Key Points
- Nicotine accounted for 9% of Couche-Tard’s total revenue in fiscal 2025, ranking second after fuel.
- The company reported a 22% share of the U.S. modern oral market and a 17% share of the cigarette market.
- Traditional cigarette sales declined, while consumption of modern nicotine alternatives such as vaping and white nicotine increased.
- Fuel represented 74% of revenue, with beverages contributing 8%, according to the company’s Business Strategy Update.
2Firsts, February 18, 2026
According to CSP, Alimentation Couche-Tard said fuel, nicotine and beverages remained the primary performance drivers in fiscal 2025, according to its Business Strategy Update released last week.
Fuel accounted for 74% of total revenue in 2025. The company reported selling 15.4 billion gallons during the year, with approximately 13,000 stores—about 90% of its global network as of the end of the second quarter of fiscal 2026—offering fuel.
Nicotine was the second-largest revenue source, representing 9% of total revenue. In the United States, Couche-Tard reported holding a 22% share of the modern oral nicotine market and a 17% share of the cigarette market, citing Nielsen and company data.
“Our customer is choosing to either broaden or substitute the products that they’ve traditionally used into these more modern products,” said Louise Warner, Senior Vice President of North America and Global Commercial Optimization. She added that while traditional cigarette products have declined, consumption of modern alternatives such as vaping and white nicotine has increased.
Warner said the company works closely with manufacturers to monitor category trends and ensure product availability. In one campaign conducted in partnership with manufacturers, customers who purchased any nicotine product received a free can of Zyn over a four-week period. The company distributed millions of cans during the promotion, which Warner said helped maintain customer momentum.
Beverages accounted for 8% of revenue. The company noted that energy drinks have continued to drive growth within the beverage category.
Alimentation Couche-Tard, headquartered in Laval, Quebec, ranks No. 2 on CSP’s 2025 Top 202 ranking of U.S. convenience-store chains by store count.
(cover image source: corporate: couche-tard.com)
About Alimentation Couche-Tard
Alimentation Couche-Tard Inc. is a Canada-based global operator of convenience stores and fuel retail businesses, headquartered in Laval, Quebec. The company operates under several banners, including Circle K, and is ranked No. 2 on CSP’s 2025 Top 202 ranking of U.S. convenience-store chains by store count. Couche-Tard operates approximately 13,000 stores worldwide, the majority of which offer fuel services.
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