Yesway (YSWY) Registration filing summary

Company overview and business model

• Operates a rapidly growing portfolio of convenience stores under Yesway and Allsup's brands, focused 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, strategic acquisitions, and technology-enabled operational excellence.

• As of December 31, 2025, operated 448 stores across nine states, with a majority in Texas and New Mexico.

• Owns approximately 65% of its real estate, providing operational flexibility and control.

Financial performance and metrics

• 2025 revenues: $2.67 billion; net income: $28.9 million; Adjusted EBITDA: $186.9 million; Store Contribution: $248.6 million.

• Inside merchandise sales grew to $888.7 million in 2025, with margins rising to 35.2%.

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

• Same-store inside merchandise sales increased 1.5% in 2025; same-store fuel gallons up 0.8%.

• Capital expenditures for new store development totaled $98 million in 2025.

Use of proceeds and capital allocation

• Net IPO proceeds estimated at $265.5 million (at $21.50/share midpoint).

• $249.3 million to redeem outstanding Redeemable Senior Preferred Membership Interests; remainder to pay down debt and fund growth initiatives.

• Future capital allocation focused on new store development, opportunistic M&A, and asset reinvestment projects.