Achieved record Store Contribution, driven by increases in fuel margin and inside merchandise margin from same-store sales and increases in fuel gallons and inside merchandise sales from new stores
Delivered same-store inside merchandise sales growth in 18 of the past 19 quarters and generated positive same-store fuel gallons growth in the second quarter of 2026
Increased full year 2026 Adjusted EBITDA outlook, reflecting strong second quarter performance
FORT WORTH, Texas, Aug. 13, 2026 (GLOBE NEWSWIRE) -- Yesway, Inc. ("Yesway" or the "Company") (Nasdaq: YSWY), one of the fastest-growing convenience store operators in the United States, today announced financial results for the second quarter ended June 30, 2026.
Second Quarter 2026 Highlights
-- Net income increased to $29.7 million from $24.2 million in the
prior-year period, and Adjusted EBITDA increased 35.0% year-over-year to
$70.9 million.
-- Same-store inside merchandise sales increased 1.2% year-over-year.
Excluding the 29 stores in our Iowa and Kansas portfolio, the sale of
which is expected to close by year-end, same-store inside merchandise
sales increased 1.5%. Total inside merchandise sales increased 4.4%
year-over-year, with a total inside merchandise margin of 35.7%.
-- Same-store fuel gallons sold increased 1.4% year-over-year. Excluding the
29 stores in our Iowa and Kansas portfolio, same-store fuel gallons sold
increased 1.8%. Total fuel gallons sold increased 6.9% year-over-year,
with a total fuel margin of 52.6 cents per gallon.
-- Income from operations increased to $47.7 million from $36.7 million in
the prior-year period, and Store Contribution increased 29.5%
year-over-year to $87.7 million.
"Our second quarter was a milestone in our company's history, reflecting broad-based execution across both our fuel and inside merchandise businesses," said Thomas N. Trkla, Chairman, President and Chief Executive Officer of Yesway. "We set new records across several key measures, including fuel gallons sold, fuel gross profit, inside merchandise sales, inside merchandise gross profit, and Store Contribution. This operating momentum drove Adjusted EBITDA growth of 35% year-over-year in the second quarter."
Mr. Trkla continued, "These results underscore the strength and breadth of our platform, the advantages of our differentiated market positioning, the resilience of our business model amid continued inflationary pressures and volatile fuel markets, and the disciplined execution of our team. Looking ahead, our strong operating performance and significant cash generation are increasing our financial flexibility to fund our organic growth initiatives and pursue acquisitions as compelling opportunities arise."
Second Quarter Results(1) (,) (2)
Same-Store Comparison
Total inside merchandise and fuel gross profit increased 14.0% year-over-year on a same-store basis, reflecting growth in both fuel and inside merchandise categories.
Fuel gallons sold increased 1.4% year-over-year on a same-store basis, and same-store fuel gross profit increased 29.0% year-over-year.
Inside merchandise sales increased 1.2% year-over-year on a same-store basis, and same-store inside merchandise gross profit increased 2.5% year-over-year.
Three months Six months
ended June 30, ended June 30,
Same-Store Comparison by
Category 2026 2025 2026 2025
Fuel gallons 1.4% (1.7)% 0.7% (1.5)%
Fuel sales less cost of
goods sold (exclusive of
depreciation and
amortization)(1) 29.0% 0.3% 32.6% 0.0%
Inside merchandise sales 1.2% 1.6% 2.6% 1.1%
Inside merchandise sales
less cost of goods sold
(exclusive of depreciation
and amortization)(2) 2.5% 6.6% 5.8% 5.9%
Total inside merchandise and
fuel sales less cost of
goods sold (exclusive of
depreciation and
amortization) 14.0% 3.8% 17.2% 3.4%
1 Fuel sales less cost of goods sold (exclusive of
depreciation and amortization) for the Iowa and Kansas
stores were $1.2 million and $2.3 million in the three
and six months ended June 30, 2026, and $1.1 million
and $2.0 million in the three and six months ended
June 30, 2025, respectively.
(2 Inside merchandise sales less cost of goods sold
for the Iowa and Kansas stores were $1.9 million and
$3.4 million in the three and six months ended June
30, 2026, respectively, and $2.0 million and $3.6
million in the three and six months ended June 30,
2025, respectively.)
Fuel
Fuel sales increased 52.7% year-over-year to $673.1 million, and fuel gross profit increased 36.2% year-over-year to $84.0 million, with fuel margin increasing 27.4% year-over-year to 52.6 cents per gallon.
