Yesway (YSWY) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 35.4% YoY to $969.153 million; net income increased to $24.795 million from $15.903 million and Adjusted EBITDA rose 8.6% to $59.605 million.

• Same-store inside merchandise sales grew 1.9% and fuel gallons 1.1%; fuel-margin gains and new-store sales supported higher gross profit and Adjusted EBITDA.

• FY 2026 outlook was reaffirmed; priorities include new-store development, strengthening existing operations and selective acquisitions.

Financial highlights

• Q3 revenue was $969.153 million, up 35.4% YoY; fuel sales increased 51.6% to $713.5 million and inside merchandise sales rose 4.0% to $246.4 million.

• Q3 operating income was $38.751 million versus $35.444 million; net income was $24.795 million versus $15.903 million.

• Q3 Adjusted EBITDA was $59.605 million versus $54.906 million; nine-month Adjusted EBITDA was $189.696 million versus $135.179 million.

• Nine-month revenue was $2.574 billion versus $1.990 billion; net income was $84.685 million versus $34.427 million.

• Q3 operating cash flow was $66.1 million versus $54.2 million; capex was $36.7 million versus $11.3 million.

Outlook and guidance

• Reaffirmed FY 2026 Adjusted EBITDA guidance of $235 million-$245 million, same-store inside merchandise sales growth of 1.25%-3.25%, capex of $85 million-$95 million and 6-8 new store openings.

• FY 2026 new-store development capital spending is planned at $50 million-$70 million.

• Q4 Adjusted EBITDA assumptions include fuel margins normalizing to pre-Middle East developments; margins remaining elevated could provide upside.

• Q4 expectations include typical seasonal declines and comparison with a particularly strong Q4 2025; merchandise momentum continued into Q4 with no new consumer concerns.

• 2027 build guidance is expected on the next earnings call; the 130-store growth model was reaffirmed, with Arizona and Oklahoma leading the development pipeline.