost supply options and execute programs that deliver meaningful value to our customers such as our seasonal Fuel Day events. Our October Fuel Day in Canada drove traffic and excitement to more than 1100 sites across the country with savings of 10 cents per litre.”
