Arko (ARKO) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $2.390B vs. $2.021B YoY; Adjusted EBITDA was $75.7M vs. $75.2M, and net income was $14.3M vs. $13.5M.

• 9M Adjusted EBITDA reached $198.6M vs. $183.0M; 9M net income declined to $18.1M from $20.9M, reflecting APC IPO and non-controlling interests.

• APC standalone Q3 Adjusted EBITDA rose to $41.0M from $37.4M, and net income increased to $13.3M from $10.1M.

Financial highlights

• Q3 fuel revenue increased to $2.007B from $1.600B; merchandise revenue declined to $351.0M from $389.7M.

• Q3 fuel margin rose to 29.6 cents/gal from 27.3; merchandise contribution was $122.0M vs. $131.5M, with margin up to 34.8% from 33.7%.

• Higher retail fuel and merchandise margins, plus stronger wholesale and fleet results, offset lower retail fuel volumes and $3.1M of incremental same-store card fees.

• Retail site-level operating expenses were $160.3M vs. $172.9M; same-store expenses rose to $156.7M from $150.6M. Corporate G&A was $40.8M, up 1.8%.

• APC standalone Q3 operating cash flow was $21.6M vs. $25.0M; Discretionary Cash Flow increased to $32.3M from $26.5M.

Outlook and guidance

• FY2026 Adjusted EBITDA guidance increased to $250M–$265M, with the low end raised from $245M based on YTD results, trends and expected USPP closing.

• APC standalone FY2026 Adjusted EBITDA guidance rose to $156M–$157M, incorporating YTD results, year-end outlook and expected USPP closing.

• USPP closing is expected in Q4 2026, subject to customary conditions; the acquisition is not certain to close. FY2026 retail fuel margin guidance is 47–49 cents/gal.

• Dealer conversions are expected to be largely complete by end-2027; more than 25 remodels are planned in 2026, with 11 completed through the reporting period.

• Forward-looking APC standalone non-GAAP guidance is not reconciled to GAAP because forecast inputs are unavailable without unreasonable effort.