ARKO Corp.

Overview

ARKO Corp., a Delaware corporation based in Richmond, Virginia, operates convenience stores and wholesales motor fuel across the United States. As of December 31, 2025, ARKO operated:

• 1,118 retail convenience stores under more than 25 regional brands (the company refers to these as a “Family of Community Brands”).
• Fuel supply to 2,099 dealer locations.
• A fleet fueling business with 295 proprietary and third-party cardlock locations and a proprietary fuel card accepted at a nationwide network of fueling sites.
• A geographic footprint that includes the District of Columbia and more than 30 states across the Mid-Atlantic, Midwest, Northeast, Southeast and Southwest U.S.

The company grew its site count from 320 sites in 2011 to 3,512 sites as of December 31, 2025. Beginning in the second half of 2024, ARKO began implementing a Transformation Plan focused on converting retail stores to dealer locations and expanding its wholesale distribution.

Post-IPO ownership and structure:

• ARKO owns 75.9% of the economic interests and 94.0% of the combined voting power of APC (ARKO Petroleum Corp.).
• APC Class A common stock began trading on Nasdaq under the symbol “APC” on February 12, 2026; the APC IPO closed February 13, 2026.
• ARKO continues to consolidate and present the APC business as its segments following the APC IPO.

ARKO operates four segments: Retail, Wholesale, Fleet Fueling and GPMP. As of December 31, 2025, all segments were operated by GPM Investments, LLC (GPM). Beginning February 13, 2026, the wholesale, fleet fueling and GPMP segments became part of the APC business.

Segments (as of 12/31/2025)

Retail

• Chain of 1,118 stores under more than 25 regional brands (examples: 1-Stop, Admiral, Apple Market, BreadBox).
• Retail fuel sold at 1,095 stores.
• 211 EV charging stations at 72 locations across 16 states.
• Approximately 65 stores with car washes.
• Foodservice: about 965 stores with hot/cold grab-and-go offerings; ~140 stores with delis; partnerships with roughly 90 quick-service national brands (for example, Dunkin’, Subway).
• 2.4 million customers enrolled in the fas REWARDS loyalty program (as of 12/31/2025).
• Transformation Plan initiatives: launched fas craves flagship stores in 2025 to emphasize food offerings; executed store remodels and opened NTI (new-to-industry) locations; plans include additional NTI and Dunkin’ openings and about 25 remodels in 2026.
• 2025 retail revenue: approximately $4.4 billion, including about $1.5 billion of in-store sales and other revenues.
• Merchandise gross profit: in-store merchandise accounted for 52.4% of the retail segment’s gross profit dollars in 2025.
• Fuel: retail sold approximately 922.7 million gallons of branded and unbranded fuel in 2025.

Wholesale

• Supplies fuel to dealers, sub-wholesalers and bulk/spot purchasers through fuel supply contracts (1,801 sites) and consignment contracts (298 sites).
• Under consignment contracts, ARKO owns the fuel until sale to end customers; gross profit sharing varies by contract.
• 2025 wholesale sales: 989.1 million gallons of fuel (~47.9% of ARKO’s total gallons sold in 2025), generating approximately $2.8 billion in revenue.
• The Transformation Plan includes converting certain retail stores to dealer locations supplied through wholesale agreements.

Fleet Fueling

• Operates proprietary and third-party cardlock locations (unstaffed fueling sites) and sells fuel via a nationwide network of over 320,000 retail and private fueling sites accessible through ARKO’s fleet card program.
• Diesel represented roughly 80% of fleet fueling sales.
• 2025 fleet fueling sales: 142.8 million gallons of fuel, generating approximately $483.8 million in revenue.

GPMP (GPM Petroleum Market Program)

• Wholesale distribution of fuel to most ARKO sites that sell fuel (both retail and wholesale).
• Sells fuel to sites at GPMP’s cost of fuel (including taxes and transportation) plus a fixed margin (5.0 cents per gallon through 2025; 6.0 cents per gallon thereafter).
• Charges an inter-segment fixed fee, primarily to fleet fueling sites not supplied by GPMP.

