Quarterly report [Sections 13 or 15(d)]

Segment Reporting (Tables)

v3.26.1
Segment Reporting (Tables)
6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
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.

 

 

 

Retail

 

 

Wholesale

 

 

Fleet Fueling

 

 

GPMP

 

 

All Other

 

 

Total

 

For the Three Months Ended June 30, 2026

(in thousands)

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fuel revenue

 

$

866,999

 

 

$

917,696

 

 

$

175,343

 

 

$

 

 

$

5,880

 

 

$

1,965,918

 

Merchandise revenue

 

 

347,428

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

347,428

 

Other revenues, net

 

 

12,906

 

 

 

16,984

 

 

 

2,905

 

 

 

47

 

 

 

355

 

 

 

33,197

 

Total revenues from external
  customers

 

$

1,227,333

 

 

$

934,680

 

 

$

178,248

 

 

$

47

 

 

$

6,235

 

 

$

2,346,543

 

Inter-segment revenues

 

$

 

 

$

405

 

 

$

 

 

$

1,756,681

 

 

$

5,895

 

 

$

1,762,981

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fuel costs

 

$

767,530

 

 

$

891,375

 

 

$

158,258

 

 

$

1,727,800

 

 

 

 

 

 

 

Merchandise costs

 

 

226,922

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and wages

 

 

61,106

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit card fees

 

 

22,677

 

 

 

1,826

 

 

 

1,325

 

 

 

 

 

 

 

 

 

 

Rent

 

 

30,331

 

 

 

13,580

 

 

 

2,952

 

 

 

 

 

 

 

 

 

 

Repairs and maintenance

 

 

13,405

 

 

 

1,944

 

 

 

916

 

 

 

 

 

 

 

 

 

 

Other segment expenses

 

 

32,447

 

 

 

1,477

 

 

 

1,510

 

 

 

2,358

 

 

 

11,815

 

 

 

 

Operating income from segments

 

$

72,915

 

 

$

24,883

 

 

$

13,287

 

 

$

26,570

 

 

$

315

 

 

$

137,970

 

Interest and other financial expenses, net

 

 

 

 

 

 

 

 

$

(3,679

)

 

 

 

 

$

(3,679

)

Income from equity investment

 

 

 

 

 

 

 

 

 

 

 

 

 

$

2

 

 

$

2

 

 

 

 

Retail

 

 

Wholesale

 

 

Fleet Fueling

 

 

GPMP

 

 

All Other

 

 

Total

 

For the Three Months Ended June 30, 2025

(in thousands)

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fuel revenue

 

$

748,103

 

 

$

696,103

 

 

$

118,121

 

 

$

353

 

 

$

6,294

 

 

$

1,568,974

 

Merchandise revenue

 

 

400,126

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

400,126

 

Other revenues, net

 

 

14,622

 

 

 

12,501

 

 

 

2,245

 

 

 

191

 

 

 

292

 

 

 

29,851

 

Total revenues from external
  customers

 

$

1,162,851

 

 

$

708,604

 

 

$

120,366

 

 

$

544

 

 

$

6,586

 

 

$

1,998,951

 

Inter-segment revenues

 

$

 

 

$

 

 

$

 

 

$

1,258,130

 

 

$

5,389

 

 

$

1,263,519

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fuel costs

 

$

640,231

 

 

$

670,714

 

 

$

100,353

 

 

$

1,232,066

 

 

 

 

 

 

 

Merchandise costs

 

 

265,641

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and wages

 

 

70,669

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit card fees

 

 

21,384

 

 

 

1,823

 

 

 

1,136

 

 

 

 

 

 

 

 

 

 

Rent

 

 

33,383

 

 

 

9,451

 

 

 

2,845

 

 

 

 

 

 

 

 

 

 

Repairs and maintenance

 

 

14,854

 

 

 

1,277

 

 

 

1,255

 

 

 

 

 

 

 

 

 

 

Other segment expenses

 

 

36,319

 

 

 

2,097

 

 

 

1,698

 

 

 

2,660

 

 

 

12,125

 

 

 

 

Operating income (loss) from
  segments

 

$

80,370

 

 

$

23,242

 

 

$

13,079

 

 

$

23,948

 

 

$

(150

)

 

$

140,489

 

Interest and other financial expenses, net

 

 

 

 

 

 

 

 

$

(7,797

)

 

 

 

 

$

(7,797

)

Income from equity investment

 

 

 

 

 

 

 

 

 

 

 

 

 

$

26

 

 

$

26

 

 

 

 

Retail

 

 

Wholesale

 

 

Fleet Fueling

 

 

GPMP

 

 

All Other

 

 

Total

 

For the Six Months Ended June 30, 2026

(in thousands)

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fuel revenue

 

$

1,494,059

 

 

$

1,591,551

 

 

$

302,642

 

 

$

 

 

$

12,324

 

 

$

3,400,576

 

Merchandise revenue

 

 

652,838

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

652,838

 

Other revenues, net

 

 

25,602

 

 

 

33,514

 

 

 

5,146

 

 

 

218

 

 

 

515

 

 

 

64,995

 

Total revenues from external
  customers

 

$

2,172,499

 

 

$

1,625,065

 

 

$

307,788

 

 

$

218

 

 

