If I had to choose one stock to hold for decades, I would want a business that sells everyday essentials, has room to keep expanding, and does not need a perfect economy to make money. That’s a rare combination, but Alimentation Couche-Tard (TSX: ATD) has demonstrated exactly that over the years.
The company may not be the first name that comes up when investors talk about exciting growth stocks, but its track record speaks for itself. It runs convenience stores and fuel locations under banners like Circle K, Couche-Tard, Holiday, and GetGo. Yet that ordinary model is exactly what makes it so powerful. People keep needing fuel, food, coffee, and quick essentials in good times and bad.
Let me explain why Alimentation Couche-Tard remains one of my favourite Canadian stocks to buy today and hold for the long haul.
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A top TSX stock to hold forever
If you don’t know it already, Couche-Tard operates in 27 countries and territories, with around 17,300 stores, more than 13,000 of which offer road transportation fuel.
On June 23, ATD stock closed at $91.87 per share with a market cap of about $84.4 billion. The stock has jumped by 30% over the past year and 23% so far in 2026. At this price level, its dividend yield is modest at 1%, but it leaves plenty of cash inside the business for growth.
The recent share-price move also shows that investors are recognizing the quality of the business. But this is not just about share-price momentum. Couche-Tard’s latest numbers give investors real reasons to stay confident about its future growth potential.
In the fourth quarter of its fiscal 2026 (ended in April), the company’s adjusted net earnings rose 51.2% year-over-year (YoY) to about US$667 million. That is a strong result for a business many investors still think of as boring.
For the full fiscal year, its adjusted diluted earnings rose 14.4% YoY to US$3.10 per share. At the same time, Couche-Tard also improved its return on capital employed to 13.7%, up from 12.2% a year ago.
Why the model holds up
The appeal of Couche-Tard is its mix of repeat traffic, scale, and strong execution. In the latest quarter, the company’s total merchandise and service revenues rose 7.7% YoY to US$4.5 billion. Its same-store merchandise revenues increased 3.4% from a year ago in the United States and 1.1% in Europe and other regions, even though its same-store merchandise revenues in Canada slipped 0.9%.
On the one hand, its core convenience business is still healthy, as customers are coming in for packaged drinks, food, nicotine products, and other quick purchases. On the other hand, Couche-Tard’s fuel remains important, too. Its same-store fuel volumes were weaker in the United States and Europe, but margins were much stronger. That matters because it shows the company can continue to protect profitability even when fuel demand is soft.
The growth story continues
Couche-Tard opened, relocated, or rebuilt 130 stores during fiscal 2026, with another 34 stores under construction at the end of April. Its total network stood at 17,267 locations.
High-quality acquisitions remain another key strength for the company. About two years after buying certain European retail assets from TotalEnergies, Couche-Tard has already reached an annual synergy run rate of about US$71.4 million. The convenience store operator still expects that figure to rise to US$140.5 million in fiscal 2027 and US$199.1 million in fiscal 2029.
That is another key reason why I like this stock as a forever holding. It does not just buy assets. It improves them, finds savings, adds best practices, and uses its larger network to make the whole business stronger.
