Yesway (YSWY) Q2 2026 earnings summary

Executive summary

• Delivered record second quarter results, with broad-based execution across fuel and inside merchandise, setting new highs in fuel gallons, fuel gross profit, inside merchandise sales, and store contribution.

• Adjusted EBITDA reached $70.9 million, up 35% year-over-year, driven by both volume and margin expansion.

• Completed IPO in April 2026, raising $301 million in net proceeds used to redeem senior preferred interests and reduce debt.

• Operates 450 convenience stores across nine states, with continued focus on rural and suburban markets and store count increased by two in the quarter.

• Strong customer loyalty and differentiated food service platform remain key competitive advantages.

Financial highlights

• Revenue for Q2 2026 was $920.8 million, up 35.9% year-over-year; net income rose to $29.7 million from $24.2 million; Adjusted EBITDA was $70.9 million, up from $52.5 million.

• Inside merchandise sales grew 4.4% year-over-year to $240 million; same-store sales up 1.2%.

• Total inside merchandise margin expanded to 35.7%.

• Fuel sales increased 52.7% year-over-year to $673 million; fuel margin rose to $0.526 per gallon from $0.413.

• Net cash from operating activities was $56.6 million for Q2 2026, up from $35.7 million year-over-year; cash and equivalents at $81.6 million; debt at $618.4 million.

Outlook and guidance

• Raised full-year 2026 adjusted EBITDA guidance to $235–$245 million (from $210–$220 million).

• Reaffirmed same-store inside merchandise sales growth of 1.25%–3.25% and capex of $85–$95 million.

• Expect to open 6–8 new stores in 2026, including 2 already opened; assumes sale of 29 Iowa and Kansas stores will close by year-end.

• Plans to invest $50–$70 million in new store development in fiscal 2026.

• Assumes fuel margins moderate to low $0.40 per gallon in the second half.