# YSWY earnings call intelligence

LOPJLB CallCard / temporal rollup · freemium · [stock page](https://www.lopjlb.com/stock/YSWY) · [Earnings tab](https://www.lopjlb.com/stock/YSWY?tab=earnings)

Updated: 2026-08-15T07:35:27

Quarters analyzed: 1

## Cross-quarter narrative

Yesway's 2026 Q2 call reflects a single observation period with record performance. The company posted 35% EBITDA growth to $71 million and raised full-year 2026 EBITDA guidance to $250-260 million. Fuel margins expanded significantly to $0.526 per gallon (+27.4% YoY), driven by diesel mix shift and volatility capture. Inside merchandise margins improved 50 basis points to 35.7%. Same-store sales and fuel gallons are growing above market trends with positive July momentum. Operating expenses rose 4.8%, primarily from credit card fees. Capital allocation emphasizes organic growth with CapEx increased to $150-160 million for accelerated new store development (6-8 stores) and fuel capacity expansions. A 29-store divestiture in Iowa/Kansas remains on track. Strong free cash flow supports both organic initiatives and selective M&A evaluation. All six tracked milestones are on schedule with no delays or fears cited.

## Latest CallCard · Q2

Yesway posts record Q2 with 35% EBITDA growth to $71M, raises FY26 EBITDA guide to $250-260M, driven by fuel margin strength, diesel mix shift, and same-store gains; 29-store divestiture on track.

**Guidance:** raised — Raised FY26 adjusted EBITDA outlook to $250M-$260M from $225M-$235M; CapEx raised to $150M-$160M from $140M-$150M.

**Tone:** mgmt 0.7 · Q&A pressure 0.5 · divergence 0.3

Management emphasizes record quarter across multiple metrics, raises full-year EBITDA guidance, and highlights structural advantages in diesel mix and real estate.

### Demand visibility

Same-store sales and fuel gallons growing, outperforming market; July trends positive.

Same-store inside merchandise sales +1.2% (18 of 19 quarters positive); same-store fuel gallons +1.4%; both exceed core market benchmarks per OPIS; July same-store fuel gallons trending higher than Q2 with mid-$0.40s fuel margin.

### Margins / costs

Fuel margin expanded to $0.526/gal (+27.4% YoY) driven by diesel mix, volatility; inside merchandise margin +50bps to 35.7%; operating expenses up 4.8% mainly credit card fees.

Diesel ~38% of fuel volume vs 27% NACS avg; fleet drivers buy 3x more inside store; same-store labor hours -2.4%; credit card fees 96% of op ex increase; structural diesel advantage expected to sustain above-average margins.

### Capital allocation

Raising CapEx to $150-160M for accelerated new stores and fuel expansions; strong FCF supports organic growth and selective M&A; 29-store divestiture on track.

Targeting 6-8 new stores in 2026, 130-store target over 4.5 years; pipeline strong for builds and acquisitions; ~65% owned real estate; moved 3 build-to-suits to NTIs to deploy cash; excess cash directed to EBITDA-producing assets.

### Milestones

- **New store development (6-8 in 2026)** [on_track]: Opened 1 in Q2, total 450 including 29 Iowa/Kansas stores to be sold
- **Iowa/Kansas 29-store divestiture** [on_track]: Expected to close by end of 2026
- **Fuel capacity expansions (dispensers, diesel lanes)** [on_track]: Upgrading dispensers, adding diesel capacity across existing locations
- **Foodservice SKU rationalization** [on_track]: Reducing lower-velocity SKUs to improve consistency and focus on core products
- **Private label expansion** [on_track]: Expanding higher-margin private label offerings
- **M&A evaluation** [on_track]: Actively evaluating acquisition opportunities for density and new markets
- **Arizona market entry** [on_track]: Key near-term development priority for new-to-industry builds
- **130-store target over 4.5 years** [on_track]: Management confident will exceed target

## Quarter one-liners

- **2026 Q2:** Yesway posts record Q2 with 35% EBITDA growth to $71M, raises FY26 EBITDA guide to $250-260M, driven by fuel margin strength, diesel mix shift, and same-store gains; 29-store divestiture on track.

## Theme arcs

- **EBITDA growth trajectory** (new): Record Q2 with 35% YoY growth; FY26 guide raised to $250-260M
- **Fuel margin expansion** (new): Margin reached $0.526/gal (+27.4% YoY) from diesel mix and volatility
- **Same-store sales momentum** (new): Sales and gallons growing above market; July trends positive
- **Merchandise margin improvement** (new): Inside margin +50bps to 35.7%
- **Operating expense pressure** (new): OpEx up 4.8% driven by credit card fees
- **Accelerated capital deployment** (new): CapEx raised to $150-160M for new stores and fuel expansions
- **Portfolio optimization** (new): 29-store Iowa/Kansas divestiture on track
- **M&A optionality** (new): Strong FCF supports selective M&A evaluation

## Guidance path

2026 Q2:raised

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Research context only. Not personalized investment advice.

API: `GET /bff/api/bigfive/earnings-intel/YSWY`