APC delivered strong earnings growth in its first quarter as a public company, with all segments contributing to higher operating income. The maintained guidance and high dividend yield (10-11%) provide a floor. Monitor the pace of dealer conversions and NTI fleet fueling openings for upside to guidance. The stock should trade well on this beat.
Price Chart
Executive Summary
APC reported Q1 2026 net income of $8.1M, up from $4.5M a year ago, with Adjusted EBITDA rising to $36.4M from $30.9M. Total revenue was essentially flat at $1.344B vs $1.347B, but operating income grew 27% to $20.1M. The company maintained its full-year 2026 guidance for Adjusted EBITDA of ~$156M and Discretionary Cash Flow of ~$110M, and declared a quarterly dividend of $0.26/share, consistent with an expected annual rate of $2.00/share.
Key Financial Metrics
Key Facts
- Net income increased to $8.1M in Q1 2026 from $4.5M in Q1 2025, a 78% YoY increase.
- Adjusted EBITDA rose 17.7% to $36.4M from $30.9M YoY.
- Total revenue was essentially flat at $1.344B vs $1.347B YoY.
- Operating income grew 27% to $20.1M from $15.8M YoY, with all three segments (Wholesale, Fleet Fueling, GPMP) showing growth.
- Full-year 2026 guidance maintained: Adjusted EBITDA ~$156M and Discretionary Cash Flow ~$110M.
- Quarterly dividend of $0.26/share declared, consistent with expected annual rate of $2.00/share (10-11% yield at $18.50-$19.50).
- Net Debt reduced to $313.5M from $526.6M at year-end 2025, with leverage ratio (Net Debt/Adjusted EBITDA) at 2.1x.
- IPO proceeds of $206.7M used to repay debt, strengthening balance sheet.
Financial Impact
Net income +78% YoY to $8.1M; Adjusted EBITDA +17.7% to $36.4M; operating income +27% to $20.1M
Risk Factors
- Revenue was flat YoY, indicating volume pressure in fuel distribution.
- Operating cash flow declined to $6.6M from $14.9M YoY due to working capital build.
- Dependence on ARKO Corp. for a significant portion of fuel supply (related-party transactions).
- Fuel margin volatility due to geopolitical and macroeconomic factors.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-215661 |
| Document: apc-20260511.htm | 0001193125-26-215661 |
| Document: 0001193125-26-215661-index-headers.html | 0001193125-26-215661 |
| Document: 0001193125-26-215661-index.html | 0001193125-26-215661 |
| Document: 0001193125-26-215661.txt | 0001193125-26-215661 |
| 8-K Data (Synthetic) | 0001193125-26-215661 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
May 12, 2026 23w ago | 3 | $20.96 $19.44 | ▼ −7.25% | ▼ −11.69% | $16.00 (−23.66%) |
May 12, 2026 23w ago | 3 | $20.96 $19.44 | ▼ −7.25% | ▼ −11.69% | $16.00 (−23.66%) |
May 11, 2026 24w ago | 8-K | $20.09 $19.84 | ▼ −1.24% | ▼ −5.64% | $16.00 (−20.36%) |
May 11, 2026 24w ago | Press Release | $20.09 $19.84 | ▼ −1.24% | ▼ −5.64% | $16.00 (−20.36%) |
May 7, 2026 24w ago | 8-K | $19.05 $20.08 | ▲ +5.41% | ▲ +1.57% | $16.00 (−16.01%) |
Apr 27, 2026 26w ago | Press Release | $18.11 $20.71 | ▲ +14.36% | ▲ +9.58% | $16.00 (−11.65%) |
Mar 30, 2026 30w ago | Press Release | $17.64 $18.59 | ▲ +5.37% | ▼ −7.01% | $16.00 (−9.31%) |
Feb 25, 2026 34w ago | 8-K | $18.86 $20.72 | ▲ +9.86% | ▲ +1.69% | $16.00 (−15.16%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers