Key Highlights

  • Revenue was USD 1,888.8 million against an estimate of USD 1.61 billion and USD 1,484.2 million a year earlier.
  • EPS was USD 0.28 against an estimate of USD 0.29, on Net Income of USD 13.3 million.
  • Adjusted EBITDA was USD 41.0 million against USD 37.4 million, and Discretionary Cash Flow was USD 32.3 million.
  • The board declared a quarterly Dividend of USD 0.50 per share, payable on November 30, 2026.

ARKO Petroleum Corp. (NASDAQ:APC) reported third quarter Revenue of USD 1,888.8 million, against an estimate of USD 1.61 billion. EPS of USD 0.28 compares with an estimate of USD 0.29 and USD 0.29 in the third quarter of 2025. The company attributed the revenue increase to higher average fuel prices, partly offset by fewer gallons sold amid what it called a challenging macroeconomic environment.

Results: Higher Fuel Prices, Fewer Gallons

Fuel revenue was USD 1,146.9 million, up 34.0%, and related party fuel revenue was USD 718.4 million, up 18.0%. Total gallons sold were 478.3 million against 523.0 million. Total operating expenses were USD 1,863.3 million against USD 1,460.8 million.

Operating income was USD 25.2 million against USD 24.6 million, and net income was USD 13.3 million against USD 10.1 million. Total fuel Margin was 11.8 cents per gallon against 10.3 cents. Interest and other financial expenses, net, decreased by USD 3.7 million, which the company tied to lower average Debt after IPO proceeds repaid about USD 206.7 million under the Capital One Line of Credit, and to lower average interest rates.

Wholesale, Fleet Fueling and GPMP Segments

The wholesale segment reported Operating Income of USD 25.8 million against USD 24.1 million. Gallons sold fell 4.3%, and the company said 11.8 million incremental gallons from ARKO Retail Sites converted to dealer locations were fully offset by lower volumes at comparable wholesale sites.

Fleet fueling revenue was USD 186.4 million against USD 124.9 million, and operating income was USD 13.3 million against USD 12.2 million. Fuel margin at proprietary cardlock locations was 51.6 cents per gallon against 48.9 cents. At quarter end it supplied 2,124 dealer locations and operated 294 cardlock locations.

Cash, Debt and Dividend Policy

Net cash provided by Operating Activities was USD 21.6 million for the quarter against USD 25.0 million, while Discretionary Cash Flow, a non-GAAP measure, was USD 32.3 million against USD 26.5 million.

Liquidity at September 30 was approximately USD 715 million, made up of about USD 10 million in cash and USD 705 million of unused availability under Credit lines. Unused availability on the USD 800 million Capital One line was USD 621.4 million, and the USD 84.0 million PNC line was undrawn. Total debt, net, was USD 188.9 million and Net Debt was USD 338.4 million, with a Net Debt to Adjusted EBITDA ratio of 2.2x against 3.7x at year end 2025.

The company intends to pay a regular quarterly dividend of USD 0.50 per share, or USD 2.00 annualized, and the board declared that amount for payment on November 30, 2026 to holders of record on November 18. Management stated a goal of a consistent and growing dividend, with payments subject to board discretion. The company did not publish numeric guidance.

Numbers in Context

Revenue of USD 1,888.8 million sits alongside Adjusted EBITDA of USD 41.0 million, Net Debt of USD 338.4 million and Liquidity of about USD 715 million. Net income of USD 13.3 million compares with nine-month net income of USD 33.7 million.

Management named a quarterly dividend of USD 0.50 per share, a stated objective of raising the distribution over time, and continued conversion of retail sites to dealer locations as the items shaping its wholesale volumes and rental income.