Coles HY 2026 earnings preview

When will Coles report its latest earnings?

Coles Group, one of Australia's largest retailers, operating more than 2800 supermarkets, liquor stores, and convenience outlets, is scheduled to report its first half (H1) financial year (FY) 2026 results on Friday, 27 February 2026.

Company backdrop

Coles delivered a solid FY 2025 earnings report that delighted the market, sending its share price surging 8.54% higher on the day of the release and a combined 17% higher over the five sessions that followed.

The reaction came as investors cheered the strong volume growth in core groceries, a record $327 million in cost savings, and clear signs that Coles was winning market share while Woolworths was under pressure.

For a stock that many had written off as boring and defensive, Coles suddenly felt like a growth story again.

• Group sales revenue: reached $44.35 billion, up 3.6% on a normalised basis, with supermarkets growing 4.3% and e-commerce growing 24.4% to $4.5 billion
• Net profit after tax (NPAT): rose 2.4% to $1.08 billion on a normalised basis
• Underlying NPAT: rose 3.1% to $1.18 billion on a normalised basis, comfortably beating consensus estimates of around $1.11 billion
• The board declared a fully franked final dividend of $0.32, bringing the full-year payout to $0.64, in line with expectations.

Adding to the highlights, Coles noted that in the first eight weeks of FY 2026, supermarket sales revenue increased by 4.9% compared to the same period last year. Coles also noted that FY 2026 will see its automated distribution centre (ADC) program deliver its first full year of annualised benefits.

Coles's chief executive officer (CEO) Leah Weckert said: ‘As we enter FY 2026, we are again clear on the priorities for the year ahead. Ensuring our value proposition and offer resonates with customers, delivering consistent quality and availability, continuously improving customer experience in-store and online, and maintaining a laser focus on costs. We are also focused on unlocking the full benefits from our ADC and customer fulfilment centre investments for the benefit of both customers and shareholders.’

Coles FY 2025 highlights

HY 2026 earnings expectations

With Woolworths releasing very strong H1 FY 2026 results today, beating estimates on sales, profits, and dividends while narrowing the prior sales growth gap with Coles, the pressure is firmly back on Coles to deliver a convincing performance on Friday. Investors will be looking for confirmation of continued sales momentum, building on the early 4.9% supermarket growth, margin stability or improvement from cost savings and ADC rollout, sustained e-commerce gains, and confident full-year guidance.

A major overhang remains the ongoing Australian Competition and Consumer Commission (ACCC) court case alleging misleading 'Down Down' pricing promotions (where prices were allegedly inflated briefly before being 'discounted' to levels at or above prior regular prices). The Federal Court proceedings, which began in February, involve scrutiny of practices from 2022 to 2023, and could cloud sentiment if management provides limited updates or if any negative commentary emerges.

However, if Coles can demonstrate solid top-line growth alongside efficiency-driven margin gains in a competitive environment, it could reinforce the positive momentum from FY 2025 and ease regulatory concerns.

Analyst financial estimates:

• Sales revenue: approximately $23.77 billion
• Underlying NPAT: expected in the $680 to $700 million range
• Interim dividend: widely expected to be maintained or slightly lifted around the $0.37 mark (fully franked).

Coles FY 2025 financial highlights

Coles technical analysis

Coles has been in a clear corrective phase since hitting the high of $24.28 in early September 2025, shortly after its FY 2025 earnings release. The sell-off from that peak persisted until late January 2026, dragging the stock down to a low of $20.43, a roughly 16% decline from the top.

The shares have since staged a solid recovery, reclaiming the rising 200-day moving average (currently near $21.92) where they are trading today at around $21.82.

A solid earnings report could extend this rebound, first above the mid-February high of $22.28, then through the cluster of highs near $22.60 from mid-November. Such a move would confirm the correction is complete and open the path toward a retest of the record $24.28 high.

Conversely, if the results disappoint, expect the correction to deepen toward medium-term support in the $20.00 area, potentially retesting the February low at $20.43.

Coles daily candlestick chart

• _{Source: TradingView. The figures stated are as of 25 February 2026. Past performance is not a reliable indicator of future performance. This report does not contain and is not to be taken as containing any financial product advice or financial product recommendation.}