George Weston (WN) Q2 2026 earnings summary

Executive summary

• Revenue rose 4.1% year-over-year to $15,201 million in Q2 2026, driven by growth at both Loblaw and Choice Properties.

• Adjusted EBITDA increased 6.1% to $1,942 million, with margin up 30bps to 12.8%.

• Adjusted net earnings available to common shareholders grew 9.8% to $436 million, while reported net earnings fell 48.4% due to unfavorable fair value adjustments.

• Adjusted diluted net earnings per share rose 12.9% to $1.14, reflecting strong operating performance.

• Loblaw completed the sale of PC Financial after quarter-end, with results now presented as discontinued operations.

Financial highlights

• Operating income was $1,367 million, down 0.1% year-over-year, reflecting unfavorable net impact of adjusting items offset by improved underlying performance.

• Free cash flow from continuing operations was $885 million, up $380 million year-over-year.

• Net asset value per common share increased 4.3% to $120.89 since year-end.

• Quarterly dividend per share increased 8.0% to $0.321768.

• GWL Corporate free cash flow was $416 million.

Outlook and guidance

• Adjusted net earnings are expected to increase in 2026, with excess cash allocated to share repurchases.

• Loblaw targets high single-digit adjusted net earnings per share growth and $2.4 billion in capital expenditures.

• Choice Properties targets 2–3% growth in Same-Asset NOI and annual FFO per unit of $1.08–$1.10.