Three months Six months
ended June 30, ended June 30,
-------------------------- --------------------------
Fuel ($ in
thousands) 2026 2025 2026 2025
Fuel gallons sold
(in thousands) 159,546 149,230 304,621 283,611
-------------------- ------- ------- ------- -------
Same-store gallons
sold 1.4% (1.7)% 0.7% (1.5)%
-------------------- ------- ------- ------- -------
Fuel sales less cost
of goods sold
(exclusive of
depreciation and
amortization) $ 83,986 $ 61,675 $155,594 $109,872
-------------------- ------- ------- ------- -------
Fuel Margin (cents
per gallon) 52.6 41.3 51.1 38.7
Inside Merchandise
Inside merchandise sales increased 4.4% year-over-year to $240.1 million, and inside merchandise gross profit increased 5.8% year-over-year to $85.8 million, with inside merchandise margin increasing 50 basis points to 35.7%.
Three months Six months
ended June 30, ended June 30,
-------------------------- --------------------------
Inside
Merchandise ($ in
thousands) 2026 2025 2026 2025
Total inside
merchandise
sales $240,104 $230,078 $453,781 $425,182
------------------ ------- ------- ------- -------
Same-store inside
merchandise
sales 1.2% 1.6% 2.6% 1.1%
------------------ ------- ------- ------- -------
Inside merchandise
sales less cost
of goods sold
(exclusive of
depreciation and
amortization) $ 85,785 $ 81,056 $162,943 $147,688
------------------ ------- ------- ------- -------
Inside merchandise
margin 35.7% 35.2% 35.9% 34.7%
Adjusted EBITDA
Adjusted EBITDA increased 35.0% year-over-year to $70.9 million, primarily attributable to the increase in fuel margin and inside merchandise margin from same-store sales and increases in fuel gallons and inside merchandise sales from new stores.
A reconciliation of net income to Adjusted EBITDA, a non-GAAP financial measure, is provided in the tables below.
Store Contribution
Store Contribution increased 29.5% year-over-year to $87.7 million, primarily attributable to the increase in fuel margin and inside merchandise margin from same-store sales and increases in fuel gallons and inside merchandise sales from new stores.
A reconciliation of income from operations to Store Contribution, a non-GAAP financial measure, is provided in the tables below.
Store Count
As of June 30, 2026, the Company operated 450 stores under the Yesway and Allsup's brands. The following table represents the roll forward of store count through the second quarter of fiscal 2026.
Three months ended Six months ended
June 30, 2026 June 30, 2026
Stores, beginning of period 449 448
----------------------------- ------------------ ----------------
Opened 1 2
----------------------------- ------------------ ----------------
Stores, end of period 450 450
----------------------------- ------------------ ----------------
___________________________________
(1) Results for the periods include 29 stores in Iowa and Kansas, which the Company expects to sell by the end of 2026. Fuel sales less cost of goods sold (exclusive of depreciation and amortization) for the Iowa and Kansas stores were $1.2 million and $1.1 million in the three months ended June 30, 2026, and 2025, respectively. Inside merchandise sales less cost of goods sold for the Iowa and Kansas stores were $1.9 million and $2.0 million in the three months ended June 30, 2026, and 2025, respectively.
(2) (See "Presentation of Financial Information" below.)
Balance Sheet, Cash Flow and Liquidity
As of June 30, 2026, the Company had cash and cash equivalents of $81.6 million and total debt, including financing obligations and finance lease obligations, of $618.4 million.
Net cash provided by operating activities was $56.6 million for the three months ended June 30, 2026, compared to $35.7 million in the prior-year period.
Capital expenditures totaled $24.2 million for the three months ended June 30, 2026, compared to $21.8 million in the prior-year period.
Full Year 2026 Outlook(1)
Yesway has increased its outlook for full year 2026 Adjusted EBITDA to $235 million to $245 million from $210 million to $220 million previously. The Company's updated Adjusted EBITDA outlook reflects strong second quarter performance and assumes that fuel margin moderates in low-40-cent-per-gallon range for the second half of the year, consistent with the Company's historical average.
The Company has reaffirmed its outlook for the following metrics as detailed below:
Same-store Inside Merchandise Sales Growth 1.25% - 3.25% ------------------------------------------ --------------------------- Capital Expenditures $85 million - $95 million ------------------------------------------ --------------------------- New Store Openings 6 - 8 new stores ------------------------------------------ ---------------------------
(1 Assumes the sale of the 29 stores in the Company's Iowa and Kansas portfolio will close by the end of 2026.)
