Yesway (YSWY) Q2 2026 earnings summary

Executive summary

• Delivered record second quarter results, with broad-based execution across fuel and inside merchandise, marking the strongest quarter in company history.

• Adjusted EBITDA reached $70.9 million, up 35% year-over-year, driven by growth in both fuel volumes and inside merchandise sales, alongside margin expansion.

• Raised full-year 2026 adjusted EBITDA guidance to $235–$245 million, reflecting strong first-half performance and continued operating momentum.

• 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 ongoing new store development.

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 $240.1 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.

• Cash and equivalents at quarter-end were $81.6 million; total debt was $618.4 million.

Outlook and guidance

• Full-year 2026 adjusted EBITDA guidance raised to $235–$245 million (prior: $210–$220 million).

• Same-store inside merchandise sales growth expected at 1.25%–3.25%.

• Capital expenditures projected at $85–$95 million; six to eight new stores expected in 2026.

• Assumes sale of 29 Iowa and Kansas stores will close by year-end 2026.

• Management expects continued elevated fuel margins but notes potential volatility due to macroeconomic and geopolitical factors.