Alimentation Couche-Tard, owner of convenience-store chain Circle K, on Wednesday reported net earnings of $439.4 million for the fourth quarter of 2025, which ended April 27. That's compared with $453 million for the same quarter of fiscal 2024, the Laval, Quebec-based company said.
Adjusted net earnings attributable to shareholders were about $441 million compared with $461 million the same quarter last year, a decrease of 4.3%.
Total merchandise and service revenues were $4.2 billion, an increase of 2%. Same-store merchandise revenues decreased by 0.4% in the United States while increasing 3.4% in Europe and other regions, and by 3.5% in Canada.
“As we conclude this milestone year, the 45th year since we opened our first store, we are proud of the resilience of our business and the award-winning engagement of our team members,” said Alex Miller, president and CEO. “During the fourth quarter, in the face of difficult economic and geopolitical conditions, we held the line in same-store sales in the United States and had strong positive results in Canada and Europe.”
- Alimentation Couche-Tard is No. 2 on CSP’s 2025 Top 202 ranking of U.S. c-store chains by store count.
Miller said the company’s initiatives to provide “compelling value to our customers with exclusive food and beverage offers are performing well across the network.”
He added that compared to the same period last year, in its fuel business, Alimentation Couche-Tard had positive volumes in Canada. In the United States, it maintained market share and margins aligned with recent quarters.
“As we move into the new fiscal year, we remain confident in the strength of our global scale, long-term strategy and customer-centric teams,” Miller said.
The results for the fourth quarter of fiscal 2025 were affected by a pre-tax net foreign exchange gain of $7.1 million and by pre-tax acquisition costs of $6.7 million, the company said.
In 2025’s fourth quarter, the company said, it acquired two company-operated stores and completed the construction of 41 stores and the relocation or reconstruction of seven stores, reaching a total of 117 stores since the beginning of fiscal 2025. As of April 27, 2025, another 41 stores were under construction and are expected to open in the upcoming quarters.
The company could grow even more, creating a national brand, if it acquires 7-Eleven owner Seven & i Holdings. Takeover talks remain ongoing.
Filipe Da Silva, CFO, said, "We closed the fourth quarter and fiscal year with disciplined financial results that reflect the strength and operational effectiveness of our business, supported by continued investment in technology and customer value. The integration of our TotalEnergies assets progressed according to plan, and our focus on efficiency enabled us to pursue strategic initiatives while preserving healthy margins. As we enter the new fiscal year, we remain focused on controlling costs, delivering shareholder value, and making impactful capital investments to support our long-term growth agenda.”
Alimentation Couche-Tard is a global leader in convenience and fuel retail, operating in 29 countries and territories, with more than 16,700 stores, of which almost 13,100 offer road transportation fuel. With its well-known Couche-Tard and Circle K banners, it is one of the largest independent convenience-store operators in the United States and a leader in the convenience-store industry and road transportation fuel retail in Canada, Scandinavia, the Baltics and Ireland. It also has an important presence in Poland and the Hong Kong Special Administrative Region of People's Republic of China and has expanded to Belgium, Germany, Luxembourg and the Netherlands. More than 150,000 people are employed throughout its network.
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