Canadian Tire Corp Ltd

Latest Results (03.04.2026):

Canadian Tire Corp Ltd — Fourth quarter of 2025 (Q4 2025) and full-year 2025: The company reported a strong retail-driven quarter and year with consolidated comparable sales up (Q4 +4.2%; FY +4.1%) and meaningful normalized EPS growth, while GAAP diluted EPS declined due to True North restructuring, impairment and other normalizing items. Retail execution, margin improvement and loyalty growth powered results, and management signalled continued investment and capital allocation (dividends and buybacks) alongside the multi-year True North transformation.

Top-line and comparable sales

Q4 consolidated revenue was $4,551.1M (up 8.3% vs prior year); consolidated comparable sales rose 4.2% in Q4 and 4.1% for the full year. Retail sales in Q4 were $5,860.7M (up 8.9%); retail revenue was $4,150.7M (up 8.8%) and +10.7% excluding Petroleum.

Earnings — GAAP vs normalized

Q4 Normalized Diluted EPS (continuing ops) was $4.47 (up 38.0% YoY) and Q4 Normalized IBT was $349.6M (up 32.5%). Q4 GAAP diluted EPS (continuing ops) was $3.96 (down ~39%) due to restructuring, impairment and the absence of a prior-year property sale gain. Full-year Normalized Diluted EPS was $13.77 (up 18.6%); full-year GAAP diluted EPS (continuing ops) was $10.57 (down ~29%).

Retail segment strength

All major banners grew: CTR comparable +2.7%, SportChek +9.5% (sixth consecutive quarter of growth), Mark’s +7.2%. Retail gross margin rose materially (Retail gross margin up 16.5% in Q4; normalized retail gross margin rate excluding Petroleum up ~118 bps to ~35.4%). Retail normalized IBT in Q4 was $241.6M; trailing 12‑month Retail ROIC improved to 11.0% (up ~119 bps).

Financial Services and CT REIT

Financial Services Q4 IBT was $79.2M with revenue up ~4.1% and improved gross margin (319 bps). CT REIT AFFO per unit rose ~2.9% in Q4; diluted AFFO per unit was $0.317 (Q4 2025) versus $0.308 a year earlier.

True North transformation progress

Management highlighted True North execution: 9.8M active Triangle members (+6% YoY), 52 store projects completed in 2025 (new/ refreshed formats), new AI pricing tool (DaiVID), same-day delivery expansion, and ~ $30M of run‑rate savings reflected in Q4 from completed restructuring; further modernization and loyalty partnerships (WestJet, Tim Hortons) planned in 2026.

Capital allocation and liquidity

Total capex for 2025 was $630.5M (operating capex $502.2M); 2026 operating capex guidance $500–$550M. Board declared a $1.80/share quarterly dividend payable June 1, 2026. The company repurchased $442.4M of Class A non‑voting shares in 2025 and approved up to $400M additional repurchases (2025–26 intention).

Balance sheet and other notes

Cash and cash equivalents were $553.5M at Jan 3, 2026; total assets $21,539.8M and total equity $6,813.9M. Helly Hansen is presented as discontinued operations; Q4 discontinued EPS was $(0.06). Management referenced forward‑looking risks and details in the MD&A.