Segment Reporting

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Segment Reporting

10. Segment Reporting

The reportable segments were determined based on information reviewed by the Company’s chief operating decision maker (“CODM”) for operational decision-making purposes, and the segment information is prepared on the same basis that the CODM reviews such financial information. The Company’s reportable segments are wholesale, fleet fueling and GPMP. Arie Kotler, the Company’s President, Chief Executive Officer, and Chairman of the Board, is the CODM. The CODM utilizes operating income from each segment to assess its operating performance and to make decisions about allocating resources to each segment. In reviewing segment operating income each month, the CODM compares actual results to budgets and prior-year performance. Based on this analysis, the CODM allocates incremental capital spending and prioritizes strategic and business development initiatives across the segments. The CODM also uses this measure to make decisions on budgets, acquisitions, capital expenditures, and management compensation.

The accounting policies of the segments are the same as those described in the summary of significant accounting policies except that rent expenses for each segment are recognized and measured on the basis of cash payments.

The wholesale segment supplies fuel to dealers, sub-wholesalers and bulk and spot purchasers, on either a cost plus or consignment basis. For consignment arrangements, the Company retains ownership of the fuel inventory at the site, is responsible for the pricing of the fuel to the end consumer and shares the gross profit generated from the sale of fuel with the consignment dealers. For cost-plus arrangements, the Company sells fuel to dealers and bulk and spot purchasers on a fixed-fee basis. The sales price is determined according to the terms of the relevant agreement, which typically reflects the Company’s total fuel costs plus the cost of transportation, taxes and a fixed margin, with the Company generally retaining any prompt pay discounts and rebates.

The fleet fueling segment includes the operation of proprietary and third-party cardlock locations (unstaffed fueling locations), and commissions from the sales of fuel using proprietary fuel cards that provide customers access to a nationwide network of fueling sites.

The GPMP segment includes the sale and supply of fuel to substantially all ARKO Retail Sites, at the Company’s cost of fuel (including taxes and transportation) plus a fixed margin (through December 31, 2025, 5.0 cents per gallon; 6.0 cents per gallon thereafter), and a fixed fee (through December 31, 2025, 5.0 cents per gallon; 6.0 cents per gallon thereafter) charged to certain of ARKO Retail Sites which are not supplied by the Company. ARKO Retail Sites that sell fuel are classified as related party sites. In addition, the GPMP segment includes the sale of fuel to the Company’s locations in the wholesale segment and, beginning February 1, 2026, to the Company’s locations in the fleet fueling segment, in each case at the Company’s cost of fuel (including taxes and transportation) plus a fixed margin (through December 31, 2025, 5.0 cents per gallon; 6.0 cents per gallon thereafter). Prior to February 1, 2026, the GPMP segment charged a fixed fee (through December 31, 2025, 5.0 cents per gallon; 6.0 cents per gallon thereafter) primarily to fleet fueling locations that were not supplied by the GPMP segment. These inter-segment transactions were eliminated in the interim financial statements. Through the second quarter of 2025, the GPMP segment also supplied fuel to a limited number of third-party dealers.

The “All Other” segment includes the results of non-reportable segments that do not meet both quantitative and qualitative criteria as defined under ASC 280, Segment Reporting.

The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Inter-segment expenses were included within the amounts shown; however, the fuel costs in the wholesale and fleet fueling segments exclude the fixed margin or fixed fee paid to the GPMP segment for the cost of fuel.

The majority of general and administrative expenses, depreciation and amortization, net other expenses, income taxes and minor other income items are not allocated to the segments. Other segment expenses include utilities, telephone, upkeep and taxes, insurance, supplies, and certain other expenses. Other segment expenses in the GPMP segment also include general and administrative expenses, and depreciation and amortization.

With the exception of goodwill, assets and liabilities relevant to the reportable segments are generally not assigned to any particular segment, but rather, managed and reviewed by the CODM at the consolidated level. All reportable segment revenues were generated from sites within the U.S. and substantially all of the Company’s assets were within the U.S.

Inter-segment transactions primarily included the sale of fuel to all of the Company’s wholesale locations, and beginning February 1, 2026, to all the fleet fueling locations, at the Company’s cost of fuel plus a fixed margin. Until February 1, 2026, a fixed fee was charged by the GPMP segment primarily to sites that sold fuel in the fleet fueling segment that were not supplied by the GPMP segment. The effect of these inter-segment transactions was eliminated in the interim financial statements.

