Yesway (YSWY) Q1 2026 earnings summary

Executive summary

• Achieved record first quarter results as a newly public company, with net income of $30.2 million versus a net loss of $5.6 million year-over-year, and broad-based strength across food service, merchandising, and fuel platforms.

• Operated 449 stores as of March 31, 2026, making it the 15th largest convenience store operator in the U.S., with a focus on rural and suburban markets in the Southwest and Midwest.

• Completed IPO in April 2026, raising up to $322 million in net proceeds, used to redeem preferred equity, repay debt, and purchase LLC Interests.

• Store count increased by one net new store in Q1 2026; 29 stores in Iowa and Kansas are held for sale and expected to be divested by year-end.

• Focused on differentiated food service, strong customer loyalty, and platform expansion.

Financial highlights

• Q1 2026 revenue was $683.6 million, up 13.9% year-over-year, driven by a 16.0% increase in fuel sales and a 9.5% increase in inside merchandise sales.

• Net income rose to $30.2 million from a net loss of $5.6 million year-over-year.

• Adjusted EBITDA increased 112.9% year-over-year to $59.2 million.

• Fuel margin increased to 49.4 cents per gallon from 35.9 cpg, and inside merchandise margin improved to 36.1% from 34.2%.

• Store contribution rose 72.7% year-over-year to $74.6 million.

Outlook and guidance

• Fiscal 2026 guidance: same-store inside merchandise sales growth of 1.25%-3.25%, adjusted EBITDA of $210-$220 million, and capital expenditures of $85-$95 million.

• Plans to invest $50–$70 million in new store developments and open 6-8 new stores in 2026, including one opened in Q1.

• Guidance excludes 29 stores in Iowa and Kansas, which are expected to be sold by year-end.

• Expects sufficient liquidity from cash, operations, and $106.9 million available on the Revolving Credit Facility to meet working capital needs for at least the next 12 months.

• Anticipates significant payments under the Tax Receivable Agreement, which may impact future cash flows.