Alimentation Couche-Tard posted adjusted net earnings of approximately $827.0 million, or $0.90 per diluted share, for the 12-week period ended July 19, 2026 — a 15.4% jump from $0.78 in the year-ago quarter — as a surging U.S. fuel margin and steady inside-sales momentum offset softness in forecourt volumes.
Inside Sales & Fuel Numbers
Consolidated same-store merchandise revenues rose 1.6%, with the U.S. leading at plus 1.7% — the chain's fifth consecutive positive quarter on that metric. Energy drinks and other nicotine products were the named drivers, consistent with broader convenience-channel trends around dispensed and packaged beverage growth. Europe and other regions added 1.2%, while Canada was flat as packaged beverage and alcohol gains were offset by tobacco headwinds tied to regulation and competition. Total merchandise and service revenues reached $4.9 billion, up 4.1%.
On the forecourt, the U.S. road transportation fuel margin hit 52.61 cents per gallon — an 8.61 cpg year-over-year improvement — driven by advantageous supply conditions and strong execution. Canada came in at CA 16.79 cents per liter, up CA 2.58 cents. Europe was essentially flat at US 11.34 cents per liter, down a fractional 0.07 cents, partly pressured by structural shifts in the German market. Same-store fuel volumes were a headwind: down 1.6% in the U.S. and 4.3% in Europe, where high retail pump prices dampened demand. Canada bucked the trend, up 1.1% on promotional activity.
The Deal Backdrop
The quarter's biggest headline came after period-end: on July 31, 2026, Couche-Tard announced a voluntary tender offer for Żabka Group, Poland's largest convenience retailer, valuing the company at roughly PLN 32.6 billion ($8.6 billion). Żabka operates more than 13,000 stores across Poland and Romania under an entrepreneurial franchise model. Shareholders representing approximately 57% of outstanding shares have signed hard irrevocable agreements to tender. The deal is expected to close before the end of fiscal 2027 and would be financed with available cash and credit facilities. For Couche-Tard, the transaction adds a scaled Central and Eastern European platform and — critically for its "Core + More" foodservice program strategy — Żabka's established capabilities in fresh food, digital engagement and supply chain.
What It Means for Operators
Adjusted EBITDA for the quarter rose 10.5% to $1.8 billion, with normalized expense growth held to 2.7% — well below the inflation rate running through the network. The company absorbed higher electronic payment fees tied to elevated fuel prices, along with incremental costs from the GetGo acquisition integration, yet still leveraged the business. The total network stood at 14,509 company-operated, CODO, DODO and affiliated sites at quarter-end, plus 2,711 Circle K-branded licensed locations, for a global footprint of 17,220 stores.
For the broader convenience and fuel channel, Couche-Tard's U.S. fuel margin of 52.61 cpg stands out as one of the strongest readings in recent quarters for a major operator, suggesting the chain's supply-chain optimization work is paying off even as pump prices climb and volume softens. The foodservice program investment noted in normalized expense growth signals that back-of-house fresh food buildout remains a strategic priority heading into fiscal 2027, particularly as the company prepares to absorb Żabka's food-forward operating model.
Written by Michael Politz, Author of Guide to Restaurant Success: The Proven Process for Starting Any Restaurant Business From Scratch to Success (ISBN: 978-1-119-66896-1), Founder of Food & Beverage Magazine, the leading online magazine and resource in the industry. Designer of the Bluetooth logo and recognized in Entrepreneur Magazine's "Top 40 Under 40" for founding American Wholesale Floral, Politz is also the Co-founder of the Proof Awards and the CPG Awards and a partner in numerous consumer brands across the food and beverage sector.
