Alimentation Couche-Tard

Alimentation Couche-Tard runs convenience stores and fuel stations in North America, Europe and other regions, mostly under the Circle K and Couche-Tard brands. It earns money from merchandise and food sales and from road transportation fuel. The United States is its largest market.

Revenue was $76.5 billion in fiscal 2026, which ended on April 26, 2026. The company reports in U.S. dollars, and its shares trade on the Toronto Stock Exchange in Canadian dollars. It is based in Laval, Quebec.

The market prices Couche-Tard for the risk that high U.S. fuel margins fall and for slow growth in store sales. U.S. fuel margins were 52.61 cents per gallon in Q1 fiscal 2027, up 8.61 cents from a year earlier, while U.S. same-store fuel volumes fell 1.6%. Same-store merchandise sales grew only 1.7% in the U.S. and were flat in Canada, where tobacco sales are weak. The company also plans to buy Żabka in Poland for about $8.6 billion, which raises net debt to about 3.0 times adjusted EBITDA at closing.

All amounts are in U.S. dollars. For the gap to close, three things must be true. U.S. fuel margins must stay near present levels or fall only slowly. Same-store merchandise sales must keep growing.

The Żabka deal must close, add to EPS by the second year and let leverage return to the company's framework. The Q2 fiscal 2027 report, expected in late November 2026, and the Żabka closing, expected by December 2026, give the next tests. If these checks pass, the gap can close over the next four to six quarters. The main reason it may not close is a fall in fuel margins, which can lower earnings quickly.

1. Nov 24, 2026 · est.Pending

   Q2 fiscal 2027 results: fuel margins and store salesU.S. fuel margins near the 52.61 cents per gallon of Q1, positive U.S. same-store merchandise sales and lower costs pass; a large fall in fuel margins or negative same-store sales fail.
2. Dec 2026 · est.Pending

   Żabka tender offer closingA closing by December 2026 with the required approvals and net debt near 3.0 times adjusted EBITDA passes; a block by regulators, a long delay or higher leverage fails.

Every passed and failed checkpoint across all picks

• September 1, 2026Couche-Tard reported Q1 fiscal 2027 results. Revenue rose 25.1% to $21.7 billion, and adjusted EBITDA rose 10.5% to $1.78 billion. Adjusted diluted EPS rose 15.4% to $0.90. U.S. same-store merchandise sales rose 1.7%, and the U.S. fuel margin rose to 52.61 cents per gallon. The leverage ratio fell to 1.77 times. The company declared a quarterly dividend of CA$0.215 per share.
• July 31, 2026Couche-Tard agreed to buy control of Żabka Group, the largest convenience store operator in Poland with more than 13,000 stores, through a tender offer at PLN 32.00 per share. The offer values Żabka at about $8.6 billion. Shareholders with about 57% of the shares agreed to tender. Committed debt facilities fund the deal, and the company expects net debt of about 3.0 times adjusted EBITDA at closing and EPS growth from the deal by the second year.
• July 23, 2026Couche-Tard renewed its share repurchase program. It can buy back up to 74.2 million shares, 10% of the public float, until July 22, 2027.

• Fuel margins are high. The U.S. fuel margin was 52.61 cents per gallon in Q1 fiscal 2027, up 8.61 cents from a year earlier. Lower fuel margins can lower earnings quickly, and fuel volumes fall slowly as cars use less fuel.
• The Żabka purchase is the largest in the company's history. It needs approvals from competition and investment authorities, and it raises net debt to about 3.0 times adjusted EBITDA at closing.
• Tobacco sales are weak. Rules and illegal trade lower tobacco sales in Canada, where same-store merchandise sales were flat in Q1 fiscal 2027.
• The company reports in U.S. dollars, but its shares trade in Canadian dollars. Changes in the exchange rate change the value of the earnings in Canadian dollars.

Couche-Tard funds itself with senior notes and bank credit facilities. All amounts are in U.S. dollars. Read more

Dividend yield

1.1% (last 12 months, at today’s price of CA$80.24)

Paid per share

CA$0.86 in the last 12 months (4 payments)

Current annual rate

CA$0.86 (CA$0.215 × 4 a year)

Latest ex-dividend date

September 11, 2026, CA$0.215 per share

Dividends per share by year

Over the last 5 years, the dividend grew by about 19.6% a year. Over the last 10 years, the dividend grew by about 19.4% a year.

Source: company filings and market data, read on October 29, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.