Growth and transformation strategy highlights

• Site conversion (dealerization): Converted 256 retail stores to dealer locations in 2025; a total of 409 store conversions since mid-2024. Incremental operating income before G&A from 2025 conversions: approximately $11.8 million. Additional conversions are planned for 2026.
• Retail organic growth: Emphasis on marketing and merchandising in core destination categories (packaged beverages, candy, salty snacks, packaged sweets, alternative snacks, beer), which represented about 54% of same-store merchandise contribution in 2025. Plans to relaunch the fas REWARDS app in Q1 2026 with personalized features, store locators, member pricing, Fueling America’s Future deals, value meals, age-gated offers and gaming.
• Remodels and NTI: 25 remodels planned with a fas craves focus; expansion of fas craves into certain non-remodel stores where space permits. NTI stores and Dunkin’ locations opened in 2025; two NTI stores opened in early 2026 with additional NTI and Dunkin’ openings planned for 2026.
• Wholesale organic growth: Continued expansion of the wholesale network by converting retail stores to dealer locations, with further conversions planned through 2026.
• Fleet fueling organic growth: Growth targets include higher volumes from existing commercial accounts, equipment upgrades, branding enhancements and expansion of the cardlock network. Targeting 20 NTI fleet fueling locations in 2026 (10 currently advancing) and potential expansion of third-party fueling supply.
• Inorganic growth: An in-house M&A team pursues bolt-on and larger acquisitions to expand market presence, scale and fuel volumes. The “super-jobber” position supports renewals with dealers and expands fleet fueling via acquisitions.

Suppliers and branding

• 2025 supplier base included Core-Mark as the primary merchandise distributor and about 810 direct-store-delivery distributors.
• Fuel sourcing primarily from large integrated oil companies and refiners (brands include Valero, Marathon, BP, Shell, ExxonMobil, among others).
• Branded fuel at 81% of retail locations. Licensed brand relationships include ExxonMobil, Marathon, BP, Shell and Valero. Franchised/licensed use of Subway and Dunkin’ in certain locations. Jetz trademark licensed for some Wisconsin locations.

Customers

• fas REWARDS loyalty program with about 2.4 million enrolled members (as of 12/31/2025).

Employees and management services

• Total employees: 9,748 as of December 31, 2025:
  • 8,438 in stores
  • 1,310 in corporate and field management
• Following the APC IPO, ARKO provides management services to APC, including ongoing executive leadership support.

Environmental, social and governance (ESG) and regulatory

• Operations are subject to federal, state and local regulations related to fuel handling, food and beverage, gaming, tobacco, data privacy and other areas.
• Environmental liabilities exist with ongoing remediation obligations; environmental-related capital expenditures were approximately $3.3 million in 2025. ARKO maintains an environmental management program and engages external consultants to assess and remediate risks.

Intellectual property

• Owns or licenses trademarks, including branded fuel agreements (ExxonMobil, Marathon, BP, Shell, Valero) and quick-service brands (Subway, Dunkin’).
• Uses proprietary software, trade secrets, licensing and non-disclosure agreements to protect information.

Corporate information and public disclosures

• ARKO files with the SEC and provides investor information on its website (arkocorp.com). The company issues updates through press releases, investor presentations and filings.
• The 2025 Sustainability Report is available online.

Notable relationships and agreements

• Ongoing relationship with APC (non-retail segments became part of APC post-IPO; ARKO provides management services and maintains intercompany arrangements).
• Key agreements include a Management Services Agreement, Omnibus Agreement (exclusive fuel supply and allocation of acquisition opportunities), Employee and Intercompany Matters Agreement, Fuel Distribution Agreement, Tax Matters Agreement and related real estate arrangements.

Revenue and income highlights (2025)

• Retail segment revenue: approximately $4.4 billion (including about $1.5 billion of in-store sales and other revenues).
• Retail fuel: 922.7 million gallons sold in 2025; in-store merchandise gross profit represented about 52.4% of the retail segment’s gross profit.
• Wholesale segment revenue: approximately $2.8 billion from 989.1 million gallons sold in 2025 (1,801 fuel sites plus 298 consignment sites).
• Fleet fueling revenue: approximately $483.8 million from 142.8 million gallons sold in 2025.
• Incremental operating income before G&A from 2025 dealer conversions: approximately $11.8 million.

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