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Segment Reporting | 6 Months Ended
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Jun. 30, 2026
Segment Reporting [Abstract] |
Segment Reporting | 11. 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. Arie Kotler, the Company’s Chairman of the Board, President and Chief Executive Officer, is the CODM. The CODM utilizes operating income from each segment to assess its operating performance and to make decisions about allocating resources to each segment. In reviewing segment operating income each month, the CODM compares actual results to budgets and prior-year performance. Based on this analysis, the CODM allocates incremental capital spending and prioritizes strategic and business development initiatives across the segments. The CODM also uses this measure to make decisions on budgets, acquisitions, capital expenditures, and management compensation. 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, taxes and a fixed 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 primarily includes the inter-segment sale and supply of fuel to substantially all of the Company’s sites that sell fuel in the retail and wholesale segments, and beginning February 1, 2026, to locations in the fleet fueling segment, at the GPMP segment’s cost of fuel (including taxes and transportation) plus a fixed margin (through December 31, 2025, 5.0 cents per gallon; 6.0 cents per gallon thereafter), and charges an inter-segment fixed fee (through December 31, 2025, 5.0 cents per gallon; 6.0 cents per gallon thereafter) primarily, prior to February 1, 2026, to sites in the fleet fueling segment that were not supplied by the GPMP segment. 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 fixed margin or fixed fee paid to the GPMP segment 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 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, and depreciation and amortization. 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 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 |
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.

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