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Segment Reporting | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Segment Reporting | 10. Segment Reporting The reportable segments were determined based on information reviewed by the Company’s chief operating decision maker (“CODM”) for operational decision-making purposes, and the segment information is prepared on the same basis that the CODM reviews such financial information. The Company’s reportable segments are retail, wholesale, fleet fueling and GPMP. The CODM utilizes operating income from each segment to assess its operating performance and to make decisions about allocating resources to each segment. Arie Kotler, the Company’s President, Chief Executive Officer and Chairman of the Board is the CODM. The accounting policies of the segments are the same as those described in the summary of significant accounting policies except that rent expenses for each segment are recognized and measured on the basis of cash payments. The retail segment includes the operation of a chain of retail stores, which includes convenience stores selling fuel products and other merchandise to retail customers. At its retail convenience stores, the Company owns the merchandise and fuel inventory and employs personnel to manage the store. The wholesale segment supplies fuel to dealers, sub-wholesalers and bulk and spot purchasers, on either a cost plus or consignment basis. For consignment arrangements, the Company retains ownership of the fuel inventory at the site, is responsible for the pricing of the fuel to the end consumer and shares the gross profit generated from the sale of fuel with the consignment dealers. For cost plus arrangements, the Company sells fuel to dealers and bulk and spot purchasers on a fixed-fee basis. The sales price is determined according to the terms of the relevant agreement, which typically reflects the Company’s total fuel costs plus the cost of transportation and a margin, with the Company generally retaining any prompt pay discounts and rebates. The fleet fueling segment includes the operation of proprietary and third-party cardlock locations (unstaffed fueling locations), and commissions from the sales of fuel using proprietary fuel cards that provide customers access to a nationwide network of fueling sites. The GPMP segment includes GPMP and primarily includes its inter-segment sale and supply of fuel to substantially all of GPM’s sites that sell fuel in the retail and wholesale segments, at GPMP’s cost of fuel (including taxes and transportation) plus a fixed margin (currently 5.0 cents per gallon), and charges an inter-segment fixed fee primarily to sites in the fleet fueling segment which are not supplied by GPMP (currently 5.0 cents per gallon sold). The “All Other” segment includes the results of non-reportable segments that do not meet both quantitative and qualitative criteria as defined under ASC 280, Segment Reporting. The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Inter-segment expenses were included within the amounts shown; however, the fuel costs in the retail, wholesale and fleet fueling segments exclude the estimated fixed margin or fixed fee paid to GPMP for the cost of fuel. The majority of general and administrative expenses, depreciation and amortization, net other expenses, net interest and other financial expenses, income taxes and minor other income items including intercompany operating leases are not allocated to the segments. Other segment expenses include utilities, telephone, upkeep and taxes, insurance, supplies, advertising, and certain other expenses. Other segment expenses in the GPMP segment also include general and administrative expenses, depreciation and amortization, and other income, net. With the exception of goodwill, assets and liabilities relevant to the reportable segments are generally not assigned to any particular segment, but rather, managed and reviewed by the CODM at the consolidated level. All reportable segment revenues were generated from sites within the U.S. and substantially all of the Company’s assets were within the U.S. Inter-segment transactions primarily included the sale of fuel by GPMP to substantially all of GPM’s sites that sell fuel (both in the retail and wholesale segments) and charges by GPMP primarily to sites that sell fuel in the fleet fueling segment which are not supplied by GPMP. 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 September 30, 2025 | (in thousands) |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fuel revenue |  | $ | 744,405 |  |  | $ | 725,990 |  |  | $ | 122,692 |  |  | $ | — |  |  | $ | 6,903 |  |  | $ | 1,599,990 |
