Segment Reporting

9 Months Ended

Sep. 30, 2026

Segment Reporting [Abstract]

Segment Reporting

11. 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. As of September 30, 2026, the Company’s reportable segments were 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 it did not supply. 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 September 30, 2026	(in thousands)
Revenues
Fuel revenue	$	957,611	$	183,553	$	—		$	5,702	$	1,146,866
Fuel revenue – related party		—		—		718,372			—		718,372
Other revenues, net		17,223		2,888		50			190		20,351
Other revenues, net – related party		347		—		754			2,110		3,211
Total revenues from external customers	$	975,181	$	186,441	$	719,176		$	8,002	$	1,888,800
Inter-segment revenues	$	—	$	—	$	1,084,411		$	4,010	$	1,088,421
Fuel costs	$	930,891	$	165,940	$	—
Fuel costs – related party						706,886
Fuel costs – inter-segment						1,067,409
Credit card fees		1,771		1,604
Rent, including allocated expenses		13,696		3,022
Repairs and maintenance		1,494		959
Other segment expenses		1,506		1,622		2,362			11,528
Operating income from segments	$	25,823	$	13,294	$	26,930			484	$	66,531
Interest and other financial expenses, net					$	(3,789	)			$	(3,789	)

	Wholesale		Fleet Fueling		GPMP			All Other		Total
For the Three Months Ended September 30, 2025	(in thousands)
Revenues
Fuel revenue	$	725,990	$	122,692	$	—		$	6,903	$	855,585
Fuel revenue – related party		—		—		609,022			—		609,022
Other revenues, net		13,697		2,240		194			270		16,401
Other revenues, net – related party		—		—		686			2,495		3,181
Total revenues from external customers	$	739,687	$	124,932	$	609,902		$	9,668	$	1,484,189
Inter-segment revenues	$	—	$	—	$	683,889		$	3,131	$	687,020
Fuel costs	$	700,922	$	105,952	$	—
Fuel costs – related party						597,831
Fuel costs – inter-segment						668,997
Credit card fees		1,836		1,144
Rent, included allocated expenses		10,708		2,905
Repairs and maintenance		988		1,145
Other segment expenses		1,105		1,575		2,655			12,400
Operating income from segments	$	24,128	$	12,211	$	24,308		$	399	$	61,046
Interest and other financial expenses, net					$	(7,973	)			$	(7,973	)

	Wholesale		Fleet Fueling		GPMP			All Other		Total
For the Nine Months Ended September 30, 2026	(in thousands)
Revenues
Fuel revenue	$	2,549,162	$	486,195	$	—		$	18,026	$	3,053,383
Fuel revenue – related party		—		—		1,948,864			—		1,948,864
Other revenues, net		50,737		8,034		268			705		59,744
Other revenues, net – related party		1,276		—		2,252			6,234		9,762
Total revenues from external customers	$	2,601,175	$	494,229	$	1,951,384		$	24,965	$	5,071,753
Inter-segment revenues	$	—	$	—	$	2,847,551		$	10,866	$	2,858,417
Fuel costs	$	2,473,230	$	434,752	$	—
Fuel costs – related party						1,914,955
Fuel costs – inter-segment						2,797,822
Credit card fees		5,119		4,339
Rent, included allocated expenses		40,228		8,946
Repairs and maintenance		4,705		2,865
Other segment expenses		4,175		4,791		7,042			34,888
Operating income from segments	$	73,718	$	38,536	$	79,116		$	943	$	192,313
Interest and other financial expenses, net					$	(12,989	)			$	(12,989	)

	Wholesale		Fleet Fueling		GPMP			All Other		Total
For the Nine Months Ended September 30, 2025	(in thousands)
Revenues
Fuel revenue	$	2,052,153	$	359,219	$	849		$	21,033	$	2,433,254
Fuel revenue – related party		—		—		1,787,503			—		1,787,503
Other revenues, net		36,550		6,603		540			894		44,587
Other revenues, net – related party		—		—		2,007			7,548		9,555
Total revenues from external customers	$	2,088,703	$	365,822	$	1,790,899		$	29,475	$	4,274,899
Inter-segment revenues	$	—	$	—	$	1,931,435		$	8,552	$	1,939,987
Fuel costs	$	1,981,649	$	309,409	$	848
Fuel costs – related party						1,754,463
Fuel costs – inter-segment						1,888,858
Credit card fees		5,328		3,325
Rent, included allocated expenses		28,815		8,604
Repairs and maintenance		3,256		3,318
Other segment expenses		3,655		4,884		7,983			36,001
Operating income from segments	$	66,000	$	36,282	$	70,182		$	2,026	$	174,490
Interest and other financial expenses, net					$	(23,248	)			$	(23,248	)

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 September 30,						For the Nine Months Ended September 30,
	2026			2025			2026			2025
	(in thousands)
Operating income from reportable segments	$	66,047		$	60,647		$	191,370		$	172,464
All other operating income		484			399			943			2,026
Intercompany charges by the GPMP segment 1		(17,002	)		(14,892	)		(49,729	)		(42,577	)
Interest and other financial expenses, net		(3,789	)		(7,973	)		(12,989	)		(23,248	)
Amounts not allocated to segments:
Site operating expenses, including allocated expenses		(292	)		(707	)		(761	)		(2,180	)
General and administrative expenses, including allocated   expenses		(10,676	)		(10,122	)		(32,199	)		(29,614	)
Depreciation and amortization, including allocated   expenses		(13,105	)		(11,910	)		(38,983	)		(35,034	)
Other (expenses) income, net		(226	)		1,154			(1,778	)		(923	)
Interest and other financial expenses, net		(3,611	)		(3,088	)		(10,612	)		(7,781	)
Income before income taxes	$	17,830		$	13,508		$	45,262		$	33,133

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.