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

The following table reflects activity related to our reportable segments (in thousands):

 

 

Wholesale

 

 

Retail

 

 

Unallocated

 

 

Consolidated

 

Three Months Ended June 30, 2026

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from fuel sales to external customers

 

$

527,990

 

 

$

524,475

 

 

$

—

 

 

$

1,052,465

 

Revenues from food and merchandise sales

 

 

—

 

 

 

105,287

 

 

 

—

 

 

 

105,287

 

Rent income

 

 

10,634

 

 

 

4,032

 

 

 

—

 

 

 

14,666

 

Other revenue

 

 

1,149

 

 

 

5,450

 

 

 

—

 

 

 

6,599

 

Total revenues

 

 

539,773

 

 

 

639,244

 

 

 

—

 

 

 

1,179,017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of goods sold - fuel

 

 

510,189

 

 

 

478,014

 

 

 

—

 

 

 

988,203

 

Cost of goods sold - food and merchandise

 

 

—

 

 

 

74,261

 

 

 

—

 

 

 

74,261

 

Cost of goods sold - Rent expense

 

 

2,487

 

 

 

1,279

 

 

 

—

 

 

 

3,766

 

Gross profit

 

 

27,097

 

 

 

85,690

 

 

 

—

 

 

 

112,787

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Store labor

 

 

—

 

 

 

21,563

 

 

 

—

 

 

 

21,563

 

Maintenance and environmental costs

 

 

1,417

 

 

 

7,014

 

 

 

—

 

 

 

8,431

 

Other items (a)

 

 

4,913

 

 

 

20,118

 

 

 

22,490

 

 

 

47,521

 

Operating income (loss)

 

$

20,767

 

 

$

36,995

 

 

$

(22,490

)

 

$

35,272

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from fuel sales to external customers

 

$

399,598

 

 

$

432,813

 

 

$

—

 

 

$

832,411

 

Revenues from food and merchandise sales

 

 

—

 

 

 

108,059

 

 

 

—

 

 

 

108,059

 

Rent income

 

 

11,851

 

 

 

3,608

 

 

 

—

 

 

 

15,459

 

Other revenue

 

 

1,388

 

 

 

4,608

 

 

 

—

 

 

 

5,996

 

Total revenues

 

 

412,837

 

 

 

549,088

 

 

 

—

 

 

 

961,925

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of goods sold - fuel

 

 

384,433

 

 

 

394,024

 

 

 

—

 

 

 

778,457

 

Cost of goods sold - food and merchandise

 

 

—

 

 

 

77,553

 

 

 

—

 

 

 

77,553

 

Cost of goods sold - Rent expense

 

 

3,539

 

 

 

1,384

 

 

 

—

 

 

 

4,923

 

Gross profit

 

 

24,865

 

 

 

76,127

 

 

 

—

 

 

 

100,992

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Store labor

 

 

—

 

 

 

23,468

 

 

 

—

 

 

 

23,468

 

Maintenance and environmental costs

 

 

1,425

 

 

 

7,048

 

 

 

—

 

 

 

8,473

 

Other items (a)

 

 

5,696

 

 

 

20,312

 

 

 

1,546

 

 

 

27,554

 

Operating income (loss)

 

$

17,744

 

 

$

25,299

 

 

$

(1,546

)

 

$

41,497

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2026

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from fuel sales to external customers

 

$

885,602

 

 

$

897,553

 

 

$

—

 

 

$

1,783,155

 

Revenues from food and merchandise sales

 

 

—

 

 

 

195,952

 

 

 

—

 

 

 

195,952

 

Rent income

 

 

21,173

 

 

 

8,053

 

 

 

—

 

 

 

29,226

 

Other revenue

 

 

2,255

 

 

 

10,259

 

 

 

—

 

 

 

12,514

 

Total revenues

 

 

909,030

 

 

 

1,111,817

 

 

 

—

 

 

 

2,020,847

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of goods sold - fuel

 

 

853,348

 

 

 

811,232

 

 

 

—

 

 

 

1,664,580

 

Cost of goods sold - food and merchandise

 

 

—

 

 

 

137,974

 

 

 

—

 

 

 

137,974

 

Cost of goods sold - Rent expense

 

 

5,265

 

 

 

2,618

 

 

 

—

 

 

 

7,883

 

Gross profit

 

 

50,417

 

 

 

159,993

 

 

 

—

 

 

 

210,410

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Store labor

 

 

—

 

 

 

42,891

 

 

 

—

 

 

 

42,891

 

Maintenance and environmental costs

 

 

2,645

 

 

 

14,640

 

 

 

—

 

 

 

17,285

 

Other items (a)

 

 

10,122

 

 

 

41,163

 

 

 

39,927

 

 

 

91,212

 

Operating income (loss)

 

$

37,650

 

 

$

61,299

 

 

$

(39,927

)

 

$

59,022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wholesale

 

 

Retail

 

 

Unallocated

 

 

Consolidated

 

Six Months Ended June 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from fuel sales to external customers

 

$

765,359

 

 

$

817,334

 

 

$

—

 

 

$

1,582,693

 

Revenues from food and merchandise sales

 

 

—

 

 

 

197,400

 

 

 

—

 

 

 

197,400

 

Rent income

 

 

25,135

 

 

 

7,526

 

 

 

—

 

 

 

32,661

 

Other revenue

 

 

2,583

 

 

 

9,063

 

 

 

—

 

 

 

11,646

 

Total revenues

 

 

793,077

 

 

 

1,031,323

 

 

 

—

 

 

 

1,824,400

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of goods sold - fuel

 

 

734,431

 

 

 

747,364

 

 

 

—

 

 

 

1,481,795

 

Cost of goods sold - food and merchandise

 

 

—

 

 

 

141,981

 

 

 

—

 

 

 

141,981

 

Cost of goods sold - Rent expense

 

 

7,127

 

 

 

2,691

 

 

 

—

 

 

 

9,818

 

Gross profit

 

 

51,519

 

 

 

139,287

 

 

 

—

 

 

 

190,806

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Store labor

 

 

—

 

 

 

46,034

 

 

 

—

 

 

 

46,034

 

Maintenance and environmental costs

 

 

2,894

 

 

 

15,119

 

 

 

—

 

 

 

18,013

 

Other items (a)

 

 

11,397

 

 

 

41,379

 

 

 

30,485

 

 

 

83,261

 

Operating income (loss)

 

$

37,228

 

 

$

36,755

 

 

$

(30,485

)

 

$

43,498

 

Summary of reconciliation from operating income to income before income taxes

A reconciliation from operating income to income before income taxes follows (in thousands):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Operating income

 

$

35,272

 

 

$

41,497

 

 

$

59,022

 

 

$

43,498

 

Other income, net

 

 

212

 

 

 

136

 

 

 

369

 

 

 

266

 

Interest expense

 

 

(11,342

)

 

 

(12,569

)

 

 

(22,092

)

 

 

(25,413

)

Income before income taxes

 

$

24,142

 

 

$

29,064

 

 

$

37,299

 

 

$

18,351

 

Summary of Receivables Relating to Revenue Streams

Receivables relating to the revenue streams above are as follows (in thousands):

 

 

 

June 30,

 

 

December 31,

 

 

December 31,

 

 

 

2026

 

 

2025

 

 

2024

 

Receivables from fuel and merchandise sales

 

$

33,639

 

 

$

28,316

 

 

$

30,115

 

Receivables for rent and other lease-related charges

 

 

846

 

 

 

937

 

 

 

2,122

 

Total accounts receivable

 

$

34,485

 

 

$

29,253

 

 

$

32,237