Merchandise revenue |  |  | 389,727 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 389,727 |
Other revenues, net |  |  | 14,715 |  |  |  | 13,697 |  |  |  | 2,240 |  |  |  | 194 |  |  |  | 270 |  |  |  | 31,116 |
Total revenues from external customers |  | $ | 1,148,847 |  |  | $ | 739,687 |  |  | $ | 124,932 |  |  | $ | 194 |  |  | $ | 7,173 |  |  | $ | 2,020,833 |
Inter-segment revenues |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,293,597 |  |  | $ | 5,626 |  |  | $ | 1,299,223 |
Fuel costs |  | $ | 640,278 |  |  | $ | 700,922 |  |  | $ | 105,952 |  |  | $ | 1,266,828 |  |  |  |  |  |  |
Merchandise costs |  |  | 258,248 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and wages |  |  | 67,403 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit card fees |  |  | 21,287 |  |  |  | 1,836 |  |  |  | 1,144 |  |  |  |  |  |  |  |  |  |
Rent |  |  | 32,463 |  |  |  | 10,708 |  |  |  | 2,905 |  |  |  |  |  |  |  |  |  |
Repairs and maintenance |  |  | 14,528 |  |  |  | 988 |  |  |  | 1,145 |  |  |  |  |  |  |  |  |  |
Other segment expenses |  |  | 37,170 |  |  |  | 1,105 |  |  |  | 1,575 |  |  |  | 2,655 |  |  |  | 13,028 |  |  |  |
Operating income (loss) from segments |  | $ | 77,470 |  |  | $ | 24,128 |  |  | $ | 12,211 |  |  | $ | 24,308 |  |  | $ | (229 | ) |  | $ | 137,888 |
Interest and other financial expenses, net |  |  |  |  |  |  |  |  | $ | (7,973 | ) |  |  |  |  | $ | (7,973 | )
Income from equity investment |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 48 |  |  | $ | 48 |
|  | Retail |  |  | Wholesale |  |  | Fleet Fueling |  |  | GPMP |  |  | All Other |  |  | Total |
For the Three Months Ended September 30, 2024 | (in thousands) |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fuel revenue |  | $ | 929,783 |  |  | $ | 720,646 |  |  | $ | 125,933 |  |  | $ | 822 |  |  | $ | 6,687 |  |  | $ | 1,783,871 |
Merchandise revenue |  |  | 469,616 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 469,616 |
Other revenues, net |  |  | 16,082 |  |  |  | 6,751 |  |  |  | 2,335 |  |  |  | 209 |  |  |  | 372 |  |  |  | 25,749 |
Total revenues from external customers |  | $ | 1,415,481 |  |  | $ | 727,397 |  |  | $ | 128,268 |  |  | $ | 1,031 |  |  | $ | 7,059 |  |  | $ | 2,279,236 |
Inter-segment revenues |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,456,529 |  |  | $ | 5,132 |  |  | $ | 1,461,661 |
Fuel costs |  | $ | 812,693 |  |  | $ | 697,286 |  |  | $ | 109,752 |  |  | $ | 1,429,277 |  |  |  |  |  |  |
Merchandise costs |  |  | 315,597 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and wages |  |  | 82,641 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit card fees |  |  | 24,641 |  |  |  | 1,960 |  |  |  | 1,080 |  |  |  |  |  |  |  |  |  |
Rent |  |  | 36,406 |  |  |  | 5,927 |  |  |  | 2,823 |  |  |  |  |  |  |  |  |  |
Repairs and maintenance |  |  | 15,229 |  |  |  | 853 |  |  |  | 773 |  |  |  |  |  |  |  |  |  |
Other segment expenses |  |  | 43,180 |  |  |  | 1,077 |  |  |  | 1,200 |  |  |  | 2,707 |  |  |  | 12,435 |  |  |  |
Operating income (loss) from segments |  | $ | 85,094 |  |  | $ | 20,294 |  |  | $ | 12,640 |  |  | $ | 25,576 |  |  | $ | (244 | ) |  | $ | 143,360 |
Interest and other financial expenses, net |  |  |  |  |  |  |  |  | $ | (8,590 | ) |  |  |  |  | $ | (8,590 | )
Income from equity investment |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 29 |  |  | $ | 29 |
|  | Retail |  |  | Wholesale |  |  | Fleet Fueling |  |  | GPMP |  |  | All Other |  |  | Total |
For the Nine Months Ended September 30, 2025 | (in thousands) |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fuel revenue |  | $ | 2,183,194 |  |  | $ | 2,052,153 |  |  | $ | 359,219 |  |  | $ | 849 |  |  | $ | 21,033 |  |  | $ | 4,616,448 |
Merchandise revenue |  |  | 1,144,338 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,144,338 |
Other revenues, net |  |  | 43,884 |  |  |  | 36,550 |  |  |  | 6,603 |  |  |  | 540 |  |  |  | 894 |  |  |  | 88,471 |
Total revenues from external customers |  | $ | 3,371,416 |  |  | $ | 2,088,703 |  |  | $ | 365,822 |  |  | $ | 1,389 |  |  | $ | 21,927 |  |  | $ | 5,849,257 |
Inter-segment revenues |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,720,945 |  |  | $ | 16,100 |  |  | $ | 3,737,045 |
Fuel costs |  | $ | 1,885,922 |  |  | $ | 1,981,649 |  |  | $ | 309,409 |  |  | $ | 3,644,169 |  |  |  |  |  |  |