Conference Call Details
Yesway will hold a conference call and webcast to discuss its second quarter 2026 financial results today, Thursday, August 13, 2026, at 8:30 AM ET.
A live webcast of the conference call will be available on the Investor Relations section of the Company's website or by clicking on the webcast link here. An online archive of the webcast will be available on the Company's website for one year following the call.
About Yesway
Established in 2015 and headquartered in Fort Worth, TX, Yesway is an award-winning convenience store operator with approximately 450 stores across nine states in the Midwest and Southwest. Yesway is renowned for its iconic foodservice offerings, diverse grocery selections, and private-label products, including the famous Allsup's deep-fried burrito. Through strategic acquisitions, the development and opening of more than 90 stores over the past several years, and a steadfast commitment to customer satisfaction and community engagement, Yesway continues to cement its position as one of the leading convenience retailers in the United States.
Non-GAAP Financial Measures
We use non-GAAP financial measures, such as Adjusted EBITDA and Store Contribution, to supplement financial information presented in accordance with GAAP. We believe that excluding certain items from our GAAP results allows management to better understand our consolidated financial performance, in the case of Adjusted EBITDA, and the direct performance of our stores, in the case of Store Contribution, from period to period, and better project our future consolidated financial performance as forecasts are developed at a level of detail different from that used to prepare GAAP-based financial measures. Moreover, we believe these non-GAAP financial measures provide our stakeholders with useful information to help them evaluate our operating results by facilitating an enhanced understanding of our performance and enabling them to make more meaningful period to period comparisons. There are limitations to the use of the non-GAAP financial measures presented herein. For example, our non-GAAP financial measures may not be comparable to similarly titled measures of other companies. Additionally, Store Contribution excludes costs that we incur on an enterprise level that while essential in supporting our store operations, are not directly related to store operations, and that we believe result in efficiencies of scale and confer other benefits across our business. Other companies, including companies in our industry, may calculate non-GAAP financial measures differently than we do, limiting the usefulness of those measures for comparative purposes.
A reconciliation of our guidance contained in this press release of Adjusted EBITDA to the most directly comparable GAAP financial measure cannot be provided without unreasonable efforts and is not provided herein because of the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations, including but not limited to, uncertainty related to the timing, amount, and structure of stock-based compensation awards, as well as potential forfeitures of such awards, all of which could materially impact the Company's estimates of forward-looking GAAP net income. These items are inherently difficult to predict, subject to significant variability, and dependent on factors that may be outside of the Company's control.
See "Definitions" for additional information about our non-GAAP financial measures and "Non-GAAP Reconciling Information" for a reconciliation for each non-GAAP financial measure to the most directly comparable GAAP financial measure.
Definitions
-- We define the same-store base for a given period as all owned or leased
stores that were open for the entirety of that period in both the current
and prior years. This measure highlights the performance of existing
stores, while excluding the impact of new store openings and closures as
well as acquisitions and divestitures.
-- We define gross profit as sales less cost of goods sold (exclusive of
depreciation and amortization).
-- Store Contribution represents, as applicable for the period, income
(loss) from operations before depreciation, amortization and accretion,
loss (gain) on disposal of assets, long-lived asset impairment,
acquisition financing, integration, and stock-based compensation expense,
and overhead expenses directly attributed to support staff and corporate
offices that, while essential in supporting our store operations, are not
directly related to store operations.
-- Adjusted EBITDA represents, as applicable for the period, net income
(loss) before change in fair value of derivative liability, interest
expense, income tax expense, depreciation, amortization, and accretion,
and further adjusted by excluding the loss (gain) on disposal of assets,
long-lived asset impairment, acquisition, financing, and integration
costs, and stock-based compensation expense.
Presentation of Financial Information
As a result of Yesway's initial public offering in April 2026, Yesway now consolidates the results of BW Ultimate Parent, LLC, for financial reporting purposes. All of Yesway's business operations are currently, and have historically been, conducted through BW Ultimate Parent, LLC and its subsidiaries. Periods prior to Yesway's initial public offering reflect the results of BW Ultimate Parent, LLC.
