Couche-Tard wins TSX approval to renew share repurchase program
Alimentation Couche-Tard, the global convenience store giant is authorized to buy back up to 74,194,410 of its common shares. This amount represents 10% of the company's "public float" (741,944,105 shares) as of July 9, 2026.
On that same date, Couche-Tard had a total of 917,962,609 shares issued and outstanding.
Looking back: The 2025–2026 program
Under its previous buyback program, which started on July 23, 2025 and expires on July 22, 2026, Couche-Tard had approval to repurchase up to 77,115,921 shares.
Between July 23, 2025 and July 9, 2026, the company repurchased a total of 30,342,275 shares through the TSX and alternative Canadian systems. The details of those purchases include:
The total cost is estimated at approximately US$1.59 billion and the weighted average price per share is approximately US52.31(or CA72.60).
Why Couche-Tard is repurchasing shares
Couche-Tard management views the share buyback program as an appropriate use of funds under its disciplined capital allocation strategy. By repurchasing and cancelling shares, the company reduces the total number of shares in circulation. This increases the ownership stake of the remaining shareholders.
"As we continue to advance our Core + More strategy and generate strong cash flows, we remain focused on disciplined capital allocation and creating long-term shareholder value. We believe this share repurchase program is an attractive way to return capital to shareholders while maintaining the flexibility to invest in future growth,” said Filipe Da Silva, chief financial officer of Couche-Tard.
While buybacks are a core part of Couche-Tard’s financial strategy, the company notes there is no guarantee that any purchases will actually be completed. Management will decide the exact timing, pricing and volume of purchases based on market conditions.
Automatic Share Purchase Plan (ASPP) established
To keep the program running smoothly, Couche-Tard has set up an Automatic Share Purchase Plan (ASPP) with a designated broker. This plan was pre-cleared by the TSX and complies with Canadian securities laws.
The ASPP allows the broker to buy back shares even during times when Couche-Tard is normally restricted from trading, such as self-imposed blackout periods. Before a blackout period starts, Couche-Tard can direct the broker to buy shares within specific pre-set guidelines. The broker then makes purchases at their own discretion within those limits. Outside of blackout periods, Couche-Tard management will directly control the purchase decisions.
Key program details and daily limits
The new buyback program will run for 12 months, starting on July 23, 2026 and ending no later than July 22, 2027.
Under TSX rules, Couche-Tard can purchase up to 367,615 shares on any single trading day. This limit represents 25% of the company's average daily trading volume (1,470,463 shares) over the six months preceding June 30, 2026.
Couche-Tard can buy shares on the open market through the TSX and alternative Canadian trading systems. It can also buy shares outside the TSX using exemption orders from securities regulators.
Shares bought on the open market will be purchased at the current market price. Any shares bought outside the TSX under regulatory exemption orders will be purchased at a discount to the market price.
All repurchased shares will be cancelled.