	Wholesale		Fleet Fueling		GPMP			All Other		Total
For the Three Months Ended June 30, 2026	(in thousands)
Revenues
Fuel revenue	$	917,696	$	175,343	$	—		$	5,880	$	1,098,919
Fuel revenue – related party		—		—		716,008			—		716,008
Other revenues, net		16,984		2,905		47			355		20,291
Other revenues, net – related party		405		—		784			2,181		3,370
Total revenues from external customers	$	935,085	$	178,248	$	716,839		$	8,416	$	1,838,588
Inter-segment revenues	$	—	$	—	$	1,039,889		$	3,714	$	1,043,603
Fuel costs	$	891,375	$	158,258	$	—
Fuel costs – related party						704,550
Fuel costs – inter-segment						1,023,250
Credit card fees		1,826		1,325
Rent, including allocated expenses		13,580		2,952
Repairs and maintenance		1,944		916
Other segment expenses		1,477		1,510		2,358			11,815
Operating income from segments	$	24,883	$	13,287	$	26,570			315	$	65,055
Interest and other financial expenses, net					$	(3,679	)			$	(3,679	)

	Wholesale		Fleet Fueling		GPMP			All Other		Total
For the Three Months Ended June 30, 2025	(in thousands)
Revenues
Fuel revenue	$	696,103	$	118,121	$	353		$	6,294	$	820,871
Fuel revenue – related party		—		—		604,065			—		604,065
Other revenues, net		12,501		2,245		191			292		15,229
Other revenues, net – related party		—		—		669			2,550		3,219
Total revenues from external customers	$	708,604	$	120,366	$	605,278		$	9,136	$	1,443,384
Inter-segment revenues	$	—	$	—	$	653,396		$	2,839	$	656,235
Fuel costs	$	670,714	$	100,353	$	352
Fuel costs – related party						592,799
Fuel costs – inter-segment						638,915
Credit card fees		1,823		1,136
Rent, included allocated expenses		9,451		2,845
Repairs and maintenance		1,277		1,255
Other segment expenses		2,097		1,698		2,660			11,328
Operating income from segments	$	23,242	$	13,079	$	23,948		$	647	$	60,916
Interest and other financial expenses, net					$	(7,797	)			$	(7,797	)

	Wholesale		Fleet Fueling		GPMP			All Other		Total
For the Six Months Ended June 30, 2026	(in thousands)
Revenues
Fuel revenue	$	1,591,551	$	302,642	$	—		$	12,324	$	1,906,517
Fuel revenue – related party		—		—		1,230,492			—		1,230,492
Other revenues, net		33,514		5,146		218			515		39,393
Other revenues, net – related party		929		—		1,498			4,124		6,551
Total revenues from external customers	$	1,625,994	$	307,788	$	1,232,208		$	16,963	$	3,182,953
Inter-segment revenues	$	—	$	—	$	1,763,140		$	6,856	$	1,769,996
Fuel costs	$	1,542,339	$	268,812	$	—
Fuel costs – related party						1,208,069
Fuel costs – inter-segment						1,730,413
Credit card fees		3,348		2,735
Rent, included allocated expenses		26,532		5,924
Repairs and maintenance		3,211		1,906
Other segment expenses		2,669		3,169		4,680			23,360
Operating income from segments	$	47,895	$	25,242	$	52,186		$	459	$	125,782
Interest and other financial expenses, net					$	(9,200	)			$	(9,200	)

	Wholesale		Fleet Fueling		GPMP			All Other		Total
For the Six Months Ended June 30, 2025	(in thousands)
Revenues
Fuel revenue	$	1,326,163	$	236,527	$	849		$	14,130	$	1,577,669
Fuel revenue – related party		—		—		1,178,481			—		1,178,481
Other revenues, net		22,853		4,363		346			624		28,186
Other revenues, net – related party		—		—		1,321			5,053		6,374
Total revenues from external customers	$	1,349,016	$	240,890	$	1,180,997		$	19,807	$	2,790,710
Inter-segment revenues	$	—	$	—	$	1,247,544		$	5,421	$	1,252,965
Fuel costs	$	1,280,727	$	203,457	$	848
Fuel costs – related party						1,156,632
Fuel costs – inter-segment						1,219,859
Credit card fees		3,492		2,181
Rent, included allocated expenses		18,107		5,699
Repairs and maintenance		2,268		2,173
Other segment expenses		2,550		3,309		5,328			23,601
Operating income from segments	$	41,872	$	24,071	$	45,874		$	1,627	$	113,444
Interest and other financial expenses, net					$	(15,275	)			$	(15,275	)

A reconciliation of operating income from reportable segments to income before income taxes on the condensed consolidated statements of operations is as follows:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2026			2025			2026			2025
	(in thousands)
Operating income from reportable segments	$	64,740		$	60,269		$	125,323		$	111,817
All other operating income		315			647			459			1,627
Intercompany charges by the GPMP segment 1		(16,639	)		(14,481	)		(32,727	)		(27,685	)
Interest and other financial expenses, net		(3,679	)		(7,797	)		(9,200	)		(15,275	)
Amounts not allocated to segments:
Site operating expenses, including allocated expenses		(284	)		(746	)		(469	)		(1,473	)
General and administrative expenses, including allocated   expenses		(11,219	)		(9,572	)		(21,523	)		(19,492	)
Depreciation and amortization, including allocated   expenses		(12,903	)		(11,461	)		(25,878	)		(23,124	)
Other expenses, net		(489	)		(882	)		(1,552	)		(2,077	)
Interest and other financial expenses, net		(3,495	)		(2,559	)		(7,001	)		(4,693	)
Income before income taxes	$	16,347		$	13,418		$	27,432		$	19,625

1 Represents the fixed margin or fixed fee (through December 31, 2025, 5.0 cents per gallon; 6.0 cents per gallon thereafter) paid to the GPMP segment for the cost of fuel and recorded by the GPMP segment as inter-segment revenues.