Couche-Tard’s foodservice strategy is starting to pay off, the convenience-store chain said in its fiscal 2026 second-quarter earnings call on Tuesday.
The gains follow last quarter’s $1.6 billion acquisition of 270 GetGo Café + Market stores in five states, with early integration of GetGo’s food and loyalty programs already contributing to growth and emerging as a key competitive advantage in the U.S. market, the company said.
Through GetGo’s established programs, Circle K's existing Meal Deals and exclusive vendor partnerships, Couche-Tard is leaning into food as more than just a traffic driver, the Laval, Quebec-based company said.
Alimentation Couche-Tard reported higher earnings, stronger merchandise sales and continued U.S. momentum alongside stabilizing fuel margins in its second fiscal quarter results ending Oct. 12, which was the first full quarter of GetGo 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,” said Alex Miller, president and CEO of Alimentation Couche-Tard.
- Alimentation Couche-Tard is No. 2 on CSP’s 2025 Top 202 ranking of U.S. c-store chains by store count.
Merchandise growth helps offset fuel softness
Couche-Tard’s merchandise and service sales grew in the second quarter, even though total revenue fell 1.3% in the first half of fiscal 2026 compared with last year—mainly because fuel prices were lower, U.S. fuel demand was weaker and some stores were sold to satisfy regulatory rules.
Total merchandise and service revenue rose 6.6% year over year.
The company highlighted the return to positive U.S. same-store sales last quarter after several periods of declines. In the company’s second fiscal quarter 2026, U.S. same-store merchandise sales rose 1.2% year over year, an acceleration from the 0.4% year-over-year growth reported last quarter. That gain was driven, in part, by its Meal Deals promotions, packaged beverages and a nicotine-promo called “Zyntember,” the company said.
In 2024, Circle K introduced Meal Deals, a variety of food and drink offerings priced at $3, $4, and $5, a permanent fixture of Circle K’s Fresh Food, Fast menu at locations nationwide.
Compared with last quarter, total revenues for the second fiscal quarter of 2026 were up. Couche-Tard's total revenues were $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.
Couche-Tard had $3.4 billion in gross profit for the quarter, up 8.1% from a year ago. Merchandise and service gross profit alone grew 8.3% to $1.7 billion, while fuel gross profit also landed at $1.7 billion, up 5.2%.
Fuel volumes slip
In the U.S., same-store fuel volumes declined 0.6% in the second quarter and 0.8% for the first half of the year. Still, Couche-Tard said fuel margins held steady, helping it protect earnings from its convenience operations even in a soft-demand environment.
Earnings and store growth
Couche-Tard reported net earnings of $740.6 million, up from $708.8 million a year ago. Adjusted net earnings grew 4.1% to $734 million. EBITDA reached $1.6 billion, up 7.7%, and adjusted EBITDA increased 7.5% to $1.57 billion. As of Oct. 12, the company operates 17,270 stores.
During the quarter, it acquired seven U.S. company‑operated sites, though it hasn’t disclosed where. It also built 19 new stores and relocated or rebuilt three more. Another 73 stores are currently under construction.
Recent developments in U.S. expansion and supply‑chain investment
Beyond the second quarter, Couche-Tard opened a 266,000‑square-foot distribution center in Otsego, Minnesota, which will support nearly 500 Holiday Stationstores and Circle K locations in the Upper Midwest. Two additional facilities—in Hazelwood, Missouri, and Lockbourne, Ohio—will come online by early next year. When all are open, the company expects its self-distribution network to cover roughly 3,200 stores in North America.
Meanwhile, Circle K is expanding in New York via a development partnership between The Briad Group and Peachtree Group, targeting two to four new convenience stores or travel centers per year.
At the same time, Couche-Tard is looking to sell 36 Circle K properties across 14 states, including both fee-owned and leased sites; 23 of the locations sell fuel, and the rest operate as convenience-only.
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