George Weston Limited (TSX: WN) reported a Q4 2025 revenue of $16.54 billion, up from last year’s $14.87 billion. On a full-year basis, revenue rose to $64.51 billion from $60.72 billion.
However, net earnings for the quarter fell to $280.0 million from $664.0 million. The main drag was the year-over-year change in the fair value adjustment of the Trust Unit liability, which contributed an unfavorable $388.0 million swing. Additional headwinds included a $56.0 million deferred tax expense tied to the planned sale of PC Financial, a $47.0 million unfavorable swing in Choice Properties’ Allied securities valuation, and a $44.0 million unfavorable swing in investment property fair value.
On adjusted basis, net earnings increased to $468.0 million from $415.0 million last year, translating to $1.21 per diluted share. A key comparability issue is the extra 53rd week in 2025, which added approximately $1.14 billion of revenue and $40.0 million of net earnings available to common shareholders.
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Adjusted EBITDA increased to $1.89 billion from $1.71 billion last year.
Cash flow from operating activities increased to $2.31 billion from $1.69 billion. GWL Corporate free cash flow rose to $448.0 million from $258.0 million, helped by higher Loblaw dividends, higher NCIB proceeds, and steady Choice Properties distributions.
Cash and cash equivalents fell to $1.45 billion from $2.05 billion and short-term investments fell to $43.0 million from $648.0 million.
George Weston repurchased and cancelled 3.2 million shares for $290.0 million in Q4, versus 2.8 million shares for $209.0 million a year earlier. Loblaw also repurchased 5.0 million shares from GWL in Q4 for $300.0 million, up from 4.0 million shares for $181.0 million in Q4 2024.
For 2026, management expects adjusted net earnings to increase, supported by both operating segments, and said excess cash will continue to fund buybacks. Loblaw expects retail earnings to grow faster than sales, adjusted EPS growth in the high single digits, and about $2.4 billion in gross capital expenditures, excluding any impact from the pending PC Financial sale.
George Weston Limited last traded at $99.08 on the TSX.
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