$

12,839

 

 

$

4,118,409

 

Inter-segment revenues

 

$

 

 

$

929

 

 

$

 

 

$

2,995,130

 

 

$

10,980

 

 

$

3,007,039

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fuel costs

 

$

1,301,324

 

 

$

1,542,339

 

 

$

268,812

 

 

$

2,938,482

 

 

 

 

 

 

 

Merchandise costs

 

 

428,822

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and wages

 

 

122,321

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit card fees

 

 

40,631

 

 

 

3,348

 

 

 

2,735

 

 

 

 

 

 

 

 

 

 

Rent

 

 

61,479

 

 

 

26,532

 

 

 

5,924

 

 

 

 

 

 

 

 

 

 

Repairs and maintenance

 

 

26,820

 

 

 

3,211

 

 

 

1,906

 

 

 

 

 

 

 

 

 

 

Other segment expenses

 

 

64,588

 

 

 

2,669

 

 

 

3,169

 

 

 

4,680

 

 

 

23,360

 

 

 

 

Operating income from segments

 

$

126,514

 

 

$

47,895

 

 

$

25,242

 

 

$

52,186

 

 

$

459

 

 

$

252,296

 

Interest and other financial expenses, net

 

 

 

 

 

 

 

 

$

(9,200

)

 

 

 

 

$

(9,200

)

Income from equity investment

 

 

 

 

 

 

 

 

 

 

 

 

 

$

21

 

 

$

21

 

 

 

 

Retail

 

 

Wholesale

 

 

Fleet Fueling

 

 

GPMP

 

 

All Other

 

 

Total

 

For the Six Months Ended June 30, 2025

(in thousands)

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fuel revenue

 

$

1,438,789

 

 

$

1,326,163

 

 

$

236,527

 

 

$

849

 

 

$

14,130

 

 

$

3,016,458

 

Merchandise revenue

 

 

754,611

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

754,611

 

Other revenues, net

 

 

29,169

 

 

 

22,853

 

 

 

4,363

 

 

 

346

 

 

 

624

 

 

 

57,355

 

Total revenues from external
  customers

 

$

2,222,569

 

 

$

1,349,016

 

 

$

240,890

 

 

$

1,195

 

 

$

14,754

 

 

$

3,828,424

 

Inter-segment revenues

 

$

 

 

$

 

 

$

 

 

$

2,427,346

 

 

$

10,474

 

 

$

2,437,820

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fuel costs

 

$

1,245,644

 

 

$

1,280,727

 

 

$

203,457

 

 

$

2,377,339

 

 

 

 

 

 

 

Merchandise costs

 

 

502,556

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and wages

 

 

142,337

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit card fees

 

 

40,800

 

 

 

3,492

 

 

 

2,181

 

 

 

 

 

 

 

 

 

 

Rent

 

 

67,221

 

 

 

18,107

 

 

 

5,699

 

 

 

 

 

 

 

 

 

 

Repairs and maintenance

 

 

30,513

 

 

 

2,268

 

 

 

2,173

 

 

 

 

 

 

 

 

 

 

Other segment expenses

 

 

72,977

 

 

 

2,550

 

 

 

3,309

 

 

 

5,328

 

 

 

25,210

 

 

 

 

Operating income from segments

 

$

120,521

 

 

$

41,872

 

 

$

24,071

 

 

$

45,874

 

 

$

18

 

 

$

232,356

 

Interest and other financial expenses, net

 

 

 

 

 

 

 

 

$

(15,275

)

 

 

 

 

$

(15,275

)

Income from equity investment

 

 

 

 

 

 

 

 

 

 

 

 

 

$

47

 

 

$

47

 

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 income before income taxes on the condensed consolidated statements of operations is as follows:

 

 

 

For the Three Months
Ended June 30,

 

 

For the Six Months
Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

 

(in thousands)

 

Operating income from reportable segments

 

$

137,655

 

 

$

140,639

 

 

$

251,837

 

 

$

232,338

 

All other operating income (loss)

 

 

315

 

 

 

(150

)

 

 

459

 

 

 

18

 

Intercompany charges by the GPMP segment 1

 

 

(28,881

)

 

 

(26,421

)

 

 

(56,648

)

 

 

(50,858

)

Interest and other financial expenses, net

 

 

(3,679

)

 

 

(7,797

)

 

 

(9,200

)

 

 

(15,275

)

Amounts not allocated to segments:

 

 

 

 

 

 

 

 

 

 

 

 

Site operating expenses

 

 

(2,278

)

 

 

(2,949

)

 

 

(4,710

)

 

 

(6,094

)

General and administrative expenses

 

 

(43,176

)

 

 

(39,922

)

 

 

(82,664

)

 

 

(80,707

)

Depreciation and amortization

 

 

(30,357

)

 

 

(31,762

)

 

 

(60,916

)

 

 

(64,809

)

Other expenses, net

 

 

(2,898

)

 

 

17,255

 

 

 

(6,941

)

 

 

15,038

 

Interest and other financial expenses, net

 

 

(10,332

)

 

 

(11,721

)

 

 

(22,956

)

 

 

(18,094

)

Income before income taxes

 

$

16,369

 

 

$

37,172

 

 

$

8,261

 

 

$

11,557

 

 

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.