March 3, 2026
Pet Valu Reports Fourth Quarter and Fiscal Year 2025 Results
Grows 2025 Revenue 7 percent, Adjusted EBITDA(1) 4 percent and Net Income 12 percent
Raises Quarterly Dividend 8 percent and Issues 2026 Outlook
Pet Valu Holdings, the leading Canadian specialty retailer of pet food and pet-related supplies, today announced its financial results for the fourth quarter and fiscal year ended Jan. 3, 2026.
Fourth Quarter Highlights
- System-wide sales(2) were $423.7 million, an increase of 9.2 percent versus Q4 2024. Same-store sales growth(2) was 0.3 percent.
- Revenue was $326.4 million, up 10.6 percent versus Q4 2024.
- Adjusted EBITDA was $74.6 million, up 9.4 percent versus Q4 2024, representing 22.9 percent of revenue. Operating income was $48.1 million, up 0.5 percent versus Q4 2024.
- Adjusted Net Income(1) was $34.0 million or $0.49 per diluted share(3), compared to $32.2 million or $0.45 per diluted share, respectively, in Q4 2024. Net income was $29.4 million, up 1.6 percent versus Q4 2024.
- Opened 14 new stores and ended the quarter with 863 stores across the network.
- Free cash flow(1) was $37.0 million, compared to $41.0 million in Q4 2024.
- Subsequent to Q4 2025, the Board of Directors of the Company declared a dividend of $0.13 per common share.
Fiscal Year Highlights
- System-wide sales were $1,533.5 million, an increase of 5.6 percent versus the prior year. Same-store sales growth was 1.6 percent.
- Revenue was $1,175.6 million, up 7.1 percent versus the prior year.
- Adjusted EBITDA was $257.1 million, up 4.1 percent versus the prior year, representing 21.9 percent of revenue. Operating income was $164.2 million, up 5.7 percent versus the prior year.
- Adjusted Net Income was $113.2 million or $1.61 per diluted share, compared to $113.3 million or $1.57 per diluted share, respectively, in the prior year. Net income was $97.8 million, up 11.9 percent versus the prior year.
2026 Outlook
- On a 52-week comparable basis, the Company expects revenue growth between 2 percent and 4 percent, flat to slight expansion in Adjusted EBITDA margin(3) and Adjusted Net Income per Diluted Share growth in the mid to high single-digits.
“We closed out 2025 with solid operational execution in Q4 amid heightened value-seeking and competitive activity,” said Greg Ramier, Chief Executive Officer of Pet Valu. “Through our decisive actions in 2025, we continued to gain market share, drove growth led by our proprietary brands and increased units per transaction, all while supporting our franchisees’ success.
“As we celebrate our 50th anniversary in 2026, we plan to strengthen our legacy and leadership in the Canadian pet industry through a continued focus on convenience, quality, value and expertise, while delivering benefits from recent investments,” continued Mr. Ramier. “Together, we expect these actions to support solid revenue and profit growth, enabling compelling returns to shareholders in the near and long term.”