Merchandise costs |  |  | 760,804 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and wages |  |  | 209,740 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit card fees |  |  | 62,087 |  |  |  | 5,328 |  |  |  | 3,325 |  |  |  |  |  |  |  |  |  |
Rent |  |  | 99,684 |  |  |  | 28,815 |  |  |  | 8,604 |  |  |  |  |  |  |  |  |  |
Repairs and maintenance |  |  | 45,041 |  |  |  | 3,256 |  |  |  | 3,318 |  |  |  |  |  |  |  |  |  |
Other segment expenses |  |  | 110,147 |  |  |  | 3,655 |  |  |  | 4,884 |  |  |  | 7,983 |  |  |  | 38,238 |  |  |  |
Operating income (loss) from segments |  | $ | 197,991 |  |  | $ | 66,000 |  |  | $ | 36,282 |  |  | $ | 70,182 |  |  | $ | (211 | ) |  | $ | 370,244 |
Interest and other financial expenses, net |  |  |  |  |  |  |  |  | $ | (23,248 | ) |  |  |  |  | $ | (23,248 | )
Income from equity investment |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 95 |  |  | $ | 95 |
|  | Retail |  |  | Wholesale |  |  | Fleet Fueling |  |  | GPMP |  |  | All Other |  |  | Total |
For the Nine Months Ended September 30, 2024 | (in thousands) |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fuel revenue |  | $ | 2,730,583 |  |  | $ | 2,147,853 |  |  | $ | 398,266 |  |  | $ | 3,017 |  |  | $ | 23,015 |  |  | $ | 5,302,734 |
Merchandise revenue |  |  | 1,358,519 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,358,519 |
Other revenues, net |  |  | 49,496 |  |  |  | 20,459 |  |  |  | 7,004 |  |  |  | 638 |  |  |  | 1,003 |  |  |  | 78,600 |
Total revenues from external customers |  | $ | 4,138,598 |  |  | $ | 2,168,312 |  |  | $ | 405,270 |  |  | $ | 3,655 |  |  | $ | 24,018 |  |  | $ | 6,739,853 |
Inter-segment revenues |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4,350,161 |  |  | $ | 15,271 |  |  | $ | 4,365,432 |
Fuel costs |  | $ | 2,402,579 |  |  | $ | 2,079,777 |  |  | $ | 350,309 |  |  | $ | 4,271,001 |  |  |  |  |  |  |
Merchandise costs |  |  | 913,823 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and wages |  |  | 249,144 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit card fees |  |  | 71,385 |  |  |  | 5,912 |  |  |  | 3,226 |  |  |  |  |  |  |  |  |  |
Rent |  |  | 108,285 |  |  |  | 17,135 |  |  |  | 8,362 |  |  |  |  |  |  |  |  |  |
Repairs and maintenance |  |  | 47,383 |  |  |  | 2,402 |  |  |  | 3,233 |  |  |  |  |  |  |  |  |  |
Other segment expenses |  |  | 126,467 |  |  |  | 3,233 |  |  |  | 4,040 |  |  |  | 8,156 |  |  |  | 39,725 |  |  |  |
Operating income (loss) from segments |  | $ | 219,532 |  |  | $ | 59,853 |  |  | $ | 36,100 |  |  | $ | 74,659 |  |  | $ | (436 | ) |  | $ | 389,708 |
Interest and other financial expenses, net |  |  |  |  |  |  |  |  | $ | (23,701 | ) |  |  |  |  | $ | (23,701 | )
Income from equity investment |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 79 |  |  | $ | 79 |
A reconciliation of operating income from reportable segments to consolidated income before income taxes on the condensed consolidated statements of operations was as follows:
|  | For the Three Months Ended September 30, |  |  | For the Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
|  | (in thousands) |
Operating income from reportable segments |  | $ | 138,117 |  |  | $ | 143,604 |  |  | $ | 370,455 |  |  | $ | 390,144 |
All other operating loss |  |  | (229 | ) |  |  | (244 | ) |  |  | (211 | ) |  |  | (436 | )
Intercompany charges by GPMP 1 |  |  | (26,762 | ) |  |  | (28,074 | ) |  |  | (77,620 | ) |  |  | (82,233 | )
Interest and other financial expenses, net |  |  | (7,973 | ) |  |  | (8,590 | ) |  |  | (23,248 | ) |  |  | (23,701 | )
Amounts not allocated to segments: |  |  |  |  |  |  |  |  |  |  |  |
Site operating expenses |  |  | (2,862 | ) |  |  | (3,497 | ) |  |  | (8,956 | ) |  |  | (10,429 | )
General and administrative expenses |  |  | (39,232 | ) |  |  | (37,773 | ) |  |  | (119,939 | ) |  |  | (120,605 | )
Depreciation and amortization |  |  | (31,105 | ) |  |  | (31,288 | ) |  |  | (95,914 | ) |  |  | (92,894 | )
Other (expenses) income, net |  |  | (2,003 | ) |  |  | (1,159 | ) |  |  | 13,035 |  |  |  | (3,896 | )
Interest and other financial expenses, net |  |  | (12,172 | ) |  |  | (15,034 | ) |  |  | (30,266 | ) |  |  | (23,747 | )
Income before income taxes |  | $ | 15,779 |  |  | $ | 17,945 |  |  | $ | 27,336 |  |  | $ | 32,203 |
1 Represents the estimated fixed margin or fixed fee (currently 5.0 cents per gallon) paid to GPMP for the cost of fuel and recorded by GPMP as inter-segment revenues.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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