Yesway (YSWY) Registration filing summary

Company overview and business model

• Operates a large chain of convenience stores under Yesway and Allsup's brands, with a focus on rural and suburban markets in the Southwest and Midwest.

• Differentiates through a strong foodservice platform, private-label products, and an award-winning loyalty program.

• Growth driven by new store development, acquisitions, and technology investments for operational efficiency.

• As of December 31, 2025, operated 448 locations across nine states, with a plan to divest 29 stores in Iowa and Kansas.

• Majority of stores are company-owned, with 65% of real estate owned, and a significant presence in Texas.

Financial performance and metrics

• Revenues for 2025 were $2.67 billion, up 5.8% from 2024, driven by new stores and increased inside merchandise sales.

• Inside merchandise sales grew to $888.7 million in 2025, with margins improving to 35.2% from 32.1% in 2023.

• Fuel sales less cost of goods sold reached $241.8 million in 2025, with fuel margins at 40.6 cents per gallon.

• Adjusted EBITDA for 2025 was $186.9 million, and Store Contribution was $248.6 million.

• Net income for 2025 was $54.0 million, with positive same-store sales growth in 11 of the last 12 quarters.

• As of December 31, 2025, total debt was $659.4 million, with $391.6 million in term loans and $50.0 million in revolving credit.

Use of proceeds and capital allocation

• Net proceeds from the IPO will be used to purchase LLC Interests from the parent entity, redeem $147 million of outstanding Redeemable Senior Preferred Membership Interests, pay down debt, and fund new store development.

• Remaining proceeds may be used for general corporate purposes, including acquisitions and payments under a Tax Receivable Agreement.

• Capital allocation prioritizes high-ROI projects, with a focus on new store construction, asset reinvestment, and opportunistic M&A.