Yesway's first public quarter and inaugural guidance both exceeded expectations, driven by record fuel margins and consistent same-store inside sales growth. The FY2026 Adjusted EBITDA guide of $210-$220M implies significant expansion over Q1's run-rate. Watch for Q2 momentum commentary on the earnings call and progress on the planned sale of 29 Iowa/Kansas stores which could unlock further value.
Price Chart
Executive Summary
Yesway reported strong Q1 2026 results with revenue of $683.6M (+13.9% YoY) and net income of $30.2M vs a $5.6M loss a year ago. The company introduced its first-ever fiscal 2026 guidance with Adjusted EBITDA of $210M-$220M, well above consensus expectations, signaling confidence in continued operating momentum following its April 2026 IPO.
Key Financial Metrics
Key Facts
- Revenue increased 13.9% YoY to $683.6M vs consensus of $679.1M
- Net income of $30.2M compared to a net loss of $5.6M in the prior-year period
- Adjusted EBITDA increased 112.9% YoY to $59.2M
- Same-store inside merchandise sales grew 4.5% YoY; same-store fuel gallons sold grew 0.2% YoY
- Fuel margins expanded 37.6% YoY to 49.4 cents per gallon; inside merchandise margin expanded 196 bps to 36.1%
- Operating cash flow of $48.4M, up from $13.6M in the prior-year period
- Introduced FY2026 guidance: Adjusted EBITDA $210-$220M, same-store inside merchandise sales growth 1.25%-3.25%, capex $85-$95M, 6-8 new stores
- Company operated 449 stores as of March 31, 2026, up from 448 at year-end 2025
- Cash balance of $56.5M and total debt of $649.5M as of March 31, 2026
- This is Yesway's first quarterly report since its IPO; the historical results reflect predecessor BW Ultimate Parent, LLC
Financial Impact
Revenue beat consensus by ~$4.5M (0.7%); net income swung $35.8M positive YoY; Adjusted EBITDA guided to $210-$220M for FY2026, implying ~20-25% growth over Q1 annualized run-rate
Risk Factors
- Fuel margins are volatile and sensitive to crude oil prices and regional competition; current elevated margins may normalize
- Planned divestiture of 29 Iowa/Kansas stores creates execution risk and one-time transition costs
- Total debt of $649.5M plus preferred membership interests of $249.3M represent meaningful leverage; rising interest rates could pressure cash flow
- Post-IPO float is small; Brookwood Financial Partners retains significant control, potentially limiting corporate governance improvements
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-069227 |
| Document: tm2616553d1_8k.htm | 0001104659-26-069227 |
| Document: 0001104659-26-069227-index-headers.html | 0001104659-26-069227 |
| Document: 0001104659-26-069227-index.html | 0001104659-26-069227 |
| Document: 0001104659-26-069227.txt | 0001104659-26-069227 |
| 8-K Data (Synthetic) | 0001104659-26-069227 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 13, 2026 7w ago | 8-K | $24.35 $22.95 | ▲ +5.75% | ▲ +4.00% | $19.83 (+18.56%) |
Jun 2, 2026 17w ago | 8-K | $20.00 $21.07 | ▲ +5.35% | ▲ +6.92% | $19.83 (−0.85%) |
Jun 2, 2026 17w ago | Press Release | $20.00 $21.07 | ▲ +5.35% | ▲ +6.92% | $19.83 (−0.85%) |
Apr 27, 2026 22w ago | 8-K | $24.23 $22.83 | ▼ −5.78% | ▼ −11.25% | $19.83 (−18.16%) |
Apr 23, 2026 23w ago | 424B4 | $21.70 $23.11 | ▲ +6.50% | ▲ +1.86% | $19.83 (−8.62%) |
Apr 23, 2026 23w ago | 3 | $21.70 $23.11 | ▲ +6.50% | ▲ +1.86% | $19.83 (−8.62%) |
Apr 23, 2026 23w ago | 3 | $21.70 $23.11 | ▲ +6.50% | ▲ +1.86% | $19.83 (−8.62%) |
Apr 22, 2026 23w ago | EFFECT | $21.23 $23.50 | ▲ +10.69% | ▲ +7.53% | $19.83 (−6.59%) |
Apr 13, 2026 24w ago | S-1/A | — | awaiting T+20 | — | — |
US Market Status
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