Cautionary Note Regarding Forward-looking Statements
Some information in this press release contains forward-looking statements that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release may be forward-looking statements. Statements regarding our future results of operations and financial position, business strategy and plans and objectives of management for future operations, including, among others, statements regarding the expected timing of the sale of our Iowa and Kansas stores, 2026 guidance, including with respect to same-store sales growth, Adjusted EBITDA, capital expenditures and new store openings, expected growth and future capital expenditures, are forward-looking statements. In some cases, you can identify forward-looking statements by terms, such as "may," "will," "would," "should," "expects," "plans," "anticipates," "could," "intends, " "targets," "projects," "contemplates," "believes," "estimates," "predicts," "potential," or "continue," or the negative of these terms or other similar expressions. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements.
There are or will be important factors that could cause actual results to differ materially from those indicated in these forward-looking statements, including, but not limited to, the following: volatility in the global prices and availability of oil and petroleum products and general economic conditions, including interest rates; our ability to maintain an adequate pipeline of suitable locations for new stores; our ability to successfully implement our rapid growth strategy; risks associated with new store development; our ability to successfully recruit, hire, and retain qualified personnel; our dependence upon market acceptance by consumers and our failure to offer products that meet our existing customers' taste and attract new customers; changes to wage regulations and other employment and labor laws; changes in demand for fuel-based modes of transportation and advancements in technologies, such as hybrid and electric vehicles, that significantly reduce fuel consumption related to the public's current general approach with regard to climate change and the effects of greenhouse gas emissions, among others; our dependence on a limited number of suppliers for the majority of our gross fuel purchases and merchandise; operational hazards and risks normally associated with marketing of petroleum products; hazards and risks relating to the physical effects of weather and climate change; changes to tobacco legislation, potential court rulings affecting the tobacco industry, campaigns to discourage smoking, increases in tobacco and nicotine products taxes and wholesale cost increases of tobacco and nicotine products; the significant influence that Brookwood Financial Partners, LLC continues to have over us, including control over decisions that require the approval of stockholders; and the other important factors discussed under "Risk Factors" in our final prospectus dated April 21, 2026, as
filed with the SEC on April 23, 2026 pursuant to Rule 424(b) under the Securities Act of 1933 (the "Prospectus") and in our other filings with the SEC.
The foregoing factors should not be construed as exhaustive and should be read together with the other cautionary statements included in this press release. If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. Many of the important factors that will determine these results are beyond our ability to control or predict. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and, except as otherwise required by law, we do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.
Investor Contact:
IR@yesway.com
Media Contact:
Erin Vadala
evadala@boltpr.com
Yesway, Inc. and Subsidiaries
Condensed Consolidated Statements of Income (Unaudited)
(dollars in thousands, except per share amounts)
Three Months Ended Six Months Ended
June 30, June 30,
------------------------------- ---------------------------------
2026 2025 2026 2025
----------------- --------------- ------------- -------------- --------------
Revenues (a) $ 920,774 $ 677,673 $ 1,604,404 $ 1,277,991
Expenses:
Cost of goods sold
(exclusive of
depreciation and
amortization,
shown separately
below) (a) 743,473 528,170 1,272,688 1,008,622
Salaries and
employee
benefits 55,617 50,032 105,329 99,128
Selling, general,
and
administrative
expenses 56,812 48,496 103,169 94,294
Depreciation,
amortization, and
accretion 16,621 15,690 32,609 31,207
Loss (gain) on
disposal of
assets 507 (1,446) 421 (2,191)
--- ---------- --- -------- --- --------- --- ---------
Total operating
expenses 873,030 640,942 1,514,216 1,231,060
--- ---------- --- -------- --- --------- --- ---------
Income from
operations 47,744 36,731 90,188 46,931
Other expense
(income):
Interest
expense, net 11,893 14,516 24,101 29,050
Change in fair
value of
derivative
liability -- (2,100) -- (800)
--- ---------- --- -------- --- --------- --- ---------
Total other
expense, net 11,893 12,416 24,101 28,250
--- ---------- --- -------- --- --------- --- ---------
Income before
income tax
expense 35,851 24,315 66,087 18,681
Income tax expense 6,197 158 6,197 158
--- ---------- --- -------- --- --------- --- ---------
Net income 29,654 24,157 59,890 18,523
--- ---------- --- -------- --- --------- --- ---------
Net income
attributable to
non-controlling
interest 13,363 -- 13,363 --
--- ---------- --- -------- --- --------- --- ---------
Net income
attributable to
Yesway, Inc. and
subsidiaries $ 16,291 $ 24,157 $ 46,527 $ 18,523
=== ========== === ======== === ========= === =========
(a) Includes
excise taxes of
approximately: ($) (66,309) ($) (60,742) ($) (125,283) ($) (115,059)
=== ========== === ======== === ========= === =========
Period from April
23, 2026, to June
30, 2026
------------------ ---------------
Earnings per
share of Class A
common stock:
Basic $ 0.21
=== ==========
Diluted $ 0.21
=== ==========
Weighted-average
shares of Class A
common stock:
Basic 31,063,822
==========
Diluted 31,236,787
==========
Yesway, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
(dollars in thousands)
June 30, 2026 December 31, 2025
Assets
Current assets:
Cash and cash equivalents $ 81,608 $ 36,592
Accounts receivable, net of
allowance for credit losses of $138
and $147 as of June 30, 2026, and
December 31, 2025, respectively 35,465 24,538
Inventories 89,380 83,171
Prepaid expenses 4,821 6,158
Other current assets 21,630 13,235
Total current assets 232,904 163,694
Property and equipment, net 868,189 868,559
Intangible assets 280,956 280,946
Goodwill 277,996 277,996
Operating lease right-of-use assets,
net 342,457 332,655
Finance lease right-of-use assets,
net 1,874 1,931
Assets held for sale 16,715 16,501
Deferred tax assets 35,439 --
Other assets 9,933 6,892
Total assets $ 2,066,463 $ 1,949,174
Liabilities, redeemable senior preferred membership
interests, and stockholders'/members' equity
Current liabilities:
Current maturities of debt 4,100 4,100
Current maturities of financing obligations 2,097 2,034
Current maturities of operating lease
liabilities 5,745 5,417
Current maturities of finance lease
liabilities 70 68
Due to affiliates 70 46
Accounts payable 97,845 72,964
Accrued expenses and other current liabilities 47,000 49,072
--------- ---------
Total current liabilities $ 156,927 $ 133,701
Debt, net of current maturities, debt
discount, and debt issuance costs 388,173 428,211
Financing obligations, net of current
maturities, debt discount, and debt issuance
costs 221,819 222,851
Operating lease liabilities, net of current
maturities 328,173 316,451
Finance lease liabilities, net of current
maturities 2,144 2,180
Asset retirement obligations 10,457 10,096
Liabilities held for sale 1,422 1,422
Tax receivable agreement liability 92,263 --
Other noncurrent liabilities 10,370 11,465
--------- ---------
Total liabilities $1,211,748 $1,126,377
--------- ---------
Commitments and contingencies
Redeemable senior preferred membership
interests (0 and 150,000 shares authorized
and outstanding, redemption value of $0 and
$239,628 and liquidation preference amount of
$0 and $239,628 as of June 30, 2026, and
December 31, 2025, respectively) -- 239,628
Stockholders'/members' equity
Members' equity -- 582,070
Class A common stock, $0.0001 par value,
500,000,000 shares authorized, 31,185,561
issued and outstanding 3 --
Class B common stock, $0.0001 par value,
150,000,000 shares authorized, 32,009,185
issued and outstanding 3 --
Additional paid-in capital 387,226 --
Retained earnings 6,574 --
--------- ---------
Total stockholders' equity attributable to
Yesway, Inc./members' equity 393,806 582,070
Non-controlling interests 460,909 1,099
--------- ---------
Total stockholders'/members' equity 854,715 583,169
--------- ---------
Total liabilities, senior preferred membership
interests, stockholders' equity/members'
equity $2,066,463 $1,949,174
========= =========
Yesway, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
(dollars in thousands)
Six months ended June 30, 2026 2025
------------------------------------------ --------- --------
Cash flows from operating activities
Net income $ 59,890 $ 18,523
