Adjusted EBITDA grew 16% year-over-year to $66 million in Q4 2025 (CEO, CFO).
Retail segment: merchandise margin expanded 140 bps to 34.4%; same-store merchandise sales down 3% in Q4, down 4.1% for FY2025; same-store merchandise sales excluding cigarettes down 1.8% in Q4 (CFO).
Retail fuel: same-store gallons down 4.1% in Q4, down 5.4% for FY2025; fuel margin improved to $0.445 per gallon in Q4 (CFO).
Site operating expenses decreased $29.5 million or 15.7% in Q4 vs prior year; same-store operating expenses nearly flat, up 0.6% (CFO).
Wholesale segment: fuel contribution up 8% to $24 million in Q4; gallons up 4% to 249 million; margin $0.097 per gallon (CFO).
Fleet Fueling segment: fuel contribution $15.9 million in Q4 vs $16.3 million prior year; gallons 34.9 million; margin $0.456 per gallon (CFO).
Full-year 2025 adjusted EBITDA: $248.7 million, flat vs $248.9 million in 2024 (CFO).
Net income: $1.9 million in Q4 (vs net loss of $2.3 million prior year); $22.7 million for FY2025 vs $20.8 million in FY2024 (CFO).
Balance sheet: cash of $305 million at year-end 2025; IPO of APC subsidiary raised $184 million net proceeds, used to reduce debt (CFO).
Dealerization: 409 conversions completed by year-end; ~120 additional sites committed; Q4 benefit of $5 million+ to operating income (CEO).
Loyalty: enrolled members spend 48% more and make 51% more trips than non-enrolled; average daily enrollment up 38% since Fueling America launch (CEO).
Remodel results: Ashland, VA store: sales +14%, gallons +12% in first 6 months; Mechanicsville store: sales +10%, gallons +20% post-remodel (CEO).
NTI retail stores: 2 opened in 2025, ahead of plan; targeting 25 remodels and 20 NTI cardlock locations in 2026 (CEO).
Q1 2026 trends: mid-single-digit same-store merchandise sales growth and positive same-store gallons growth in Jan–Feb 2026 before winter storms (CEO).
Official Guidance
2026 adjusted EBITDA: $245 million – $265 million (CFO).
2026 retail fuel margin assumption: $0.415 – $0.435 per gallon; every $0.01 change in CPG impacts EBITDA by $8–9 million (CFO).
2026 same-store retail sales: expected relatively flat, improving several hundred bps vs 2025 (CFO).
APC 2026 adjusted EBITDA: expected ~$156 million (CFO).
APC volume assumption: add 50 million gallons from acquisitions in 2026 (CFO).
Mgmt Quotes
“These improvements are not to be viewed as driven by the macro environment… What you're seeing is execution across dealerization, remodels, NTI retail stores, food service and loyalty.” (CEO)
“This is not just a structural change. It's a strategic inflection point.” (CEO)
“The work to simplify, reposition and strengthen the company through transformation is largely behind us. Now it's about translating that into consistent growth and improved financial performance.” (CFO)
“We are executing our transformation strategy, and it is working. So we fully expect to continue to show momentum and improve our performance in nearly every key metric in 2026.” (CFO)
“Loyalty is not just a promotional tool. It's a margin driver, a traffic driver and a retention engine.” (CEO)