| Schedule of Reportable Segments |
Inter-segment transactions primarily included the sale of fuel to substantially all of the Company’s sites that sell fuel in all of its segments, and until February 1, 2026, fixed fee charges primarily to sites that sold fuel in the fleet fueling segment that were not supplied by the GPMP segment until then. The effect of these inter-segment transactions was eliminated in the interim financial statements.
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Retail |
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Wholesale |
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Fleet Fueling |
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GPMP |
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All Other |
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Total |
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For the Three Months Ended March 31, 2026 |
(in thousands) |
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Revenues |
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Fuel revenue |
|
$ |
627,060 |
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$ |
673,855 |
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$ |
127,299 |
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|
$ |
— |
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|
$ |
6,444 |
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$ |
1,434,658 |
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Merchandise revenue |
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|
305,410 |
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|
— |
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|
— |
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|
— |
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|
— |
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|
305,410 |
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Other revenues, net |
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12,696 |
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|
16,530 |
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|
2,241 |
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|
171 |
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|
160 |
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|
31,798 |
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Total revenues from external
customers |
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$ |
945,166 |
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$ |
690,385 |
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$ |
129,540 |
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$ |
171 |
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$ |
6,604 |
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$ |
1,771,866 |
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Inter-segment revenues |
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$ |
— |
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$ |
524 |
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$ |
— |
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$ |
1,238,449 |
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|
$ |
5,085 |
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$ |
1,244,058 |
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Fuel costs |
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$ |
533,794 |
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|
$ |
650,964 |
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$ |
110,554 |
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$ |
1,210,682 |
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Merchandise costs |
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|
201,900 |
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Salaries and wages |
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61,215 |
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Credit card fees |
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17,954 |
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|
1,522 |
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|
1,410 |
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Rent |
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31,148 |
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|
12,952 |
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|
2,972 |
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Repairs and maintenance |
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|
13,415 |
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|
1,267 |
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|
990 |
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Other segment expenses |
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|
32,141 |
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|
1,192 |
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|
1,659 |
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|
2,322 |
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|
11,545 |
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Operating income from segments |
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$ |
53,599 |
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$ |
23,012 |
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$ |
11,955 |
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$ |
25,616 |
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$ |
144 |
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$ |
114,326 |
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Interest and other financial expenses, net |
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$ |
(5,521 |
) |
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$ |
(5,521 |
) |
Income from equity investment |
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$ |
19 |
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$ |
19 |
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Retail |
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Wholesale |
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Fleet Fueling |
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|
GPMP |
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All Other |
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Total |
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For the Three Months Ended March 31, 2025 |
(in thousands) |
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Revenues |
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Fuel revenue |
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$ |
690,686 |
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|
$ |
630,060 |
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|
$ |
118,406 |
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$ |
496 |
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$ |
7,836 |
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$ |
1,447,484 |
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Merchandise revenue |
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|
354,485 |
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|
|
— |
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— |
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— |
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— |
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|
354,485 |
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Other revenues, net |
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|
14,547 |
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|
|
10,352 |
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|
2,118 |
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|
155 |
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|
332 |
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|
27,504 |
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Total revenues from external
customers |
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$ |
1,059,718 |
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$ |
640,412 |
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$ |
120,524 |
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$ |
651 |
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$ |
8,168 |
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$ |
1,829,473 |
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Inter-segment revenues |
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$ |
— |
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$ |
— |
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$ |
— |
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|
$ |
1,169,216 |
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|
$ |
5,085 |
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|
$ |
1,174,301 |
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Fuel costs |
|
$ |
605,413 |
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|
$ |
610,013 |
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$ |
103,104 |
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$ |
1,145,273 |
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Merchandise costs |
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|
236,915 |
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Salaries and wages |
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71,668 |
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Credit card fees |
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|
19,416 |
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|
|
1,669 |
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|
1,045 |
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Rent |
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33,838 |
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|
8,656 |
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|
2,854 |
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Repairs and maintenance |
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|
15,659 |
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|
|
991 |
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|
918 |
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|
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Other segment expenses |
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|
36,658 |
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|
|
453 |
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|
|
1,611 |
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|
2,668 |
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|
13,085 |
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Operating income from segments |
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$ |
40,151 |
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$ |
18,630 |
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$ |
10,992 |
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|
$ |
21,926 |
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|
$ |
168 |
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$ |
91,867 |
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Interest and other financial expenses, net |
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$ |
(7,478 |
) |
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$ |
(7,478 |
) |
Income from equity investment |
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$ |
21 |
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$ |
21 |
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| Schedule of Reconciliation of Operating Income from Reportable Segments to Consolidated Loss Before Income Taxes |
A reconciliation of operating income from reportable segments to consolidated loss before income taxes on the condensed consolidated statements of operations is as follows:
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For the Three Months
Ended March 31, |
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|
2026 |
|
|
2025 |
|
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|
(in thousands) |
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Operating income from reportable segments |
|
$ |
114,182 |
|
|
$ |
91,699 |
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All other operating income |
|
|
144 |
|
|
|
168 |
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Intercompany charges by the GPMP segment 1 |
|
|
(27,767 |
) |
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|
(24,437 |
) |
Interest and other financial expenses, net |
|
|
(5,521 |
) |
|
|
(7,478 |
) |
Amounts not allocated to segments: |
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|
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Site operating expenses |
|
|
(2,432 |
) |
|
|
(3,145 |
) |
General and administrative expenses |
|
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(39,488 |
) |
|
|
(40,785 |
) |
Depreciation and amortization |
|
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(30,559 |
) |
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|
(33,047 |
) |
Other expenses, net |
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(4,043 |
) |
|
|
(2,217 |
) |
Interest and other financial expenses, net |
|
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(12,624 |
) |
|
|
(6,373 |
) |
Loss before income taxes |
|
$ |
(8,108 |
) |
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$ |
(25,615 |
) |
1 Represents the fixed margin or fixed fee (through December 31, 2025, 5.0 cents per gallon; 6.0 cents per gallon thereafter) paid to the GPMP segment for the cost of fuel and recorded by the GPMP segment as inter-segment revenues.
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