Corby Spirit and Wine (CSW-A) Q3 2026 earnings summary

Executive summary

• Achieved record fiscal year-to-date and Q3 revenue, with 15% reported and 16% organic growth year-over-year, driven by RTD expansion, favorable LCBO order phasing, and market share gains in spirits despite a declining market.

• Outperformed the Canadian spirits and wine market for 14 consecutive quarters, with strong execution and resilience despite headwinds.

• RTD now represents 38% of revenue, establishing a leading position in a fast-growing category.

• Earnings growth outpaced revenue growth due to disciplined cost management and purposeful investments in priority brands.

• Q3 Adjusted EBITDA increased 30% to $15.2M; Adjusted Net Earnings up 67% to $7.6M.

Financial highlights

• Q3 revenue reached CAD 58.3 million, up 21% year-over-year; organic revenue growth was 22%.

• Adjusted earnings from operation in Q3 were CAD 11.6 million (+52%), reported earnings from operation grew 63%.

• Adjusted EPS for Q3 was CAD 0.27 (+67%), reported EPS was CAD 0.28 (+97%).

• Fiscal year-to-date revenue was CAD 200.6 million (+15% reported, +16% organic).

• Cash from operating activities for the first nine months was CAD 19.4 million, down 34% year-over-year due to higher working capital needs.

Outlook and guidance

• Q4 expected to be significantly softer due to normalized LCBO ordering and continued spirits market decline.

• On track to deliver high-single digit revenue growth for FY 2026, reaching record revenue.

• Continued focus on RTD expansion, market share gains in spirits, and margin protection.