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation, amortization, accretion
expense 32,609 31,208
Amortization of right-of-use assets 5,749 4,167
Amortization of deferred financing cost 2,196 2,063
Allowance for credit losses 9 4
Loss (gain) on disposal of assets 421 (2,191)
Equity-based compensation 4,708 --
Deferred income tax 6,190 --
Change in fair value of derivative
liability -- (800)
Changes in operating assets and
liabilities, net
Accounts receivables (10,936) (6,019)
Inventories (6,209) 375
Prepaid expenses 1,338 1,347
Other current assets - BTS (7,021) 1,146
Other current assets - Other (1,374) (452)
Account payable - Fuel 24,649 (1,541)
Account payable - Other 21 (729)
Accrued expenses and other current
liabilities (3,603) 3,534
Lease liabilities (2,642) (2,127)
Other noncurrent liabilities (1,094) 699
Due to/(from) affiliates 24 25
-------- -------
Net cash provided by operating activities 104,925 49,232
-------- -------
Cash flows from investing activities
Purchase of property and equipment (35,133) (48,149)
Acquisition of intangible assets (10) (1,354)
Proceeds from sale of assets 618 4,020
Other investing activities (2,593) (262)
-------- -------
Net cash used in investing activities (37,118) (45,745)
-------- -------
Cash flows from financing activities
Proceeds from revolver -- 15,000
Repayment of revolver (40,000) (15,000)
Repayment of borrowings from term loan (2,050) (2,050)
Cash paid for debt issuance costs (110) (599)
Proceeds from financing obligation 2,489 2,868
Repayment of financing obligation with
lessors (1,042) (982)
Repayment of financing leases (34) (32)
Proceeds from issuance of common stock 301,070 --
Cash paid for IPO issuance costs (7,338) --
Distributions to redeemable senior
preferred membership interests (252,266) (579)
Distributions to members (23,510) (6,191)
Distributions to noncontrolling interests -- (26)
-------- -------
Net cash used in financing activities (22,791) (7,591)
-------- -------
Increase (decrease) in cash and cash
equivalents 45,016 (4,104)
-------- -------
Cash and cash equivalents, beginning of
period 36,592 32,720
Cash and cash equivalents, end of period $ 81,608 $ 28,616
======== =======
Non-GAAP Reconciling Information
The following table contains a reconciliation of net income to Adjusted EBITDA for the three and six months ended June 30, 2026, and 2025, respectively:
Yesway, Inc. and Subsidiaries
Reconciliation of Net Income to Adjusted EBITDA
(dollars in millions)
Three Months Ended Six Months Ended
June 30, June 30,
(in millions) (in millions)
------------------------ -------------------------
2026 2025 2026 2025
-------------- --------- --------- ---- ---------
Net income $ 29.7 $ 24.2 $ 59.9 $ 18.5
Change in fair
value of
derivative
liability -- (2.1) -- (0.8)
Interest
expense, net 11.9 14.5 24.1 29.1
Income tax
expense 6.1 0.1 6.1 0.1
--- ---- --- ---- ---- ----- ----
Income from
operations 47.7 36.7 90.1 46.9
Depreciation,
amortization,
and accretion 16.6 15.7 32.6 31.2
Loss (gain) on
disposal of
assets 0.5 (1.4) 0.4 (2.1)
Acquisition,
financing, and
integration
costs 1.4 1.5 2.3 4.3
Equity-based
compensation 4.7 -- 4.7 --
--- ---- --- ---- ---- ----- ----
Adjusted EBITDA $ 70.9 $ 52.5 $ 130.1 $ 80.2
=== ==== === ==== ==== ===== ====
The following table contains a reconciliation of income from operations to Store Contribution for the three and six months ended June 30, 2026, and 2025, respectively:
Yesway, Inc. and Subsidiaries
Reconciliation of Income from Operations to Store
Contribution
(dollars in millions)
Three Months Ended Six Months Ended
June 30, June 30,
(in millions) (in millions)
----------------------- ----------------------
2026 2025 2026 2025
---------------- ---------- ---------- ---------- -------
Income from
operations $ 47.7 $ 36.7 $ 90.2 $ 46.9
Depreciation,
amortization,
and accretion 16.6 15.7 32.6 31.2
Loss (gain) on
disposal of
assets 0.5 (1.4) 0.4 (2.2)
Overhead
expenses:
Salaries and
benefits 11.1 10.7 21.9 21.5
Facility
expense 0.3 0.2 0.6 0.5
Professional
services 1.8 1.9 3.5 3.4
Marketing and
advertising 0.9 0.9 1.8 1.8
Computer
software and
hardware 0.9 0.6 1.4 1.3
Office
supplies -- -- 0.1 --
Repairs and
maintenance 0.3 0.2 0.6 0.3
Meetings and
travel 1.0 0.3 1.5 0.8
Insurance 0.4 0.2 0.6 0.5
Acquisition,
financing,
and
integration
costs 1.4 1.5 2.3 4.3
Other expense 0.1 0.2 0.1 0.6
Equity-based
compensation 4.7 -- 4.7 --
------ ------ ------ ------
Total overhead
expenses 22.9 16.7 39.1 35.0
------ ------ ------ ------
Store
Contribution(1) $ 87.7 $ 67.7 $ 162.3 $ 110.9
====== ====== ====== ======
Comments